The average mortgage rates reported by Freddie Mac ticked up slightly for the week ending February 26, 2008. The 30-year fixed-rate mortgage averaged 5.07 percent with an average 0.7 point. This rate is 3 basis points higher than last week but significantly lower than average a year ago when the 30 year fixed rate stood at 6.24 percent. According to the existing homes sales report by the National Association of Realtors, the national median existing home price was $170,300 in January. Using the mortgage calculator with the 30 year mortgage rate and a home price of $170,300 with a 20% down payment produces a mortgage payment of $737.20.
The 15-year fixed-rate mortgage this week averaged 4.68 percent with an average 0.7 point, this is unchanged from last week and down from a year ago when it stood at 5.72 percent. The mortgage payment calculator results for this mortgage rate and the median home price with 20% down payment yields a monthly mortgage payment of $1,054.80.
The one-year Treasury-indexed adjustable rate mortgage rate averaged 4.81 percent this week with an average 0.6 point, up from last week when it averaged 4.80 percent. At this time last year, the 1-year adjustable rate mortgage averaged 5.11 percent. The mortgage payment for this product with the adjustable rate mortgage calculator and the same home purchase assumptions as above would be $715.63.
Tags: 15 year fixed rate mortgage, 30 year fixed rate mortgage, adjustable rate mortgage calculator, mortgage calculator, mortgage payment calculator
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