Mortgage Rate Update Ending 8/29/08
August 29, 2008
Bankrate.com conducts a weekly national survey on the interest rates for the five most common consumer banking products. Here’s this week’s outcome:
- 30 Year Fixed Rate: 6.6 percent with points averaging: 0.39
- 30 Year Fixed Rate Jumbo: 7.61 percent
- 15 Year Fixed Rate: 6.14 percent
- 5/1 ARM (Adjustable): 6.27 percent
- 1 Year ARM (Adjustable): 6.28
Overall, mortgage rates were mixed for the week. Fixed rates edged slightly lower and adjustable rates saw a minor uptick.
The drop in fixed interest rates may be attributed to the possible bailout options for Fannie Mae and Freddie Mac. Bankrate stated that the average 30-year fixed-rate mortgage fell 6 basis points.
In terms of mortgage applications, they rose slightly for this week according to the Mortgage Bankers Association. In addition, refinancing activity and applications for purchases reported slight increases.
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Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
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