Mortgage Rates This Week
Posted May 18, 2008 @ 1:09 am, Viewed by 374 Visitors, Read 380 Times.
Mortgage rates on 30 year and 15 year mortgages stayed pretty constant they week. In fact for 4 weeks in a row now 30 year fixed rates have stayed between 6.01 and 6.06. But 5 Year and 1 Year Arms stayed relatively constant.
May 15, 2008
30-yr 6.01
15-yr 5.60%
5-yr ARM 5.57
1-yr ARM 5.18
May 8, 2008
30-yr 6.05
15-yr 5.60%
5-yr ARM 5.67
1-yr ARM 5.29
May 1, 2008
30-yr 6.06
15-yr 5.59%
5-yr ARM 5.73
1-yr ARM 5.29
April 24th, 2008
30-yr 6.03
15-yr 5.62%
5-yr ARM 5.68
1-yr ARM 5.29
Below is what the mortgage payment would be on a 200k House based on current interest rates for the different products.
May 15th
30-yr $1200.38
15-yr $1711.46
5-yr ARM $1144.37
1-yr ARM $1095.75
I am actually a little confused as to what is going on with mortgage interest rates this week. So mortgage rates came down this week instead of last. That makes sense that their would be a slightly delayed reaction to the FED rate cuts. But I dont see why 5 and 1 year arms fell instead of 30 and 15 year fixed. Since we are seeing more foreclosures with ARM loans it would seem that banks would want to avoid ARMs and lowering rates on ARMs seems instead to be encouraging them.
May 15, 2008
30-yr 6.01
15-yr 5.60%
5-yr ARM 5.57
1-yr ARM 5.18
May 8, 2008
30-yr 6.05
15-yr 5.60%
5-yr ARM 5.67
1-yr ARM 5.29
May 1, 2008
30-yr 6.06
15-yr 5.59%
5-yr ARM 5.73
1-yr ARM 5.29
April 24th, 2008
30-yr 6.03
15-yr 5.62%
5-yr ARM 5.68
1-yr ARM 5.29
Below is what the mortgage payment would be on a 200k House based on current interest rates for the different products.
May 15th
30-yr $1200.38
15-yr $1711.46
5-yr ARM $1144.37
1-yr ARM $1095.75
I am actually a little confused as to what is going on with mortgage interest rates this week. So mortgage rates came down this week instead of last. That makes sense that their would be a slightly delayed reaction to the FED rate cuts. But I dont see why 5 and 1 year arms fell instead of 30 and 15 year fixed. Since we are seeing more foreclosures with ARM loans it would seem that banks would want to avoid ARMs and lowering rates on ARMs seems instead to be encouraging them.
Ki is a realtor in Austin Texas. His website provides information about Austin Real Estate. He posts news and updates on the real estate market on his Austin Real Estate Blog and provides a free search for Austin MLS
Rate this Post!
Share this Post
Print
Social BookmarkingThis Post Has No Comments.
REW Blogs User Stats
Currently Online Users:
0
Total Users:
2,524
Entries:
8,161
Unique Views:
7,973,685
Total Views:
8,410,264
Total Comments:
9,998
Total REW Points:
510
Ki works to help clients in the Austin Texas Real Estate market. If you are looking to purchase a home in Austin Texas Ki can help. Read More
Contact Me
RSS Feed- This User's Stats
-
Blog Entries: 49Average Blog Rating: 0Unique Views: 21,084Total Views: 21,415Comments Posted: 2Comments Received: 4REW Points: 0
Top Rated
REW Blogs RSS Feed