Mortgage Rates Drop Slightly This Week

The most common choice among home buyers, the 30-year fixed-rate mortgage, remained under 4 percent this week, meaning home affordability has remained at record high levels.

"Average weekly mortgage rates were little changed this week amid mixed signals on the health of the economy,” stated Frank Nothaft, Freddie Mac’s chief economist.

The following is a closer look at mortgage rates for this week, according to Freddie Mac’s weekly mortgage market survey.
•30-year fixed-rate mortgages: averaged 3.98 percent, with an average 0.7 point, a slight drop from last week’s average of 3.99 percent. At this time last year, 30-year rates averaged 4.87 percent.

•15-year fixed-rate mortgages: averaged 3.21 percent, with an average 0.7 point, falling from last week’s average of 3.23 percent. 15-year mortgages averaged 4.10 percent at this time a year ago.

•5-year adjustable-rate mortgages: averaged 2.86 percent, with an average 0.8 point, which fell from last week’s 2.90 percent average. At the same time a year ago, 5-year ARMs averaged 3.72 percent.

•1-year ARMs: averaged 2.78 percent, with an average 0.6 point, remaining steady from last week’s average. 1-year ARMs averaged 3.22 percent at this time last year.

To figure out what kind of mortgage you can afford, please go to: http://www.californiamortgagedirect.com/Mortgage-Calculator

To learn more about what's happening with mortgage rates, please visit: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/04/06/prweb9376285...