The 15-year FRM this week averaged 2.86 percent with an average 0.5 point, down from last week when it averaged 2.88 percent.
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This marks the second week in a row that mortgage rates dipped to a new yearly low.
A one-basis-point decline from one week previous left 30-year fixed rates on home loans averaging 3.58 percent during the week that ended on April 14.
Mortgage interest rates continued their downward trend in the last week, falling again to the lowest level of the year and the lowest level in almost three years, Freddie Mac’s latest Primary Mortgage Market Survey showed. The Federal Reserve chose to hold interest rates unchanged last month to wait for more clarity on whether slower growth overseas will hobble the US economy. Mortgage rates are priced relative to yields on long-term government and mortgage-backed bonds. The average rate on 30-year fixed mortgages and 15-year fixed-rate mortgages stayed the same, while the average 5/1 adjustable-rate mortgage fell. Wells Fargo, the largest mortgage lender in the country and…
Click the image below for a graphical representation of just how low mortgage rates are right now. Monthly mortgage payments will be lower than rent in many cases.
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Mortgage rates aren’t likely to spike anytime soon.
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Rates are low enough that many homeowners are refinancing. In addition, Bankrate licenses editorial content to more than 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times and The Los Angeles Times.
