Mortgage rates level off

Mortgage rates level off

Mortgage rates level off

A year ago at this time, the 15-year FRM averaged 2.95%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA dropped to 4.16% from 4.17%, while the average contract interest rate for 15-year fixed-rate mortgages decreased to 3.55% from 3.61%. 5/1 ARMs at Chase Bank are coming out at 3.250%. with an April of 3.493%. The loan package features an April variable of 3.708%, according to today's updated loan information. Mortgage rates are closely related to yields on long-term government bonds.

While rates are low, consumers are still encouraged to be aware of the market and remain in contact with your mortgage professional.

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The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days.

30 year FRMs at Chase Bank (NYSE:JPM) are coming out at 3.750% yielding an April of 3.915% today. The short term, popular 15 year fixed rate mortgages can be had for 3.710% today and an April of 3.894%. The adjustable-rate mortgage share increased to 6.9^. Individuals, who opt for the 5-year ARM VA loan, will encounter a rate of 4.000% and an April sum of 3.431%.

"Rates are at about the same level at which they started the year and have stayed within a two basis point range over the past three weeks", said Sean Becketti, Freddie Mac's Chief Economist.

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In the ARM arena, 5 year interest rates start at 3.250% at Chase Bank yielding an April of 3.605%.

Mortgage rates have been on a roller coaster ride for the past month, but a slight decrease in rates in the last week has boosted the mortgage market.

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