Mortgage rates continue to move lower after the Federal Reserve chairman’s press conference on Wednesday. Average 30 year fixed mortgage rates and 15 year mortgage rates were lower in our daily mortgage rate survey of the top five bank mortgage lenders. The average 30 year mortgage rate shed just over two basis points or 2/100’s of a percent while the 15 year mortgage rates was lower by a more significant eight basis points.

The average 30 year mortgage rate I the survey is now at 4.850 percent and the average 15 year mortgage rate is at 4.025 percent.

The average points charged to obtain these rates was also lower for both mortgage terms. The average loan points charged by the mortgage lenders in the survey were 0.43 points for the 30 year and 0.53 points on the 15 year.

The results of the Selectcdrates.com bank mortgage rate survey for the five bank mortgage lenders (Wells Fargo, Bank of America, Chase, Citibank and Ally Bank owner of GMAC Mortgage) for April 29 include the following mortgage rates, points and APRs:

Wells Fargo mortgage rates dipped by .125% for both the 30 and 15 year loans with the 30 year mortgage rate at 4.750% with 1.00 point and a 5.034% APR and the 15 year at 4.875% with 1.0 point and an APR of 4.143%.

Chase mortgage rate for a 30 year loan was lower in points charged with a rate of 4.875% and no points 0.375 points for a 4.931% APR.
The Chase mortgage 15 year rate moved down by .125% to 4.00% with 0.125 points and an APR at 4.113%.

Bank of America 30 year mortgage rate is lower in the points charged with a rate of 4.750% and 0.750 points and an APR of 4.881%.
Bank of America 15 year mortgage dropped .125% to 3.875% with 1.00 pint with a APR at 4.134%.

Citibank 30 year mortgage rate is at 4.875% with 0.250 points and an APR of 4.962%.
The Citibank 15 year mortgage rate actually increased from the previous day to 4.125% with 0.750 points and an APR at 4.310%

Ally Financial / GMAC Mortgage 30 year mortgage rate is at 5.00% with 0.150 points and a 5.113% APR.
The GMAC Mortgage 15 year mortgage rate is 4.250% and 0.025 points with a 4.422% APR.

The listed bank mortgage rates are current as of April 29, 2011. Mortgage rates are obtained directly from the bank mortgage lenders in the survey. Mortgage rates fluctuate daily and are subject to change at any time. The bank mortgage rates included in the survey are based on a single family home loan located in California with a 25% or greater down payment with a borrower that has excellent credit.

Please note, bank mortgage rates will vary based on the individual loan request. Mortgage rates are highly dependent on the geographic location of the property, the down payment amount, the borrower’s credit profile, the loan amount as well as other factors.

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