NEW YORK (CNNMoney.com)

Mortgage rates fell slightly this week and appear to be settling into a range near historically low levels, according to a national survey released Thursday. Bankrate.com, an online aggregator of various types of interest rates, said 30-year fixed mortgages averaged 5.18% this week, down from 5.2% the week before. Rates on 15-year fixed mortgages fell to 4.72% from 4.75%. The average jumbo 30-year fixed rate fell to 6.69%.

Adjustable rate mortgages were mixed. The average 1-year ARM rose to 5.28%, while 5/1 ARMs sank to 5.12%. Mortgage rates remain at historic lows. In the nearly 24-year history of Bankrate's weekly rate survey, the 30-year fixed has been lower just once -- two weeks ago, when it averaged 5.13%.

Still, rates have held relatively steady over the past few weeks as lenders respond to a surge in mortgage applications, particularly refinancing activity. That has helped offset ongoing sings of weakness in the economy, which would normally push rates lower, according to Bankrate.

"The ailing economy and inundated lenders are the two factors that will likely keep mortgage rates rangebound in the weeks to come," Bankrate said in a report. Bankrate's national weekly mortgage survey is based on data provided by the top 10 banks and thrifts in the top 10 markets.

Reference: http://money.cnn.com/2009/04/16/real_estate/weekly_mortgage_rates/

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Comments (3)

Holly Hardy says...
on 04/21/09

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There definitley is money out there to borrow for homes!! FHA is a great home loan program that requires only a 3.5% downpayment, this can come from the borrower's own savings or can be a gift from a family member or domestic partner. The credit and debt-to-income limts are more flexible also. You do not have to be a first time homebuyer to qualify for FHA but the loan is for primary homes only and can be used to purchase or refinance. It is a wonerful time to buy a home, prices are down and interest rates are at historical lows!!

Jordan says...
on 04/21/09

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So I guess there is money out there to borrow...I thought the banks had frozen money for lending. How does FHA work?

coach says...
on 04/17/09

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i don't think people realize how incredible these rates are. my wife and i financed our first house in the 80's at 12%