Following a week in which Bankrate.com’s data found all mortgage rates seeing significant increases, rates managed to return more manageable rates for homeowners who want to refinance their home in order to consolidate debt.
According to the latest weekly national survey released Thursday, the average interest rate for 30-year fixed-rate mortgages fell by 0.14 percentage points to hit 5.21 percent for the week ending April 14. The decline more than made up for the 0.12 percentage point spike seen in the rate one week earlier.
Similarly, the average rate for 15-year FRMs declined as well, shedding 0.13 percentage points to hit 4.56 percent for the week. One week earlier, the FRM had increased by 0.16 percentage points en route to 4.69 percent.
The average interest rate for 5/1 adjustable-rate mortgages fell for the week as well, dropping 0.07 percentage points as it hit 4.48 percent. The week prior, the average rate had shifted up by 0.04 percentage points to hit 4.55. percent.
In total, the average mortgage rate for all types during the week fell to 5.35 percent, meaning a monthly payment following a refinancing would fall to $1,116.83 from the $1,241.86 payment that would have been given to homeowners who took out a mortgage when the average rate stood at 6.33 percent in November 2008.