Mortgage Rates Hit Record Lows Once Again

Fixed-rate mortgages hit new record lows, for the third consecutive week, pushing home affordability even higher for those who can qualify.

"The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week,” Freddie Mac’s chief economist, Frank Nothaft, said in explaining why mortgage rates continue to inch down.

Mortgage Application Increase Slightly

Applications for home loans grew slightly as mortgage rates last week hovered near record lows.

As a whole, applications rose 0.1 percent last week compared to a week earlier, with purchase applications seeing the greatest rise in applications, according to data from the Mortgage Bankers Association for the week ending April 27.

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Mortgage Rates Down This Week

Freddie Mac reported in its weekly mortgage market survey that fixed-rate mortgages fell slightly this week, almost reaching their average all-time lows and helping to boost home buyers’ purchasing power.

For all but one week this year, the 30-year fixed-rate mortgage, has been below 4 percent. This is the most popular choice among homebuyers, making this a very significant trend.

Rates Rise Slightly This Week

Fixed rate mortgage have inched up slightly this week after hovering just above all-time lows last week, according to Freddie Mac’s weekly mortgage market survey. On the bright side, though, the 5-year adjustable-rate mortgage hit a new all-time low of 2.78 percent this week.

15-Year Rates Lowest on Record This Week

According to Freddie Mac’s weekly mortgage market survey, the top choice of refinancers, the 15-year fixed-rate mortgage loan, reached a new record low of 3.11 percent this week. Along with this, the 30-year fixed-rate mortgage, top choice of buyers, also dipped lower, almost reaching its record low.

Mortgage Rates Drop Slightly This Week

The most common choice among home buyers, the 30-year fixed-rate mortgage, remained under 4 percent this week, meaning home affordability has remained at record high levels.

"Average weekly mortgage rates were little changed this week amid mixed signals on the health of the economy,” stated Frank Nothaft, Freddie Mac’s chief economist.

Mortgage Rate Drop Back Below 4%

According to Freddie Mac’s weekly mortgage market survey, mortgage rates fell across the board this week compared to last week.

After a large increase last week, 30-year mortgage rates dropped below the 4 percent mark this week, offering another boost in home affordability for buyers.

Mortgage Rates Surpass 4% for the First Time Since October

Following the many recent weeks in which mortgage rates were at record low levels, the 30-year rate jumped this week to the highest level it’s been since late October.

The 30-year fixed-rate mortgage, which is the most popular choice for homebuyers, hit 4.08%, according to Freddie Mac's weekly survey. That's 0.16 percentage points greater than a week earlier and its first time it has hit the 4% mark since October.

Mortgage rates have fallen into record territory again, with the 15-year fixed-rate dipping to lowest level in 60 years and the 30-year fixed-rate just sightly above its own record.