As April comes to a close, the stock market is headed higher with the occasional blip along the way, the economy and employment market are expanding at a healthier pace, and mortgage rates are still hanging in there at extremely low levels.  Sure, mortgage rates are higher than they were at this time last year, but mortgage rates now are hovering at the levels experienced at the end of 2013.

Results from the most recent survey of bank mortgage rates conducted on the close of business April 25, 2014 shows the average 30 year mortgage rate at the nation’s largest mortgage lenders dipping slightly to 4.396%.  Over the course of the week, the popular 30 year home loan rate dropped by just over six basis points or .064%. 

Included in the current bank mortgage rate survey are the mortgage rates from Wells Fargo, Chase Bank, Citibank, US Bank, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank, as well as other top bank mortgage lenders across the nation. 

The average 30 year fixed rate home loans closed out the week at 4.396% from 4.460% in the week earlier.  30 year FHA mortgage rates and jumbo mortgage rates week also lower on the week.  FHA loan rates dipped 2.5 basis points to 4.088% while jumbo home loan rates moved lower by 4.5 basis points to 4.238%.

Short term rates displayed a little more vigor in their move to the downside.  The average 20 year mortgage rate slipped by a hair over ten basis points to 4.109%.  15 year mortgage rates were down by just under five basis points pushing the average rate to 3.537%.  Ten year loan rates split the difference and dropped by over six basis points to 3.160%.

With inflation expected to heat up soon, the Fed cutting back on monetary easing, and employment making steady gains, leveraging these rates may be an opportunity that will not last much longer.  Although….the Fed is not forecasting an increase in long term rates any time soon and a slow upturn in rates may take quite some time.  How’s that for worthless advice.

 The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending April 25, 2014. 

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated April 25, 2014 please see the following mortgage rate tables: all mortgage rates, 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.

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