Groundwork Mortgage reports mortgage rates are still low

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The average 30-year fixed-refinance rate is 4.05 percent, down 1 basis point compared with a week ago. The 15-year fixed-rate mortgage averaged 3.39%, down from 3.41% last week. The average 15-year mortgage rate this time last year was 2.95 percent. At Wells Fargo, the 7/1 ARM is on the books at a rate of 3.750% and it holds an April variable of 3.918%. (All 80% LTV loan reports include the origination fee.) For mortgages of this type with jumbo loan balances (over $424,000) the average contract interest rate decreased to 4.27% from 4.32%, and points for 80% LTV loans decreased to 0.31 from 0.34. The 7/1 ARM loans are on the books at 3.500% today with a starting April of 3.581%.

President of Groundwork Mortgage Jeff Berger joins us for different tips on selecting mortgages and to break down mortgage rates.

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The average rate on five-year Treasury-indexed hybrid adjustable-rate mortgages was down this week, too, dropping from 3.23 percent to 3.21 percent. Currently, the aforementioned loan is offered at a rate of 4.250% and it bears an April variable of 5.288%. The short term, popular 15 year fixed rate mortgages can be had for 3.710% today and an April of 3.894%. Most borrowers made a decision to refinance their homes already, when rates hit a near record-low.

The 5/1 Adjustable Rate Mortgage interest rates at PHH Mortgage can be had for 3.875% with an April of 4.059%. The 7/1 ARM deals are being offered for 3.700% today and an April of 3.9398%. That was still sharply higher than a 30-year rate that averaged 3.65 percent for all of 2016, the lowest level recorded from records going back to 1971. That's a 2 basis points improvement over the previous rate of 3.41%, that it carried a week earlier.