Mortgage rates gyrated measurably during the week but the change week over week was modest. The average 30 year fixed rate mortgage, based on our survey, fell four basis points or 4/100 of a percent for the week. The 15 year fixed rate mortgage had and even smaller reduction, falling two basis points for the week.
Selectcalculators.com calculates the monthly mortgage payment on the 30 year and 15 year mortgage based on a survey of the top bank mortgage rates on the close of Wednesday weekly.
Based on the results of the enclosed mortgage payment calculators, the 30 year fixed rate mortgage payment fell for the week ending July 15, 2009. This week the monthly mortgage payment on a $175,000 home loan based on the results from the mortgage payment calculator fell $4.37 to $980.51. The mortgage rate input to the mortgage payment calculator was based on the average 30 year fixed rate mortgage of 5.38% with an average of 0.43 points.
The mortgage calculator payment results based on last week’s figures on a $175,000 home loan was $984.88. This monthly payment is based on last week’s average 30 year fixed rate mortgage of 5.42%.
Due to the modest decline in the 15 year term mortgage rate, the mortgage payment calculator findings for the 15 year fixed rate mortgage with a $175,000 balance indicated a decline of only $1.81 on the monthly mortgage payment. The monthly payment reduction for the 15 year term mortgage loan is based on a mortgage rate of 4.83%. The average mortgage rate on the 15 year fixed rate mortgage ended the week 4.83% with 0.47 points. The 15 year mortgage rate is down from last week’s average 15 year fixed rate mortgage of 4.85%.
Tags: 15 year fixed, 30 year fixed, home loan, mortgage, mortgage calculator, mortgage loan, mortgage payment, mortgage payment calculator, mortgage rates
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