Mortgage rates remained mostly stable as the second half of April got underway, undergoing only minimal declines according to the latest weekly national survey released by Bankrate.com on Thursday.
During the week ending April 21, the average rate for 5/1-year adjustable-rate mortgages saw the largest decline, as it shed 0.05 percentage points to hit 4.37 percent. The rate drop was similar to the 0.07 percentage-point decline seen one week earlier by the survey.
The average rate for 30-year fixed-rate mortgages declined as well, albeit at a smaller rate, as it dropped by 0.01 percentage points to hit 5.21 percent for the week. The decline was only a fraction of the 0.14 percentage-point drop seen one week prior.
Similarly, 15-year FRMs also saw their average rate drop by 0.01 percentage points to hit 4.54 percent for the week. Like 30-year FRMs, the mortgage type had also seen a 0.13 percentage point decline one week earlier.