Mortgage Interest Rate Steady Stay
Mortgage interest rates have remained virtually unchanged this week. The rate has remained 30 years, even at 6.52. The rate of 15 have a little from 6.07 to 6.10 and the arm to have five years from 6.07 to 6.05. The only rate that moved much was for the first year dropped from 5.27 to 5.22. The arm of one year had the largest decline last week as well. Thus the total for both recent weeks, the arm of one year fell from 5.49 to 5.22 while the three other major mortgage products have not decreased over .11. Why ARM one year is good looks is another matter. One per cent of seizures of high country is currently struggling with mortgages, ARM is based. Thus, it seems strange encourage their weapons when they are partly responsible for the current mess we are in. Of course, the people in charge of the various companies Mortgages do not lose billions in shareholder wealth in just two years taking prudent decisions. So who knew that their current strategy. Here are the mortgage interest rate for mortgage products of great importance for the last weeks.
August 7.2008
-30 years 15 6.52 6.10 5-year ARM 6.05 1-year ARM 5.22
July 31.2008
30-year ARM 6.52 15 6.07 6.07 5-year ARM 5.27 1-year
July 24.2008
30-year ARM 6.63 15 6.18 6.16 5-year ARM 5.49 1-year
July 17.2008
30-yr ARM 6.26 15 5.78 5.80 5-year ARM 5.10 1-year
July 10.2008
30-year ARM 6.37 15 5.91 5.82 5-year ARM 5.17 1-year
As always, what do all these crazy numbers mean. To put these figures into perspective lets see that these rates translate into a mortgage on a 200k house.
August 7
30-yr $ 1266.76
15-yr $ 1698.53
5-year ARM $ 1205.53
An arm-year $ 1,100.69
July 31
30-yr $ 1266.76
15-yr $ 1695.28
5-year ARM $ 1208.11
An arm-year $ 1,106.88
July 24th
30-yr $ 1281.28
15-yr $ 1707.22
5-year ARM $ 1219.75
An arm-year $ 1,134.32
On the one hand I'm usually fairly cons weapons. But a difference of 166.07 per month is pretty hard to ignore. If you plan to get a 1 year ARM that board my. 1) Make sure you have 12 months mortgage payments in a cash account. 2) Look at the rate of next year and wait for rates to come down a bit. If they do not come down and up instead Make sure you can afford to refinance at a higher rate. 3) what should be obvious from the point of one and two, but if BEFORE you get a 1 Year Arm get anywhere near your maximum loan amount. So if you're approved for a loan 300k he may be authorized to get an arm a year if you are buying a house that is 150K-200K. If you're approved for a loan and get a 300k house to get a 280K loan 30 years of its just not worth the risk. With an ARM your mortgage rate will simply start flucuate After one year in contrast to a balloon where you are forced to refinance.
About the Author
Escapeso Realty is a small brokerage in Austin Texas. Their site provides updated graphs on mortgage interest rates. They provide a free mortgage calculator along with a mortgage rates widget
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