Freddie Mac: Mortgage rates continue to drop

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. A year ago, the average 30-year mortgage rate was 3.82 percent, while the rate for 15-year loans was 3.08 percent. A year ago, the 5-year ARM averaged 2.91%.

The, 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.89%, up from last week when it averaged 2.88%. Shorter term, popular 15 year refi loan deals can be had for 2.75% today and an April of 3.239%.

The average rate for a 15-year FRM was 2.98%, a decrease from the previous week when it averaged 3.03%. ARM loans in the 10 year category can be had for 3.375% today with an April of 3.420%. 15 year fixed rate mortgages have been published at 3.125% at the bank today and an April of 3.305%.

10 year loan interest rates are coming out at 2.950% at the bank and an April of 3.210% today.

30 year refinance loan interest rates at PHH have been listed at 3.50% today and an April of 3.723%.

The 1-year Treasury-indexed ARM averaged 2.62% this week, up from 2.54% last week.

Assuming a borrower gets the average 30-year conforming fixed rate on a $417,000 loan, last year's rate of 3.92 percent and payment of $1,972 is $31 more than this week's payment of $1,941. 20 year fixed rate mortgage interest rates are on the books at 3.670% at the bank and April of 3.813% today. 7/1 ARM interest rates are on the books at 3.250% presently and an April of 3.282%. The backdrop of slow global economic growth and low inflation as we head into the Federal Open Market Committee meeting means interest rates are unlikely to rise in the near term.