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Mortgage interest rates dipped and this is good news for those potential home buyers that are out there sitting on the fence. Interest rates fell lower as the 30 year and 15 year fixed rates fell. However, with the recent trends moving in a positive direction, potential borrowers were worried that the trend directionality would remain positive and that the lower rates were history. Still at relative low levels, current interest rates for long term mortgage loans just dropped. A week ago, the last weekly benchmark posting from bankrate for 30 year fixed rate mortgages moved higher to 4.96% which was an increase of 4 basis points. The national average posted by bankrate for a 15 year fixed rate mortgage was 4.29% which was an increase of 8 basis points. More recent posts from bankrate show the long term rates dropping. According to bankrate, the most recent data reveals that the benchmark 30-year FRM dropped 8 basis points to 4.94%. The 15 year benchmark fixed rate mortgage fell 7 basis points to 4.32 percent. One year ago, the mortgage index was 5.26% and four weeks ago the index was at 4.89 percent. The fixed rate mortgage trends for the 30 year and the 15 year are both positive since November. Rates have been on a relative incline trend and the current dip appears to be just a fluctuation in the upward trends. Author: Stephen Johnson
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