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Mortgage Rates Decline Again
A 30-year, fixed-rate mortgage averaged 4.87% last month, according to data released today by the Federal Housing Finance Agency.
This rate, on loans of $417,000 or less, represents a drop of 18 basis points. The average interest rate on 15-year, fixed-rate loans of $417,000 or less decreased three basis points to 4.75% in April.
The average loan-to-price ratio in April was 75.1%, up from 74.7% in March. The average loan amount increased by $7,100 to $217,000 in April.
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