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Thursday, April 21, 2011

Mortgage rates drop below 5 percent again: Bankrate

It's been a seesaw of over the last couple of weeks with the mortgage rates.  Now, they are are back down.
The benchmark 30-year fixed-rate mortgage fell 11 basis points this week, to 4.96 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.44 discount and origination points. One year ago, the mortgage index was 5.35 percent; four weeks ago, it was 5.04 percent.
The benchmark 15-year fixed-rate mortgage dropped 12 basis points, to 4.16 percent. The benchmark 5/1 adjustable-rate mortgage fell 13 basis points, to 3.7 percent.
In the end of June the Federal Reserve stops it's money printing program.  It will be interesting to see what happens to mortgage rates.
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