Here are the average mortgage rates for four key mortgage products to punch in to the mortgage calculator to see just how affordable that new home or existing home loan refinance may be.
Mortgage rates moved down for the week ending February 19, 2008. Freddie Mac released the results of its weekly mortgage survey which indicated the 30-year fixed-rate mortgage average was 5.04 percent with an average 0.7 points charged. This rate is down from last week when it averaged 5.16 percent. Last year at this time, the 30-year fixed-rate mortgage averaged 6.04 percent. The drop in mortgage rates mostly followed the overall movement in bond rates which trended lower. Low inflation expectations and a continued slow economy continue to be primary reasons for the lower mortgage rates.
Freddie Mac also reported that the 15-year fixed-rate mortgage for the week averaged 4.68 percent with an average 0.6 point charged by lenders. This rate is down from last week when the 15-year fixed-rate mortgage averaged 4.81 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 5.64 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.04 percent fro the week, with an average 0.6 point charged by lenders. The rate on the five year adjustable-rate mortgages is down from last week when it averaged 5.23 percent. A year ago, the 5-year ARM averaged 5.37 percent.
And the one-year Treasury-indexed adjustable-rate mortgages averaged 4.80 percent for the week with an average 0.5 point charged for this home loan product. The one year adjustable is down from last week when it averaged 4.94 percent. Last year at this time, the one-year adjustable-rate mortgages averaged 4.98 percent.
Tags: 15 year mortgage rates, 30 year mortgage rates, mortgage calculator, one year adjustable rate mortgage
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