Mortgage Rates Continue to Fall to New Record Lows

According to results released from Bankrate.com, this past week saw even more record low mortgage rates across the U.S. The report, based on Bankrate.com’s weekly national survey, found the average 30-year fixed mortgage at a new record low of 3.94 percent.

For shorter term mortgage loans the news for consumers was even better with the average 15-year fixed mortgage rate also at a new record of 3.15 percent. While not as popular among long term home buyers as they had once been, adjustable mortgage rates were also lower, as well this week, with the average 3-year adjustable dropping to 3.08 percent, while the popular 5-year ARM dipped lower to 3.01 percent.

The data from the Bankrate weekly mortgage survey consists of rates and information compiled from among the top ten banks in the top ten markets nationwide. In addition to the survey, the company’s weekly Rate Trend Index aims to predict the direction of rates for the week ahead. The index is assembled by a panel of mortgage experts.

For the coming week, the majority of the Rate Trend Index panel is forecasting very little change in the mortgage rates. However, the majority of the few on the panel who did not forecast an unchanged week are expecting lower rates next week as well.

Source: Bankrate.com