Mortgage rates plunge below 4% as investors flee the 'Trump trade'

Reuters

Reuters

The 15-year fixed-rate mortgage averaged 3.23%, down from 3.34%.

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days.

The share of applications for adjustable-rate mortgages dipped to 8.4 percent from 8.5 percent the preceding week.

According to the MBA, last week's average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.28% to 4.22%.

These types of loans are best for those who expect to sell or refinance before the first or second adjustment. The average 15-year and 30-year fixed mortgage rates both toppled 11 basis points, with the 15-year at 3.23 percent and the 30-year at 3.97 percent.

10 year loans can be had for 3.125% and April of 3.331% today.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that the experts it surveyed were nearly evenly divided on where rates are headed in the coming week.

Securing a mortgage used to be a much more expensive proposition. But a monthlong drop in rates could begin to change that sentiment. Looking forward, it's hard to see rates dropping further in the coming week. On an unadjusted basis, the Index decreased 2 percent compared with the previous week.

The Mortgage Bankers Association has released a proposal for GSE reform, which provides a detailed roadmap toward reform, as well as insight into the transition period and the role the secondary market would play.

The MBA's refinance index increased by just 0.2% week over week, and the percentage of all new applications that were seeking refinancing rose from 41.6% to 42.4%.

Those rates don't include fees associated with obtaining mortgage loans.