A 15-year, fixed-rate mortgage fell to 3.23 percent this week.
The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days.
Despite the short-term lack of movement on rates, Mortgage Brain says there have been year-on-year drops in the cost of mainstream mortgages. Just be sure to shop around.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA fell to 4.09% from 4.14% during this period.
The larger jumbo 30-year fixed dropped to the lowest level since mid-November, now 4.07 percent, with the average 15-year fixed mortgage rate following suit, sinking to 3.35 percent. That represents a decline of $3.99 over what it would have been last week.
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The Mortgage Collaborative network is more than 100 lenders strong, with an annual origination volume of $156 billion. It will also help you calculate how much interest you'll pay over the life of the loan.
The cost of mortgages remain at record lows but, with little movement seen over the past three months, recent analysis from Mortgage Brain reveals that the cost of most mainstream mortgages continue to show signs of stabilisation.
The Washington-based industry group said its measure on mortgage applications decreased 1.8 percent to a reading of 395.6 in the week ended April 14. The shorter term 15 year fixed rate loans are being offered for 3.125% at the bank and an April of 3.472% today. Both HELOC and equity loans stayed at 5.30%. It was 3.34 percent a week ago and 2.85 percent a year ago.
These types of loans are best for those who expect to sell or refinance before the first or second adjustment.