In the ever-changing landscape of the housing market, mortgage rates have remained stable this week, offering potential homebuyers a sense of assurance. While adjustable mortgage rates experienced a slight uptick, the majority of fixed mortgage rates either decreased or remained unchanged. As of May 4th, here are the current mortgage rates for various loan terms, presented without discount points unless specified.
30-Year Fixed-Term Loans: For those seeking the reliability of a 30-year fixed-term loan, the rates held firm at 6.92%, mirroring the figures from the previous week.
20-Year Fixed-Term Loans: Homebuyers opting for a shorter loan term were met with a slight decline in rates. The 20-year fixed-term loan rates decreased to 6.78% from 6.82% recorded a week ago.
15-Year Fixed-Term Loans: Homeowners desiring a faster path to mortgage repayment benefited from a dip in rates. The 15-year fixed-term loan rates decreased to 6.22% compared to the previous week's 6.3%.
10-Year Fixed-Term Loans: Similarly, those considering a decade-long loan term enjoyed reduced rates. The 10-year fixed-term loan rates decreased to 6.32% from 6.38% recorded a week ago.
Adjustable Mortgage Rates: While fixed mortgage rates remained relatively steady, adjustable mortgage rates exhibited a slight increase across various terms:
5/1 ARM: The 5/1 Adjustable Rate Mortgage rose marginally to 5.75% from the previous week's 5.74%.
7/1 ARM: Homebuyers opting for a 7/1 Adjustable Rate Mortgage witnessed a minor uptick as rates increased to 5.86% from 5.84% recorded a week ago.
10/1 ARM: The 10/1 Adjustable Rate Mortgage also experienced a slight increase in rates, rising to 6.1% compared to 6.07% a week ago.
Specialized Loans: For borrowers seeking jumbo loans, FHA loans, or VA purchase loans, the rates saw modest shifts:
30-Year Jumbo Loans: Jumbo loan rates increased slightly to 7.03% from 6.98% recorded a week ago.
30-Year FHA Loans: FHA loan rates edged up marginally to 5.96% with 0.05 points, compared to 5.95% a week ago.
VA Purchase Loans: VA purchase loan rates rose slightly to 6.17% with 0.04 points, up from 6.12% a week
Current mortgage rates have demonstrated stability, with fixed rates either decreasing or remaining steady. Homebuyers can take advantage of these conditions, as the market continues to offer opportunities for affordable homeownership. Whether opting for a fixed or adjustable rate mortgage, staying informed about the latest rates is crucial when making informed decisions regarding real estate investments.
There you have it in a nutshell, stay informed about the market conditions and you'll always be positioned with the best leverage.