Interest rates for 30 year fixed mortgages dropped again for the second consecutive week. Mortgage interest rates have been at their highest levels for over 2 years.
Fixed interest rates for a 30 year loan slipped to 6.3%; the highest levels during the month of March had been 6.44%. Fifteen year fixed rate mortgages dropped to 5.97% this week; this interest rate is down from 5.98% the week before.
Mortgage industry analysts believe the economy is rebounding as inflation is remaining low.
Interest rates for five year hybrid ARM loans are up this week; a five year hybrid mortgage is 5.96% this week. This mortgage interest rate averaged 5.9% last week.