An AP story published in today's SFGate reads that 30-year mortgage rates fell last week after rising a week earlier, and remain just above record lows. "Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages fell to 4.82 percent last week from 4.87 percent the previous week. Rates have been below 5 percent for five consecutive weeks."
According to SFGates: " The average rate on a 15-year fixed-rate mortgage fell to 4.48 percent last week from 4.54 percent the previous week, according to Freddie Mac. Rates on five-year adjustable-rate mortgages fell to 4.88 percent from 4.93 percent and rates on one-year adjustable-rate mortgages rose to 4.91 percent from 4.83 percent.
"The rates do not include points. The nationwide fee averaged 0.6 of a point last week for all mortgages in Freddie Mac's survey except for one-year adjustable mortgages, which had an average fee of 0.7 of a point."
AS the mortgage interest rates hit all-time low, for good credit borrowers rates may go as low as 4.50% (30-year).
Mortgage101.com quotes Freddie Mac's Vice President Frank Nothaft saying "in its April 15th regional economic report, the Federal Reserve reported that better-than-expected buyer traffic led to a scattered pickup in home sales in a number of its Districts over the 6-week period ending on April 6th. Factors such as homebuyer tax credits, low mortgage rates, and more affordable prices were cited as leading to more potential buyers. This may have added to the rise in homebuilder confidence in April, which rose to the highest level in six months, according to the National Association of Home Builders. Moreover, confidence increased in each of the four regions, led by the Northeast and Midwest."
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