Mortgage Rate News For Thursday 18 April 2013

Yesterday’s mortgage rate news was promising and held some tantalizing potential for another day of lower rate movement. But Thursday saw rates more or less holding steady at their best-execution levels. Some lenders showed more improvement (chances are good those improvements are moving that lender’s rates closer to the published best-execution levels) while others simply remained unchanged.

It’s been a week that, aside from the Boston tragedy, has been free of breaking news headlines pushing rates higher. Also missing--anticipated events that might also affect the rates one way or the other. As mentioned in previous reports in this space, these sorts of “news vacuum” situations can create volatility in the markets that wouldn’t otherwise exist because attention is on those events or headlines.

It’s easy at the moment to remain undecided as there is a chance rates could get a few more days of consistent improvement--unlike earlier in the year when upward trajectory was more the norm. But it’s not safe to EXPECT downward movement of the rates just because the last few weeks have been more favorable to the borrowers.

Rates could easily move higher OR lower tomorrow depending on a variety of conditions, but as many industry professionals are noting, it’s a good time to be looking for a home loan or refinance loan. Conditions weren’t as favorable earlier in 2013 when rates were more consistently on the rise. It’s possible the markets could go back to that at some point in the long remainder of the calendar year but for now, borrowers should take full advantage if they have done their homework and are ready to commit to the loan.

Here are the mortgage loan rates for Thursday April 18, 2013. The rates you see here are reported as best-execution rates. They are NOT available to all borrowers or from all lenders. Your financial qualifications such as FICO scores and past repayment history are a deciding factor in your access to these rates. Your experience may vary.

30 year fixed rate conventional mortgages: 3.5%
VA and FHA mortgages: 3.25%
15-year fixed rate mortgages: Between 2.75% and 2.875%
5 year ARMs: Between 2.625% and 3.25%

Rate this item
(3 votes)

Top Reads This Month

  • FHA Refinance Loans and Interest Rates

    FHA mortgage loan rates and refinance loan rates stayed well below the 4 percent zone in the last days of the year--now that the new year is here, borrowers may not be sure how long the best-execution FHA mortgage loan interest rates reported at the end of the year may last. Do you know whether your’re ready to commit to…