The average rate for the benchmark 30-year fixed mortgage as reported by Freddie Mac’s Primary Mortgage Market Index (PMMI) stood at 4.60% this week. This represents a change of -.01% over last week’s average. The average for the 15-year fixed amortization equaled 3.78%, down .02% on the week. Both averages represent 2011 year lows reflecting the overall upward trend bias in the trading of mortgage-backed securities.

Rates quoted by Home Loan Specialists were lower than the overall market.

An article in today’s Houston Chronicle highlighted the risks of mortgage rate increases in the future, citing the dangers of inflation and continued economic recovery to low mortgage rates. Nevertheless, rates today are very attractive for the remaining homeowners who have not yet refinanced, or are facing a balloon or adjustable rate mortgage adjustment in the near future.

As we enter the peak home buying season of the summer, current rates should provide more buying power for consumers than just a couple of months ago. The challenge at this stage is not to get too greedy in thinking rates will continue to fall.

For our current rates, please visit Houston Mortgage Rates.