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Mortgage Calculator Rate Report for June 4, 2009

Selectcalculators.com mortgage payment calculators indicated that monthly mortgage principal and interest payments rose across all mortgage products for the week ending June 5, 2009. The monthly mortgage payment on a 30 year fixed rate mortgage with a loan amount of $250,000.00 rose from $1,328.34 to $1,386.71. The mortgage calculator results for the 15 year fixed rate mortgage displayed an increase of $33.42 in the monthly payment to $1,949.74 on a $250,000.00 home loan. The mortgage calculator results for the one year adjustable rate mortgage indicated a first year payment increase from $1,295.09 to $1,313.17.

All mortgage rates used for the mortgage calculator payment results were based on the Freddie Mac weekly Primary Mortgage Market Survey. In the survey, the 30 year fixed rate mortgage rose to 5.29%, the 15 year fixed rate mortgage moved up to 4.79% and the one year adjustable rate mortgage increased to 4.81%.

Mortgage rates for the week shot up to their high point for the year and thus the monthly mortgage payments produced via the mortgage calculators are also displaying the highest monthly payments for the year. What may surprise many consumers and potential home buyers is that these rates are still substantially lower than they were one year ago. A year ago the 30 year fixed rate mortgage was at 6.09%, the 15 year fixed rate mortgage was at 5.65% while the one year ARM stood at 5.06%.

Tags: 30 year fixed rate mortgage, adjustable rate mortgage, home loan, mortgage, mortgage calculators, mortgage payment calculator, mortgage rates

This entry was posted on Monday, June 8th, 2009 at 7:30 pm and is filed under Credit and Rate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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