April 17th, 2008
30-yr 5.88 15-yr 5.40% 5-yr ARM 5.48 1-yr ARM 5.10

April 10th, 2008
30-yr 5.88 15-yr 5.42% 5-yr ARM 5.56 1-yr ARM 5.19

April 3rd, 2008
30-yr 5.88 15-yr 5.42% 5-yr ARM 5.59 1-yr ARM 5.18

March 27th, 2008
30-yr 5.85 15-yr 5.34% 5-yr ARM 5.67 1-yr ARM 5.24

For the 4th week in a row 30 YR Rates have remained relatively unchanged. Rates fell in the middle of March after the FED cut interest rates. At that point mortgage interest rates fell from 6.13 to 5.87. Since then banks have kept 30 Yr mortgage interest rates roughly the same. This can be as a sign banks are happy with the current difference between mortgage rates and the FED rates.

After the FED cut interest rates in mid March instead of rates on 5 and 1 year arms increased. But over the last 2 weeks rates on ARMs have decreased as well.

Another interest factor is what these rates translate to for a loan of 200k. Using our free mortgage calculator lets take a quick look.

April 17th, 2008
30-yr $1183.71
15-yr $1623.57
5-yr ARM $1133.06
1-yr ARM $1085.89

If we consider the fact that currently rates are relatively still low and when ARMs expire they could be higher I would still recommend getting a 30 Year Loan instead of an ARM.

Ki is a realtor in Austin. He runs a site about Austin TX real estate which has a search of the Austin MLS along with market analysis on his Austin real estate blog