Mortgage Rates Update: Week of 4/8/13

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The average mortgage rates for the week of April 8 showed little improvement over the previous week. However, the fact that a rise occurred is a bit of a surprise. The previous Friday’s federal job report was dismal, with many interpreting the results as a reduction of available income and ability for people to buy durable goods and large expenses. The best options available for home owners looking for deals has solidified at 3.5 percent for a 30-year fixed mortgage, at least assuring lenders that the figure isn’t going to drop any further. Most mortgages are instead being approved closer to 3.625 percent instead.

Unfortunately, there’s not much in the way of influences that will generate much increase activity for lending rates. As a result, more minor fluctuation is expected for a while based on whatever else is happening with the general economy and market. As a result, the home-buying market is no longer driven by financing opportunities. Instead, as many buyers are finding as a surprise, bidding wars are driving up pricing and difficulties in loan applications. Some lenders are suggesting folks stop worrying about keeping or finding a low rate. It’s there and won’t be going anywhere soon. Instead, buyers should be poking around for homes removed from listings and seeing if better deals can be struck covertly. This avoids losing a good deal to a bidding war with other buyers.
So as mentioned above, the best rates going into the close of the week have 30-year mortgage rate averages at 3.5 percent, the 15-year counterpart at 2.75 percent to 2.875, the competitive ARM/FHA loans at 3.25 percent for a 30-year fixed financing, and the 5-year adjustable rate mortgage average at 2.625 percent to 3.25 percent.

About John Krystof

John Krystof writes about personal finance and money matters for He was born and educated in Central Europe, but presently resides in New York City.

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