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Mortgage rates fall further at end of April

Posted on Thursday, May 2, 2013 at 2:15:17 PM

For the fifth consecutive week, national mortgage rate averages ticked lower, enabling individuals interested in pursuing homeownership or refinancing an existing loan the opportunity to acquire advantageous deals on residential financing. 

Freddie Mac announced in its Primary Mortgage Market Survey for the week ending May 2 that each of the most popular products exhibited decreases recently, and fixed-rate mortgages (FRMs) settled at levels near record lows.

Average 30-year FRMs were noted at 3.35 percent last week, having declined from the preceding week's reading of 3.40 percent. This figure is very close to an all-time low for the product, as the current record was set at 3.31 percent during the week of November 21, 2012. Meanwhile, 15-year FRMs did average an all-time record low for the recent week, registering at 2.56 percent. The previous record was set last week, when the product was recorded at 2.61 percent.

Possibly due to the repeated decreases exhibited in residential lending rates, an increasing number of mortgage applications have been submitted in recent weeks.

The Mortgage Bankers Association reported its measure of loan application volume hiked 1.8 percent on a seasonally adjusted week-over-week basis for the period ending April 26. This was the fourth week such activity was exhibited, leading many to believe the housing market is well-poised to make a strong comeback in 2013.