Mortgage rates have been falling over the past few weeks. Here is a brief snapshot of how rates have been since the beginning of this year (data source: Freddie Mac):
It’s rather interesting that the 5/1 ARM was hovering between the 30 year and 15 year rates earlier this year and has recently returned to a similar position. Here are the highs and lows for the different loan terms:
- 30 Year Rate High: Week ending February 28th at 6.240%
- 30 Year Rate Low: Week ending January 24th at 5.480%
- 15 Year Rate High: Week ending February 28th at 5.72%
- 15 Year Rate Low: Week ending January 24th at 5.130%
- 5/1 ARM Rate High: Week ending January 3rd at 5.780%
- 5/1 ARM Rate Low: Week ending January 24th at 4.950%
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Mortgage Rates Update
30 Year Fixed Mortgage Rates Fall Well Below 6.00%
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on Mar 25th, 2008 at 8:14 pm
The news flash today, that house prices tumbled 11% in January was decidedly bad news for the housing market.
This should have a significant influence on mortgage rates. And, this pressure should come to bear soon.