mortgage

Mortgage rates for May 15, 2014

Home loan rates have fallen to their lowest levels in six months as they inched down for the third week in a row. I’m Doug Whiteman with your weekly look at mortgage rates.

The benchmark 30-year fixed-rate mortgage fell to 4.33 percent from 4.37 percent last week. The 15-year fixed-rate mortgage lost 3 basis points landing at 3.42 percent. The 30-year fixed-rate jumbo dropped 4 basis points to 4.35 percent.

And the 5/1 adjustable-rate mortgage fell to 3.31 percent from 3.34 percent last week.

The drop in rates isn't the only good news borrowers got this week. The Federal Housing Administration announced a program that could make mortgages cheaper for some borrowers.

The program would reduce the upfront FHA mortgage insurance premium by half a percentage point and reduce the annual premium by 10 basis points, as long as the borrower completes the required counseling. The program is called HAWK, short for Homeowners Armed With Knowledge.

To shop for the very best mortgage rates in your neighborhood, check out the free rate search engine on Bankrate.com. I’m Doug Whiteman.

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