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Mortgage Rate Update Ending 10/17/08

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: 6.74 percent with points averaging: 0.42
• 30 Year Fixed Rate Jumbo: 7.87 percent
• 15 Year Fixed Rate: 6.4 percent
• 5/1 ARM (Adjustable): 6.61 percent
• 1 Year ARM (Adjustable): 6.32 percent 

Mortgage rates exploded this week due to the lingering uncertainty with Washington’s bailout plan. Mortgage activity was up for the second straight week, according to the Mortgage Bankers Association.

Refinancing activity was up 12.5 percent, while applications for new purchases fell by 0.3 percent.

Mortgage Rate Update Ending 10/03/08

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: 6.41 percent with points averaging: 0.42
• 30 Year Fixed Rate Jumbo: 7.65 percent
• 15 Year Fixed Rate: 6.14 percent
• 5/1 ARM (Adjustable): 6.49 percent
• 1 Year ARM (Adjustable): 6.04

For the second straight week, mortgage activity was down sharply according to the Mortgage Bankers Association.

For the last week in September, mortgage activity declined by a seasonally adjusted 23 percent. Refinancing activity plunged 34.7 percent, while applications for new purchases fell 10.9 percent.

Mortgage Rate Update Ending 09/12/08

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.

Mortgage Rate Update Ending 8/29/08

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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