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Mortgage Marvel Rate Trends Shows 30-Year Fixed Rates Fell in April

May 2 2012 12:00AM

Marketwire

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MEQUON, WI -- (Marketwire) -- 05/02/12 -- Mortgage Marvel Rate Trends™, a daily survey of more than 1,000 lenders, shows conforming, 30-year, fixed rates fell in April, closing out the month at 3.96 percent. Late in the month, the economic news from Europe continued to be negative, which led investors to seek the safety of U.S. Treasury notes. Increased buying drives down interest rates on these notes, and mortgage rates track these rates closely. This is clearly good news for those looking to buy or refinance a home.

"Most economists are indicating that rates will continue to stay low," said Rick Allen, chief operating officer of Mortgage Marvel. "The housing market is warming up and mortgage interest rates are staying low, which runs counter to most expectations. Consumers should consider acting now if they are looking to refinance a mortgage or purchase a home."

30-Year Fixed Rate - As of April 30, 2012


---------------------------------------------------------------------------- Current Rate 7 Days Ago Change---------------------------------------------------------------------------- 3.96% 3.98% -0.02%----------------------------------------------------------------------------




The 30-year fixed rate on April 30 was 0.31 percent lower than the 6-month high of 4.27 percent reached on Oct. 30, 2011.

30-Year Fixed Rate - Highs & Lows


---------------------------------------------------------------------------- Period High Low -------------------------------------------------------------- Rate Change* Date Rate Change* Date---------------------------------------------------------------------------- 30 Days 4.12% -0.16% 4/4/2012 3.95% 0.01% 4/24/2012---------------------------------------------------------------------------- 90 Days 4.18% -0.22% 3/20/2012 3.91% 0.05% 2/2/2012---------------------------------------------------------------------------- 180 Days 4.27 -0.31 10/30/2011 3.91% 0.04% 2/2/2012----------------------------------------------------------------------------




*Change based on difference from current rate

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Fifteen-year fixed rates also headed lower in April, closing out the month at 3.2 percent after reaching a high of 3.35 percent on April 4. 5/1 ARMs fell as well to 3.18 percent on April 30 after hitting a high of 3.33 percent on April 2. The rates for 30-year, fixed rate jumbo loans (typically loans over $417,000) closed the month at 4.74 percent after reaching a high of 5.02 percent on April 5.

For comparison sake, displayed rates feature 0 discount points unless otherwise indicated. The assumed loan amount and loan-to-value ratio are $500,000 and 66% for jumbo loans and $187,500 and 75% for all other programs.

For more detailed information, including an interactive graph and state-level detail, go to www.mortgagemarvel.com/mortgageratetrends/.

For specific rates and closing costs in your area, go to www.mortgagemarvel.com/Pages/AdvancedSearch.aspx.

About Mortgage Marvel Rate Trends

Mortgage Marvel Rate Trends pulls rates every day directly from the live product and pricing database of more than 1,000 national, regional, and local banks and credit unions across the country. Mortgage Marvel Rate Trends includes average rates for conforming (i.e. loans below $417,000) and jumbo loan programs across all common fixed and adjustable rate products. Mortgage Marvel Rate Trends also separately tracks rates for purchase, rate & term refinance, and cash-out refinance transactions for every product and program, and for every state and region in the U.S.

About Mortgage Marvel and Mortgagebot

Mortgage Marvel (www.MortgageMarvel.com) presents free, accurate, up-to-date mortgage quotes from multiple lenders in an easy-to-understand display. It further enables borrowers to link directly to their preferred lender -- where they can complete a mortgage application and get approved with full disclosures, all in about 20 minutes or less.

Mortgage Marvel is operated by Mortgagebot LLC (www.Mortgagebot.com), the industry-leading, Inc. 5000 company that provides the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions. Mortgagebot blends deep mortgage experience with innovative "cloud-computing" technology to create scalable and affordable Web sites for nearly 1,000 banks and credit unions nationwide.



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Contact:
Ana Tackett
602/237-5572






Source: Marketwire


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