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Mortgage rates fall for the week of April 7, 2014

Posted by  on Apr 14, 2014
 

An anticipated rise in mortgage rates was put on hold last week because of a shift in investor sentiment that drove the stock market down in spite of some positive economic news.

Mortgage rates last week

According to HSH.com, last week the overall average rate for a 30-year fixed-rate home loan dropped by six basis points (0.06 percent) to 4.43 percent, the lowest level in the past three weeks. Average rates for 15-year fixed-rate mortgage loans also declined by six basis points (0.06 percent) to 3.57 percent. Rates for FHA-insured, 30-year fixed-rate home loans declined by six basis points (0.06 percent) to an average rate of 4.10 percent, a significant difference compared to conventional loans. Sticking to the pattern, the average rate for a 5/1 Hybrid Adjustable Rate Mortgage (ARM), dropped by six basis points (0.06 percent) last week to an average rate of 3.10 percent. Compare mortgage rates for your area before refinancing or applying for a purchase loan.

Refinancing and mortgage rates

Economists still predict that mortgage rates will rise by the end of the year to 5 percent or more, yet rates have remained relatively stable for the first quarter of 2014, even slipping down a few basis points. The lack of movement in mortgage rates hasn't driven any rush to refinance and the spring buying market hasn't had time yet to create a frenzy of purchase applications, so this may be a good time to find lenders interested in competing for your refinance business.

If you are thinking of refinancing, use a mortgage calculator to estimate your payments and look into the potential benefits of shortening your mortgage payments if you can afford the higher payments.

Our live database of current mortgage rates can help you find the best mortgage rates in your area.

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