Mortgage Rates were already continually lows a week ago. Now they fell further. The 30 year rate fell from 4.85 to 4.78. The 15 year rate fell also going from 4.58 to 4.52. The real difference between your 30 year fixed and the 15 year fixed could be the smallest it is often in certain time. Since the difference is not that great the 15 year mortgage just isn't seeing as much activity.
The two 5 year arm and also the 1 year arm fell also. Since they will be both above or near to the current rates for a Thirty year mortgage they're virtually pointless and seeing little or no activity to no activity in today's market. Underneath are rates for the last 5 weeks.
Apr 02, 2009 30-yr 4.78 15-yr 4.52 5-yr ARM 4.92 1-yr ARM 4.75
Mar 26, 2009 30-yr 4.85 15-yr 4.58 5-yr ARM 4.96 1-yr ARM 4.85
Mar 19, 2009 30-yr 4.98 15-yr 4.61 5-yr ARM 4.98 1-yr ARM 4.91
Mar 12, 2009 30-yr 5.03 15-yr 4.64 5-yr ARM 4.99 1-yr ARM 4.80
Mar 05, 2009 30-yr 5.15 15-yr 4.72 5-yr ARM 5.08 1-yr ARM 4.86
Throughout the last month the Longer rate has fallen from 5.15 to 4.78. Together with rates we always prefer to look at home loan repayments. We determined the mortgage payment for a 200k loan for today's rates and also the rates from March 26th and March 5th.
Apr 02 30-yr 1046.91 15-yr 1532.03 5-yr ARM 1063.88 1-yr ARM 1043.29
Mar 26 30-yr 1055.38 15-yr 1538.17 5-yr ARM 1068.75 1-yr ARM 1055.38
Mar 05 30-yr 1092.05 15-yr 1552.56 5-yr ARM 1083.44 1-yr ARM 1056.59
In the last month we can easily observe that a mortgage payment for a Thirty year has come down 4.3 %. Which can be pretty substantial since home loan payments a month ago were already near 40 year lows.
While home loan rates are pretty low banks are still pretty skittish. What do i mean? Banks are willing to offer very low rates to the people that want to get a home to exist in and also have a high credit score. Rates are higher for duplexes, those with low credit ratings, and non owner occupy loans. Banks are pretty stringent on appraisals. Real-estate deals are failing with the last moment over appraisal issues. Banks are also avoiding fixer upper properties. And we all involve some with the lowest interest rates and some in the strictest lending restrictions. To sum up rates on mortgages rising are at all time lows if you're able to make them.
