Mortgage rates moved lower this week after the earthquake and subsequent nuclear fears in Japan sent investors toward U.S. Treasury bonds, putting downward pressure on both yields and interest rates, according to mortgage financier Freddie Mac.
That pushed the popular 30-year fixed mortgage to 4.76 percent during the week ending March 17, down from 4.88 percent last week and 4.96 percent a year ago.
The 15-year fixed slipped to 3.97 percent from 4.15 percent, and is more than a quarter-percent below the 4.33 percent average seen last year.
Meanwhile, the five-year adjustable-rate mortgage crept down to 3.57 percent from 3.73 percent, and sits about a half-point below the 4.09 percent average seen last year.
Finally, the one-year ARM dipped to 3.17 percent from 3.21 percent, and is about a point below the 4.12 percent average seen this time a year ago.
Remember, good news generally pushes interest rates up, while bad news generally leads to an easing in rates.
The mortgage rates above are good for conforming loan amounts at 80 percent loan-to-value; pricing adjustments may increase or lower the rate you ultimately receive, and mortgage points must also be paid.
Mortgage points averaged 0.7 on fixed mortgages and 0.6 percent on ARMs – I believe that includes the loan origination fee.
Jumbo loans continue to price a half percentage point or more higher than conforming mortgages.
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