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Bankrate: Mortgage Rates Flirting With Record Lows

NEW YORK, May 2, 2013 /PRNewswire/ -- Mortgage rates declined across the board, with the benchmark 30-year fixed mortgage rate falling to the second lowest level on record, 3.52 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.33 discount and origination points.

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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.

The average 15-year fixed mortgage set a new record low of 2.63 percent, and the same was true for the larger jumbo 30-year fixed mortgage rate which fell to 3.93 percent. Adjustable rate mortgages were also lower, with the 5-year and 10-year ARMs dropping to new lows of 2.63 percent and 3.15 percent, respectively.

Mortgage rates have fallen for seven consecutive weeks, to levels that are at, or near, record lows. With the Federal Reserve maintaining its current pace of bond-buying stimulus and even hinting that they could increase it should inflation move too low or economic growth stall out, there is every reason to believe that mortgage rates will remain at these ultra-low levels for some time. Mortgage rates are closely related to yields on long-term government and mortgage-backed bonds.

The last time mortgage rates were above 5 percent was Apr. 2011. At the time, the average 30-year fixed rate was 5.07 percent, meaning a $200,000 loan would have carried a monthly payment of $1,082.22. With the average rate currently at 3.52 percent, the monthly payment for the same size loan would be $900.32, a difference of $182 per month for anyone refinancing now.

SURVEY RESULTS

30-year fixed: 3.52% -- down from 3.57% last week (avg. points: 0.33)15-year fixed: 2.75% -- down from 2.80% last week (avg. points: 0.30)5/1 ARM: 2.63% -- down from 2.65% last week (avg. points: 0.24)

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