The 30 year fixed rate mortgage fell this week to an average of 4.85% with 0.7 point for the week ending March 26, 2009 according to the Freddie Mac’s weekly survey. This is a reduction from the average 30 year fixed rate mortgage on March 19 when the 30 year fixed rate mortgage averaged 4.98%. For a $200,000 home loan this reduction in interest rate yields a $15.81 difference in the monthly mortgage payment per the mortgage payment calculator. Last year at this time, the 30-year fixed rate mortgage average was 1 full percent higher at 5.85%.
The Freddie Mac’s weekly survey for the 15 year fixed rate mortgage showed a drop to 4.58% with an average 0.7 origination points. The 15 year fixed rate mortgage is down 3 basis points from last week when the average was at 4.61%. Using the mortgage calculator with the 15 year mortgage rate for this week compared to last weeks 15 year mortgage rate will yield a drop in a monthly mortgage payment of $3.09 on a $200,000 home loan.
The one year Treasury indexed adjustable rate mortgage averaged 4.85 percent this week with an average 0.6 points. Although adjustable rate mortgages are a significantly smaller number of mortgage origination’s, this rate is still down measurably from last week when it averaged 4.91 percent. The monthly mortgage payment on a $200,000 home loan with the one year ARM would drop by $7.18 compared to last weeks rate, using the mortgage payment calculator.
Tags: 15 year fixed rate mortgage, 30 year fixed rate mortgage, mortgage, mortgage calculator, mortgage payment calculator, mortgage rate, one year adjustable rate mortgage
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