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.
At American Financial Resources, we continue to remain very busy helping people refinance their homes and get prequalified and prepared for the busy real estate season. If you would like information on our current interest rates or home financing programs, please give us a call at 800-316-9508.