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Baltimore mortgage rates are remarkably good, with the 30-year fixed remaining unchanged from the previous week’s record low.

The benchmark 30-year fixed-rate mortgage remained at 4.88 percent this week, according to a national survey of large lenders. The mortgages in the survey this week had an average total of 0.48 discount and origination points. One year ago the mortgage index was 5.76 percent.  Four weeks ago it was 4.96 percent.

The benchmark 15-year fixed-rate mortgage fell 1 basis point, to 4.32 percent. A basis point is one-hundredth of 1 percentage point. The benchmark 5/1 adjustable-rate mortgage rose 3 basis points, to 4.19 percent.

In the nearly 25-year history of the weekly Baltimore mortgage rate survey, the 30-year fixed rate mortgage has fallen below 5 percent only five times, and all five times were within the past five weeks.

Refi Surge

According to the Mortgage Bankers Association, refinance applications went up 21 percent last week, as homeowners recognized the rare chance to grab rates at their lowest. They created the busiest refi surge since May 2009. Three-quarters of mortgage applicants were homeowners who wanted to refinance.

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Baltimore Mortgage Rates for April 28, 2010

30-Year Fixed Rate Mortgage

4.875% with 1 Point

5.125% with 0 Points

15-Year Fixed Rate Mortgage

4.250% with 1 Point

4.500% with 0 Points

* Rates shown assume a minimum credit score of 740 and a LTV of less than 70%. Adjustments may apply to lower credit scores or to higher LTVs.  Other adjustments may apply.  For informational use only.

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Baltimore mortgage rates continue to rise as the reality of a Fed pull-out from the mortgage-backed securities market sinks in.

Jobless claims also fell this week, in what may be a sign of an improving economy.

Baltimore mortgage rates for Friday, April 2, 2010 are as follows:

30-Year Fixed: 5.375% with 0 points

15-Year Fixed: 4.750% with 0 points

* Rates shown assume a minimum credit score of 740 and a LTV of less than 70%. Adjustments may apply to lower credit scores or to higher LTVs.

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• Mortgage rates rise above 5 percent (seattletimes.nwsource.com)
• Fed ends mortgage securities program (bendbulletin.com)