Mortgage rates continue their month-long slide

Fixed-rate Vs. Variable-rate What's the Best Deal

"In response, the 30-year mortgage rate dropped four basis points to 3.82 percent, reaching a new year-to-date low for the second consecutive week".

The borrowing cost on 30-year mortgages, the most widely held type of USA home loan, averaged 3.82 percent in the week ended August 31, the lowest since the week of November 10 when it was 3.57 percent.

Mortgage buyer Freddie Mac said today the rate on 30-year, fixed-rate mortgages fell to 3.82 percent from 3.86 percent last week. ARM interest rates in the 10 year category have been published at 3.000% today and the April is 3.709%.

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There was a 2% increase in the refinance index while the purchase index was down 3% seasonally adjusted and down 5% unadjusted compared with a week earlier.

The refinance share of mortgage activity accounted for 49.4 percent of all applications. Experts have been predicting a gradual rise in home loan interest rates for months, but rates have head-faked their way lower since the Fed's last rate increase in March.

Even with these predictions of a continuation of low rates, economists expect the Fed will raise rates by another quarter-point before the end of the year. That will make for a full percentage point increase within one year. 20 year fixed rate mortgage interest rates at the bank are being offered for 3.625% today carrying an April of 3.778%. Surround yourself with a team consisting of a trusted mortgage broker and Realtor.

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