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Mortgage rates fall for the week of April 14, 2014

Posted by  on Apr 21, 2014
 

A mixture of reasons has kept mortgage rates low for the past several weeks and rates dipped again last week to the lowest rates seen so far in 2014. The predicted rise in rates for 2014 is likely just around the corner, though, so borrowers considering a refinance should compare mortgage rates for their area and test out their options with a mortgage calculator.

Mortgage rates last week

According to HSH.com, last week the overall average rate for a 30-year fixed-rate home loan dropped five basis points (0.05 percent) to 4.38 percent, matching the previous record low for 2014 during the week ending February 7. Average rates for 15-year fixed-rate mortgage loans dropped by four basis points (0.04 percent) to 3.53 percent, close to the lowest rates of the year. Rates for FHA-insured, 30-year-fixed-rate home loans dropped by three basis points (0.03 percent) to an average rate of 4.07 percent. The average rate for a 5/1 Hybrid Adjustable Rate Mortgage (ARM), declined by five basis points (0.05 percent) last week to an average rate of 3.07 percent.

Economic news and mortgage rates

The decline in mortgage rates has been affected by the volatile stock market, mixed economic reports, troubling political and economic reports from overseas and the comments by the Federal Reserve regarding changes to the monetary policy. Last week's "beige book" from the Federal Reserve reported modest to moderate economic improvement from various regions around the country; but as spring continues, it is likely that the economy will pick up a little speed as well. When that happens, expect mortgage rates to begin rising again.

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