Average interest rates for all mortgage types remained somewhat stable and showed minimal declines in the second part of April, continuing low rates that could be utilized to consolidate debt for homeowners looking to refinance.
According to the latest weekly national survey released by Bankrate.com on Thursday, the average rate for 30-year fixed-rate mortgages decreased slightly by 0.01 percentage points to hit 5.21 percent for the week ending April 21. While a decline, the rate change was minimal compared to the 0.14 percentage point decline seen one week prior.
Similarly, the average rate for 15-year FRMs declined by 0.01 percentage points as well, falling to 4.54 percent for the week. The mortgage type had also seen a more sizable decline of 0.13 percentage points one week earlier as well.
The average rate for 5/1-year adjustable-rate mortgages saw the largest decrease of the week as it fell by 0.05 percentage points to hit 4.37 percent. The week prior, the rate had seen a drop of 0.07 percentage points.
With the slight rate decreases, a $200,000 loan taken out in November 2008 that was refinanced under the current conditions would reduce mortgage payments by $142 every month as it fell to $1,099.46.