Bankrate: Mortgage Rates Set New Low – Again
Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate hitting another record low of 4.53 percent, according to Bankrate.com’s weekly national survey.
Palm Coast, FL – September 2, 2010
NEW YORK, Sept. 2 /PRNewswire/ — Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate hitting another record low of 4.53 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.42 discount and origination points.
To see mortgage rates in your area, go to https://www.bankrate.com/funnel/mortgages/. The average 15-year fixed mortgage retreated to 4.05 percent, and the larger jumbo 30-year fixed rate dropped to 5.17 percent, both record lows. Adjustable rate mortgages were mixed, with the average 5-year ARM nosing higher to 3.86 percent and the average 7-year ARM drifting lower to 4.16 percent.
Nervousness about the economy brought mortgage rates lower, as has consistently been the case since May. An upcoming jobs report promises to add further volatility to mortgage rates. While low mortgage rates have produced a surge in refinancing activity, they aren’t packing the same punch on home purchases because would-be buyers are saddled with existing homes they can’t sell, are nervous about their jobs, or remain convinced that home prices have further to fall.
The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.53 percent, the monthly payment for the same size loan would be $1,016.94, a savings of almost $225 per month for a homeowner refinancing now.
SURVEY RESULTS
-
30-year fixed: 4.53% — down from 4.59% last week (avg. points: 0.42)
-
15-year fixed: 4.05% — down from 4.08% last week (avg. points: 0.40)
-
5/1 ARM: 3.86% — up from 3.85% last week (avg. points: 0.30)
Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
For a full analysis of this week’s move in mortgage rates, go to https://www.bankrate.com.
The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Just more than half of the panelists, 52 percent, say mortgage rates aren’t headed anywhere and will remain more or less unchanged. The remaining respondents are evenly split, with 24 percent forecasting still lower mortgage rates and 24 percent predicting mortgage rates will rise in the next week.
Source: Bankrate.com
It’s a shame we don’t qualify!
We pay our bills, have great credit, our only debt is an upside down mortgage. We bought it-we owe it.
Why wouldn’t they recast a loan. Oh, I forgot-the banks make more money when a home goes into foreclosure. Great system and it’s only getting better.
Rates lowered again!!!!
Too bad the banks are making it next to impossible to get a loan…..noticed on the news this morning Tiger Woods got a $53,000,000. loan for a new home in Florida, since he is worth well over a billion, he sure didn’t need a loan……seems like the credit worthy people that need a loan don’t get one but the people that don’t really need a loan qualify……..