Mortgage Rate Update Ending 09/12/08
September 13, 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: 6.15 percent with points averaging: 0.43
- 30 Year Fixed Rate Jumbo: 7.41 percent
- 15 Year Fixed Rate: 5.81 percent
- 5/1 ARM (Adjustable): 6.08 percent
- 1 Year ARM (Adjustable): 6.37
Overall, mortgage rates across the board significantly dropped this week. The takeover of Fannie Mae and Freddie Mac, by the federal government, is likely the item responsible for the sharp decline in this week’s rates.
In other news, mortgage applications increased 9.5 percent from the previous week, according to the Mortgage Bankers Association.
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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.
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