Mortgage rates displayed very little movement this week, according to mortgage financier Freddie Mac (yes, they’re still around).
The popular 30-year fixed rate mortgage remained unchanged at 5.07 percent during the week ending April 22, but is more than a quarter-point above its year-ago average of 4.80 percent.
Mind you, interest rates on 30-year loans never went any lower than 4.71 percent, so we’re still in great shape folks.
No movement at these low levels is good news. Although it’s good economic news that will eventually push interest rates higher (how mortgage rates are determined).
Moving on, the lesser popular 15-year fixed slipped a single basis point (percentage point) to 4.39 percent, and is still narrowly below its year ago average of 4.48 percent.
The five-year adjustable-rate mortgage displayed a bit more movement, falling to 4.03 percent from 4.08 percent, keeping it well below the 4.85 percent seen this time last year.
Finally, the one-year ARM was the biggest mover of the week, rising to 4.22 percent from 4.13 percent, but it remains well clear of the 4.82 percent average seen in 2009.
The mortgage rates above are good for conforming loan amounts at 80 percent loan-to-value; pricing adjustments may raise or lower your actual rate.
Jumbo loans, those exceeding $729,750 in the highest priced regions, continue to price about a half-point or more higher than conforming loans.
Similar Posts:
- 30-Year Fixed Mortgage Rates Hold Steady at 4.50 Percent
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- Mortgage Demand Continues to Slump
Tags: Mortgage Rates, Week
Posted April 24, 2010 by Oliver Blake under Financial News