Average rates for fixed-rate mortgages were down as of Friday last week, according to the latest survey from ForTheBestRate.com. The mortgage research service reported that mortgage rates were close to record lows on Friday, April 19, 2013, as the housing market continues to make a steady recovery and home financing in general continues to become more affordable for American home buyers.
30-year fixed mortgage rates were as low as 3.125 percent as of Friday, with an annual percentage rate of 3.204 percent, points at 1.000 and no APR fees, while 15-year fixed rates for home loans had gone as low as 2.500 percent, with an APR of 2.500 percent, with no points and no APR fees.
In addition, government-backed mortgage buyer Freddie Mac’s most recent survey from this Thursday, April 25 also shows mortgage rates nearing record lows. For 30-year fixed-rate mortgages, the average rate went down from 3.41 percent to 3.40 percent, while 15-year fixed-rate mortgages dropped from 2.64 percent to 2.61 percent, which is a new record-low. The previous record-low for this mortgage was 2.63% from last November.
Five-year adjustable rate mortgages dropped as well, from 2.60 percent to an all-time low 2.58 percent this week. The one-year ARM was down a bit, from 2.63 percent to 2.62 percent, the mortgage-finance company reported.
According to housing experts, the recent reductions in mortgage rates should indeed benefit home buyers. As the generally fickle nature of mortgage rates can be a source of stress for buyers, rates that are at record-low levels or close to that should make buying a home at this point an even more enticing option for consumers.