Mortgage rates fall for the week of March 3, 2014

Posted by  on Mar 10, 2014

Mortgage rates dipped again a little last week, with 30-year fixed-rate loans at their lowest average so far in 2014 and 5/1 Hybrid ARMs at their lowest average rate since last November. Still, mortgage rates may begin to rise again this week. Last week's employment report was better than expected and economists anticipate improvement this spring, which is likely to send mortgage rates up at least slightly.

Mortgage rates last week

According to HSH.com, last week the overall average rate for a 30-year fixed-rate home loan fell by three basis points (0.03 percent) to 4.39 percent, the lowest so far in 2014. Average rates for 15-year fixed-rate mortgage loans declined by three basis points (0.03 percent) to 3.51 percent. Rates for FHA-insured, 30-year fixed-rate home loans also dropped by three basis points (0.03 percent) to an average rate of 4.01 percent. The average rate for a 5/1 Hybrid Adjustable Rate Mortgage (ARM), also dropped by three basis points (0.03 percent) last week to an average rate of 3.03 percent, its lowest rate since last November. Compare mortgage rates for your area before refinancing or applying for a purchase loan.

Mortgage rate predictions

Interest rates are expected to rise a little in the coming weeks and mortgage rates are expected to follow that path. This week rates are likely to rise by only a few basis points, and if that is the case, you may want to use a mortgage calculator to estimate the impact of a refinance on your housing payments.

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