Mortgage rates slip again

In its weekly mortgage market survey, Freddie Mac says mortgage rates dropped again over the past week, with some rates hitting new lows for this year.

According to the report, the average rate for a 30-year fixed-rate mortgage dropped from 4.8 to 4.78 percent during the week ending April 28.

In addition, rates for 15-year loans slid to 3.97 percent. That was down from 4.02 percent the previous week and the lowest mark for the index since December.

"Mortgage rates followed Treasury bond yields lower this week amid weak local economic data reports on business conditions and house prices," said Frank Nothaft, vice president and chief economist at Freddie Mac. "In addition, the S&P/Case-Shiller 20-city composite home price index recorded year-over-year declines through February in 19 of the 20 markets."

The changes in mortgage rates, has made it significantly more affordable for people looking at Houston homes to get a loan. Compared to the rates from a year ago, someone getting a $200,000 mortgage last week may have saved almost $16,000 in payments over the course of the loan.

Courtesy of 2M Realty News