Today’s Mortgage Rates

Today’s Mortgage Rates, Fixed mortgage remain a bargain at the start of the spring-buying season: The average rate on the 30-year mortgage dipped this week, while the 15-year loan fell to a new record low. A home with a sale pending sign, in Mount Lebanon, Pa. earlier this year.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan ticked down to 3.88%, from 3.90% the previous week. That’s slightly above the 3.87% average rate hit three weeks ago, which was the lowest since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage fell to 3.13%, from 3.17% a week ago.

Rates on the 30-year loan have been below 4% for three months. That has made home-buying and refinancing more attractive for those who can qualify.

The super-low rates are helping the housing market recover, albeit slowly. Home sales have been rising and the four-week average of home purchase applications was up in January and February, according to the Mortgage Bankers Association.

Current Mortgage Rates

Current Mortgage Rates, Mortgage application volume across the US was down last week, according to the latest report from the Mortgage Bankers Association (MBA). The Market Composite Index – which is the measure for mortgage loan application volume – decreased 0.3 percent on a seasonally adjusted basis for the week ending February 24, 2012 compared to a week before. On an unadjusted basis the said index declined 9.4 percent compared to the previous week.

Refinance mortgage activity also dropped last week from the previous 80.1 percent it had before to 77.9 percent. The decline of refinance applications possibly reflects to the situation that many financial analysts forecasted recently, saying that most borrowers who are qualified for the very best mortgage rates out there, already took advantage of them. Actually, this is the first time since December 2, 2011 that refinance applications dropped under 80 percent from total applications.

Applications for adjustable rate mortgage loans also decreased last week. Now they have a share of 5.0 percent out of all mortgage loan applications.