Current Mortgage Rates Remain Low
MBA reported the current mortgage interest rates for thirty-year fixed-rate home loans fell to 5.01 last week from 5.04%. These low mortgage rates have spurred a refinancing frenzy across the country.
But that number remains more than the national average of 4.95%, according to the real estate Web site. According to Zillow. New York and Illinois had the highest rates at 5.15% and 5.1%, respectively. Colorado, Virginia and Washington had the lowest at 4.9%.
National mortgage rates declined as well. The 15-year fixed mortgages fell to 4.37% from 4.39% and 5-1 adjustable rate mortgage loans dropped to 3.83% from 3.85 the previous week. The volume of mortgage loan applications also fell to 12,696 from 13,081. Last week’s tally included 52% refinance loans, 46% purchase loans and 2 % for home equity.
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