Mortgage rates dip ahead of Spring home sales

Mortgage rates edged lower this week despite signs of steady growth in the labor market. But potential mortgage borrowers should keep their eyes on the Fed if they want to keep track of when rates will rise

30 year fixed rate mortgage – 3 month trend

This week’s rates

  • mortgage rates dipThe benchmark 30-year fixed-rate mortgage fell to 4.47 percent from 4.54 percent the previous week, according to the Bankrate.com national survey of large lenders. One year ago, that rate stood at 3.64 percent. Four weeks ago, it was 4.5 percent. The mortgages in this week’s survey had an average total of 0.33 discount and origination points.
  • The benchmark 15-year fixed-rate mortgage fell to 3.52 percent from 3.58 percent last week.
  • The benchmark 5/1 adjustable-rate mortgage was 3.34 percent, the same as last week.
  • The benchmark 30-year fixed-rate jumbo fell to 4.48 percent from 4.54 percent.

Weekly national mortgage survey

Results of Bankrate.com’s April 9, 2014, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed 15-year fixed 5-year ARM
This week’s rate: 4.47 3.52 3.34
Change from last week: -0.07 -0.06 N/C
Monthly payment: $833.09 $1,181.18 $726.27
Change from last week: -$6.87 -$4.87 N/C
 Source: Polyana da Costa, Bankrate.com
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