Some Mortgage Rates Retreat

by R. MAK. on September 24, 2009 · 0 comments

in Mortgage,Mortgage News,Mortgage Rates,Mortgage Refinance,Real Estate

According to Bankrate.com’s weekly national survey that was released on thursday the average conforming 30-year fixed-rate mortgage fell to 5.38%. The average 30-year fixed mortgage posses an average of 0.32 discount and origination points.

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Average 15-year fixed mortgage

The average 15-year fixed also retreated, it has dropped to 4.72%, but the larger jumbo 30-year fixed mortgage rate has raised to 6.6%. Adjustable-rate mortgages were mostly lower, having the average one-year ARM going downward to 5.26% and the three-year ARM drops to 4.87%.

Jumbo mortgages and smaller conforming mortgages

Rates on large jumbo mortgages have reached the same levels that were last seen in early August, as lenders command still higher rates on loans that lack government backing. Fortunately, rates on the smaller conforming mortgages continued their slow retreat, having rates near lows that were last seen in May. Tame inflation data keeping mortgage rates low has reassured investors in government and mortgage-backed bonds.

Comparison of mortgage rates with past year rates

Mortgage rates are much lower than what they were one year ago. This time last year, the average 30-year fixed mortgage rate was 6.16%, what it means is that a $200,000 loan would have carried a monthly payment of $1,219.75. With the average rate now 5.38%, the monthly payment that has to be made for the same size loan would be $1,120.57, which saves nearly $100 per month for a homeowner refinancing now.

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