After multiple weeks of mortgage rates inching higher, interest rates finally reversed course and headed south. Freddie Mac’s weekly mortgage rate survey showed 30 year fixed mortgage rates dropping from4.91% down to 4.80% (.7 pts). 15 year mortgage rates also fell going from 4.13% to 4.02% (.7 pts). Freddie Mac also tracks several ARM products in the survey which indicated than both 5 year Treasury indexed adjustable mortgage rates and 1 year Treasury indexed ARM rates also moved lower to 3.61% and 3.16%. Frank Nothaft, Freddie Mac’s VP and Chief Economist noted that low inflation was helping to keep mortgage rates in check as the core consumer price index increased only .1% in March. [Read more...]

Freddie Mac’s most recent mortgage survey noted that 30 year fixed mortgage rates pushed higher this past week to an average of 4.91% (.6 pts). Last week’s 30 yr rate averaged 4.875%. On a positive note, 30 year interest rates remain below 5.000% and there is still plenty of consumer demand. 15 year home loan rates also move slightly higher this week going from 4.10% to 4.13% (.7 pts). 5/1 treasury indexed arms also followed suit going from 3.72% to 3.78% (.6 pts).

Frank Nothaft, Freddie Mac’s VP and Chief Economist noted that “Although rates on 30-year fixed mortgages have risen four weeks in a row, they have remained below 5 percent for eight straight weeks now, helping to maintain affordability in the housing market. Meanwhile, consumer purchases of retail goods rose for the ninth consecutive month in March, suggesting families have an increasing capacity to spend, which bodes well for the economic recovery.”

At American Financial Resources, we are still very busy helping consumers take advantage of the current interest rate environment. Just to give you an idea of today’s pricing, we are currently advertising a 30 year mortgage at 4.901% APR (4.875 note rate, 0 pts, $595 fees in APR) on BurlingtonMortgage.biz today (based upon the published posting criteria – subject to change without notice). 30 year FHA mortgage rates may even be lower.

Please feel free to give us a call with any financing questions – 800-316-9508.

Other recent rate news:
Mortgage Rate Survey 4-8-2011
Mortgage Rate Survey 2-17-2011
Mortgage Rate Survey 2-11-2011