Average US 30-year mortgage rate slips to 4.02 percent

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year fixed-rate home loans slipped to 4.02 percent from 4.05 percent last week.

Wednesday, turmoil in Washington over President Donald Trump's alleged Federal Bureau of Investigation scandals sent the Dow Jones Industrial average, and the 10-year Treasury, plummeting.

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The best 30 year FRMs at are being offered for 3.950% today and an April of 4.021%.

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. A year ago at this time, the 5-year ARM averaged 2.80 percent.

"The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey", Becketti said. Only small changes have been noted to 10-year Treasury yields, which often mirror mortgage rate trends.

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Political uncertainty is causing anxious investors, who are pulling back from stocks and moving into bonds. As a result, many prospective homebuyers who can not come up with a 20 percent down payment are unable to get a loan.

The 30-year fixed mortgage has an average of 0.25 discount and origination points. The refinance index dropped 6 percent, while the purchase index tumbled 3 percent to its highest level since October 2015.

Meanwhile, the bond market is a bit more stoic.

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