Mortgage Rates Fall for Week of April 19

Average combined mortgage rates fell across the board last week, with HSH Associates reporting mortgage rates for a 30-year fixed-rate mortgage (FRM) averaging 5.36%; this is down 2 basis points from last week's average of 5.38%. Average rates for a 15-year FRM moved down 3 basis points to an average of 4.76%. The 5/1 hybrid adjustable-rate mortgage (ARM) loan provides an excellent opportunity, with initial rates averaging 4.42%.

Steady Mortgage Rates Promote Affordability

With the deadline for the federal tax credit for buying a home rapidly approaching, the good news is that mortgage rates remain steady. As the spring home buying season grows more active, mortgage rates are likely to increase. The housing market is still lukewarm at best in many areas; if you're ready to buy a home, the combination of lower mortgage rates and moderate home prices may assist you in finding the home you want at a price and with financing you can afford.

Shop for Mortgage Loans Before Looking at Homes

Getting mortgage quotes and comparing potential mortgage loans while seeking the lowest mortgage rates can help with determining your best mortgage loan options and comparing potential costs. Keep in mind that mortgage quotes and good faith estimates (GFEs) can change depending on prevailing mortgage rates and other variables--this fluctuation can change the amounts required to close your mortgage.

Refinancing: Taking Advantage of Low Mortgage Rates

If you've owned your home for several years, a mortgage refinance may get you lower mortgage rates. If you currently have an adjustable-rate mortgage (ARM) or a mortgage with "exotic" features such as interest-only payments or negative amortization, refinancing to an affordable fixed rate can stabilize your monthly principal and interest payment and may also help you pay off your mortgage loan faster.

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