The average rate on a 30-year fixed mortgage dropped from 5.14% to 5.09% according to data from Freddie Mac. This is consistent with data from the BestCashCow rate tables which show average 30-year mortgage rates moving from 5.211% to 5.143%.
Averages though aren't actual mortgages. I like to check and see what rate is actually available. Since I live in Massachusetts I check Massachusetts mortgage rates. Below I compared the best rate I could find on a $200,000 mortgage with 0 points:
This Week Last Week
Rate: 4.875 5%
Points: 0 0
Fees: $1,058 $1,995
I'm not sure why the fees (closing costs) went down so much over the past week. It's the same lender AimLoan.com so I'm going to give them a call to check it out. Perhaps mortgage refinance demand has slowed as rates have risen so banks are cutting fees?
The 15-year FRM this week averaged 4.50 percent down from from last week when it averaged 4.50 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.44 percent this week, flast from last week's 4.44 percent. The 1-year Treasury-indexed ARM was flat, averaging 4.33 percent again this week.
The rates above are just averages. To find the best mortgage rates in your area, visit the BestCashCow mortgage rates tables.
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