Friday, April 16, 2010
Mortgage Rates Fall This Week
Interest rates for home loan fell significantly this week after jumping last week, according to mortgage buyer Freddie Mac.
The national U.S. average for the 30-year, fixed-rate loan declined to 5.07% this week, from 5.21% last week; while the average for the 15-year mortgage dropped to 4.40%, from 4.52%.
In Iowa, the average rate for a 30-year, fixed-rate mortgage was 5.10%, according to DataTrac. The average 15-year mortgage rate in Iowa was 4.63%.
Short-term rates also moved lower, as the U.S. average for the five-year ARM fell to 4.08%, from 4.25% last week; and the average for the one-year ARM inched down to 4.13% from 4.14%.
The five-year ARM in Iowa was 3.84%, while the three-year ARM stood at 3.67%, reported DataTrac.
"After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, chief economist for Freddie Mac.