Houston Mortgage Refinance: Mortgage Rates Down Again

Houston Mortgage Refinance: Mortgage Rates Down Again

http://www.bankrate.com/finance/mortgages/japan-crisis-fed-send-mortgage-rates-down.aspx

Mortgage refinance rates dipped again this week, driven lower by world crises and Tuesday’s statement from the Federal Reserve. The lower rates presented an opportunity, however brief, for home-loan borrowers, given a general sense that rates should be on the rise as the U.S. economy improves. The benchmark 30-year fixed-rate mortgage fell 13 basis points to 4.91 percent, according to the Bankrate.com national survey of large lenders.

The last time it was below 5 percent was Jan. 27. A basis point is one-hundredth of 1 percentage point. The mortgages in the survey had an average total of 0.38 discount and origination points. A year ago, the mortgage index was 5.07 percent. Four weeks ago, it was 5.16 percent.

The benchmark 15-year fixed-rate mortgage dropped as well, losing 20 basis points to hit 4.12 percent, while the benchmark 5/1 adjustable-rate mortgage fell 14 basis points to 3.74 percent.

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