The average rate on a 30-year fixed mortgage dropped from 5.09% to 5.06% 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 5.143 to 5.122%. Rates seem to vaccilating at the 5% mark as market look to see what the Fed is going to do with their mortgage backed security repurchase program. If they continue it, rates should stay low for awhile longer. If they begin to phase it out, as is expected, look for rates to continue creeping upward.
Averages though aren't actual mortgages. I like to check and see what rate is actually available. Since I live in Massachusetts I checked 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 4.875%
Points: 0 0
Fees: $1,995 $1,995
AimLoan.com has the same deal that was available last week, a 0 point mortgage with a rate of 4.875% and closing costs of $1,058. The APR on the loan is 4.963%.
The 15-year FRM this week averaged 4.45 percent down from from last week when it averaged 4.50 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.32 percent this week, flast from last week's 4.44 percent. The 1-year Treasury-indexed ARM actually rose a bit from 4.33% to 4.39%.
Use the BestCashCow rate tables to find the best mortgage rates in your area.
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