Mortgage Rates Drop Again

The average conforming 30-year fixed mortgage rate fell to 5.00 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.44 discount and origination points.

The average 15-year fixed mortgage was down to 4.47 percent while the larger jumbo 30-year fixed rate rose to 6.03 percent. Adjustable rate mortgages decreased slightly this week, with the average 1-year ARM inching down to 5.37 percent and the 5-year ARM slipping to 4.54 percent.

Mortgage rates are significantly lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 5.92 percent, meaning a $200,000 loan would have carried a monthly payment of $1,188.83. With the average rate now 5.00 percent, the monthly payment for the same size loan would be $1,073.64, a savings of $115 per month for a homeowner refinancing now.

SURVEY RESULTS

30-year fixed: 5.00% -- down from 5.06% last week (avg. points: 0.44)
15-year fixed: 4.47% -- down from 4.48% last week (avg. points: 0.29)
5/1 ARM: 4.54% -- down from 4.58% last week (avg. points: 0.33)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
source: PR Newswire, bankrate.com

To check today's rates in the DFW market (as of this writing, lower than the national averages above for credit scores of 720 or higher), apply for a loan, and for APR disclosure, please visit  http://www.continentalamerican.com/rates.html