Bankrate: Mortgage Rates Hit 2014 Low Point
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To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/.
The average 15-year fixed mortgage rate moved a touch lower to 3.37 percent, while the larger jumbo 30-year fixed mortgage rate sank to 4.29 percent. Adjustable rate mortgages were also lower, with the 5-year ARM slipping to 3.28 percent and the 7-year ARM stepping down to 3.49 percent, both three-month lows. </p>
Muted inflation readings and ongoing tensions in hotspots around the globe helped fuel demand for bonds, pushing mortgage rates lower. Mortgage rates are closely related to yields on long-term government bonds. Any time there is reason for nervousness among investors, their movement into the perceived safe haven of bonds is good news for mortgage rates. Low inflation has also been a boon for bond demand as inflation erodes the fixed payments bond holders receive.
As 2013 came to a close, the average 30-year fixed mortgage rate was 4.69 percent. At that time, a
SURVEY RESULTS
30-year fixed: 4.24% -- down from 4.27% last week (avg. points: 0.28)
15-year fixed: 3.37% -- down from 3.39% last week (avg. points: 0.17)
5/1 ARM: 3.28% -- down from 3.324% last week (avg. points: 0.15)
For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates.
The survey is complemented by
For the full mortgage Rate Trend Index, go to http://www.bankrate.com/news/rate-trends/mortgage.aspx.
To download the Bankrate Mortgage Calculator & Mortgage Rates iPhone App 2.0 go to https://itunes.apple.com/us/app/bankrate-mortgage-calculator/id551454062?mt=8.
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