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The average 30-year fixed is below 4% for qualified borrowers.

Middling economic and job growth over the past year has continued pushing down the average rates on home loans, so that the 30-year fixed is now below 4% for well-qualified borrowers.

That said, the Mortgage Bankers Association expects better economic news to give rates a jolt over the next year (the 30-year could go to 4.5%). So grab a deal before they're gone.

Refinancers may want to consider shorter-term mortgages, notes Keith Gumbinger of consumer loan data firm HSH.com. While the spread between a 30-year and 15-year is historically 0.5%, the difference is now 0.74%.

Take advantage of lower rates

30-year conventional fixed rate mortgage: 2012: 4.0%; Now: 3.5%
30-year jumbo: 2012: 4.5%; Now: 3.9%
15-year fixed rate: 2012: 3.3%; Now: 2.8%.
Home-equity loan: 2012: 6.8%; Now 6.3%.
HELOC: 2012: 5.2%; Now:5.2%


Source: HSH Associates
  @Money - Last updated May 21 2013 05:07 PM ET
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Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.24%
15 yr fixed3.39%3.26%
5/1 ARM3.36%3.27%
30 yr refi4.34%4.22%
15 yr refi3.38%3.24%
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