Selective Homes Blog

It was another good week for mortgage rates, according to the latest survey from mortgage financier Freddie Mac.

The intensely popular 30-year fixed-rate mortgage averaged 4.80 percent during the week ending April 21, down from 4.91 percent last week and 5.07 percent a year ago.

This is the lowest rate for the loan program in just over a month.

Meanwhile, the 15-year fixed slipped to 4.02 percent from 4.13 percent, and is well below the 4.39 percent seen last year.

Adjustable-rate mortgages also saw relief, with the 5/1 ARM sliding to 3.61 percent from 3.78 percent, and the one-year ARM averaging 3.16 percent, down from 3.25 percent.

Last year, the 5/1 ARM, which is fixed for the first five years before becoming annually adjustable, averaged 4.03 percent, while the one-year ARM stood at 4.22 percent.

Freddie Mac vice president and chief economist Frank Nothaft attributed the lower mortgage rates to mild inflation concerns tied to weaker than expected economic trends.

That’s good news for home buyers and those still looking to refinance.

The interest rates above are good for conforming loan amounts at 80 percent loan-to-value; pricing adjustments may increase or lower the rate you ultimately receive, and mortgage points must also be paid.

Jumbo loans continue to price a half percentage point or more higher than conforming mortgages.