Mortgage rates broke a streak of three weekly increases, with the average conforming 30-year fixed mortgage falling back to 5.21 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.38 discount and origination points.
To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/ The average 15-year fixed mortgage pulled back to 4.56 percent and the larger jumbo 30-year fixed rate dipped to 5.94 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM sliding to 4.48 percent while the 7-year ARM reversed course to 4.96 percent. Just one week after hitting a five-month high, mortgage rates moved lower again. The concerns about large government debt issuance dissipated when investors came into the market and snapped up both government and mortgage-backed debt. The latter is particularly important as it shows investors are filling the void left by the Federal Reserve. The Fed’s $1.25 trillion mortgage buyback program came to a close at the end of March. The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 5.21 percent, the monthly payment for the same size loan would be $1,099.46, a savings of $142 per month for a homeowner refinancing now.
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