Mortgage Rates Mixed for Week of March 22

HSH Associates reports more or less steady national average mortgage rates for the week of March 22. Mortgage rates for both 30-year and 15-year fixed-rate mortgages (FRMs) moved slightly upward, while rates for 5/1 hybrid adjustable-rate mortgages (hybrid ARMs) moved slightly downward by an average of 1 basis point to 4.48%. 30-year FRM rates increased by 3 basis points from 5.31% to 5.34%, while 15-year FRM rates ticked upward by 1 basis point to 4.73%.

While rates may continue to rise as home buying season heats up, current mortgage rates remain low enough to assist first-time buyers with finding affordable home financing. Homeowners wishing to refinance can also gain savings with still-low mortgage rates.

Affordable Home Loans: Don't Miss Your Chance

Although it's impossible to precisely predict how mortgage rates will perform, financial analysts are continuing to predict a trend toward increasing home loan rates. Housing markets typically become more active during spring and summer, and with increased demand for homes, housing prices will also begin to move higher. If you're ready to buy, getting several mortgage quotes can help with establishing financing options and an affordable price range.

Refinancing: Considering Your Options

Although your home may have lost value, it may be possible to refinance your existing mortgage to a lower rate; conventional mortgage lenders and FHA offer refinance mortgages from 85% loan-to-value (LTV) ratios and higher. Divide your existing mortgage balance by the current value of your home to estimate your LTV. Talk with local real estate professionals to learn about market trends in your area and to get guidance in estimating your home's value.

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