30-Year Mortgage Rate Slightly Falls While Shorter-Term Rates Rise
According to Freddie Mac's weekly survey, the average interest rate on 30-year fixed-rate mortgages dropped slightly this week, while rates on other mortgages rose. The 30-year fixed-rate mortgage averaged 5.85% for the week ending March 27, down from last week's 5.87% average. The mortgage averaged 6.16% a year ago.
But rates on 15-year fixed-rate mortgages, a popular choice for refinancing, rose to 5.34%, from 5.27% last week. Rates on 15-year mortgages were at 5.86% a year ago.
The 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) also moved up to 5.67% from last week's average of 5.56%. The five-year ARMs averaged 5.88% at this time last year.
One-year Treasury-indexed ARMs averaged 5.24% this week, up from last week's 5.15%. The ARM averaged 5.43% a year ago.
Labels: mortgage
posted by Quark @ 8:41 PM
3 Comments:
The market currently is pretty scary for many folks. Hopefully things will turn around and "real" interest rates will return.
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Thank you for this. I think it is high time somebody looked closely at the real estate and mortgage industry. With an economic recession looming and buyers and borrowers in a tizzy, the industry will have to learn to adapt. It's about time that the big wigs in the industry wake up and take notice.
Warm Regards,
Rob Lawrence
http://www.battlecall.com
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