Wednesday, May 28, 2008
Rates on 30 year mortgages fell below 6% this week, falling to their lowest level in five weeks. According to a mortgage company, 30 year fixed-rate mortgages averaged 5.98% this week that was down from 6.01% last week, it was the lowest level for 30 year mortgages since they averaged 5.89% the week of April 17. After that, 30 year rates jumped above 6% for four straight weeks.
Rates on 15 year fixed-rate mortgages also dropped, falling to 5.55% down from 5.60% last week. But the rates on one year and five year adjustable rate mortgages rose for the week. The five-year adjustable-rate mortgage edged up to 5.61% from 5.57% and the rate on one-year ARMs went up to 5.24% from 5.18% last week.
The nationwide average fee for 30 year fixed-rate mortgages was about 0.5 point. The other mortgage categories carried a 0.6 point average fee. A year ago, rates on 30 year mortgages was about 6.37%; 15 year mortgage rates averaged 6.06% five-year adjustable-rate mortgages were at 6.02% and one year adjustable rate mortgages were at 5.64%.
Rates on 15 year fixed-rate mortgages also dropped, falling to 5.55% down from 5.60% last week. But the rates on one year and five year adjustable rate mortgages rose for the week. The five-year adjustable-rate mortgage edged up to 5.61% from 5.57% and the rate on one-year ARMs went up to 5.24% from 5.18% last week.
The nationwide average fee for 30 year fixed-rate mortgages was about 0.5 point. The other mortgage categories carried a 0.6 point average fee. A year ago, rates on 30 year mortgages was about 6.37%; 15 year mortgage rates averaged 6.06% five-year adjustable-rate mortgages were at 6.02% and one year adjustable rate mortgages were at 5.64%.
posted by Webprofits
@ 3:27 AM
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