Mortgage Rates Continue to Drop - 30 Year Close to 5%

Average 30-year mortgage rates dropped for the sixth week in a row to 5.02% according to BestCashCow/Informa data. That's down from the high of 5.20% in early April.

30-year mortgage rate trendsAverage 30-year mortgage rates dropped for the sixth week in a row to 5.02% according to BestCashCow/Informa data. That's down from the high of 5.20% in early April. The drop in 10 year Treasury rates helped to drive mortgage rates down along with softening demand from homebuyers. Europe's problems have undoubtedly been a boon to homebuyers and those looking to refinance.

What Does This Mean for Homebuyers?

I've been following actual rates, not just averages for a 30-year fixed rate loan in Massachusetts with 0 points ($200,000 loan) for the past four months. Three weeks ago, the rate shot up to 5.125%. Last week it was 4.875%. This week the rate is 4.750%. Rates have definitely come down.

Other Mortgage Rates

Other rates varied slightly. The average 15-year fixed rate mortgage dropped from 4.42% to 4.35% and is now near its 2010 low of 4.34% in March. The 5 year ARM rose slightly from 3.82% to 3.86% this week. The 1-year ARM, one of the most volatile didn't live up to its billing this week moving from 4.15% to 4.14%.

View mortgage rates by state and zip code.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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Featured - 30 Year Fixed Mortgage Rates 2019

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