Wednesday, May 28, 2008
WASHINGTON - Rates on 30 year mortgages plunged below 6% this week, falling to their lowest level in five weeks. A mortgage company reported that 30 year fixed-rate mortgages averaged 5.98% this week; that was down from 6.01% last week. It was the lowest level for 30 year mortgages since they averaged 5.88% the week of April 17. After that, 30 year rates jumped above 6% for four straight weeks.
Rates on 15 year fixed-rate mortgages also fell, dropping down from 5.60% to 5.55% last week. However, rates on one-year and five-year adjustable rate mortgages rose for the week. The five-year adjustable-rate mortgage edged up to 5.61% from 5.57% last week. The rate on one-year ARMs rose to 5.24%, up from 5.18% last week.
The nationwide average fee for 30 year fixed-rate mortgages was about 0.5 point. The other mortgage categories carried a 0.6 point average fee. A year ago, rates on 30 year mortgages stood at 6.37%, 15 year mortgage rates averaged 6.06 percent, five-year adjustable-rate mortgages were at 6.02% and one year adjustable-rate mortgages were at 5.64%.
Rates on 15 year fixed-rate mortgages also fell, dropping down from 5.60% to 5.55% last week. However, rates on one-year and five-year adjustable rate mortgages rose for the week. The five-year adjustable-rate mortgage edged up to 5.61% from 5.57% last week. The rate on one-year ARMs rose to 5.24%, up from 5.18% last week.
The nationwide average fee for 30 year fixed-rate mortgages was about 0.5 point. The other mortgage categories carried a 0.6 point average fee. A year ago, rates on 30 year mortgages stood at 6.37%, 15 year mortgage rates averaged 6.06 percent, five-year adjustable-rate mortgages were at 6.02% and one year adjustable-rate mortgages were at 5.64%.
posted by Avoid foreclosure, We buy houses, Stop foreclosure
@ 3:13 AM
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