The monthly payment on a 30 year mortgage for a $200,000 increased to $1,057.81 based on the results of the mortgage payment calculator and the Freddie Mac’s weekly survey of mortgage rates. The results of the Primary Mortgage Market Survey performed by Freddie Mac indicated that the average 30 year mortgage rate increased slightly to 4.87 percent with an average 0.7 point for the week ending April 9, 2009, up from last week when it averaged 4.78 percent.
The monthly payment on a 15 year mortgage for a $200,000 increased to $1,534.08 based on the Freddie Mac’s weekly survey and the mortgage payment calculator. The 15 year fixed rate mortgage averaged 4.54 percent with an average 0.7 point, up from last week when it averaged 4.52 percent according to the Freddie Mac weekly survey.
The one year Treasury indexed adjustable rate mortgage averaged 4.83 percent this week with an average 0.5 point, up from last week when it averaged 4.75 percent. The monthly mortgage payment on a $200,000 home loan with the one year adjustable rate mortgage would be $1,052.96.
The 30 year fixed rate mortgage is just over 1% lower this year than it was last year at this time. Last year at this time, the 30-year fixed rate mortgage averaged 5.88 percent. The difference in the mortgage rate leads to a monthly mortgage payment drop of just over $125.00 based on a $200,000 home loan. A year ago at this time, the 15 year fixed rate mortgage averaged 5.42 percent. The difference in the mortgage rate from this year to last is .88%. Using the mortgage calculator with a $200,000 home loan, the drop in the 15 year fixed mortgage rate would lead to a reduction in the monthly mortgage payment of $91.61.
Tags: 15 year fixed rate mortgage, 30 year fixed rate mortgage, adjustable rate mortgage, mortgage, mortgage calculator, mortgage payment calculator, mortgage rates
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