| Before we talk about what happened with mortgage | | | | July 31th, 2008 |
| rates this week lets do a quick recap of what | | | | 30-yr $1266.76 |
| happened last week. Last week mortgage interest | | | | 15-yr $1695.28 |
| rates made a sudden jump over the previous week. | | | | 5-yr ARM $1208.11 |
| For the entire month of June and July 30 year | | | | 1-yr ARM $1106.88 |
| mortgage interest rates only fluctuated from 6.09 to | | | | July 24th, 2008 |
| 6.45. Then last week 30 year mortgage rates | | | | 30-yr $1281.28 |
| suddenly jumped from 6.26 to 6.63. At the time we | | | | 15-yr $1707.22 |
| predicted that rates would probably fall this week | | | | 5-yr ARM $1219.75 |
| because usually after big spikes in mortgage rates | | | | 1-yr ARM $1134.32 |
| there is a bit of a correction. We saw exactly that | | | | July 17th, 2008 |
| with all four of the major mortgage products falling, but | | | | 30-yr $1232.73 |
| not back to their levels from two weeks ago. 30 Year | | | | 15-yr $1664.03 |
| rates fell from 6.63 to 6.52. The only mortgage product | | | | 5-yr ARM $1173.5 |
| to not fall substantially this week was the 1 Year ARM. | | | | 1-yr ARM $1085.89 |
| Last week the 1 Year rate rose from 5.10 to 5.49. This | | | | So it looks like for now rates are still relatively high. The |
| week the 1 Year mortgage rate lost most of that gain | | | | only mortgage product that remains relatively low is |
| falling to 5.27. | | | | the 1 year mortgage rate. Comparing it to the 30 Year |
| Below are rates for the major mortgage products for | | | | mortgage rate at 6.52 the 1 Year mortgage rate |
| the last month. | | | | comes in at 5.27. For a 200k mortgage the mortgage |
| July 31, 2008 | | | | payment with a 30 Year loan would be 1266.76. For a |
| 30-yr 6.52 15-yr 6.07 5-yr ARM 6.07 1-yr ARM 5.27 | | | | 1 Year Arm the mortgage payment would be 1106.88 |
| July 24, 2008 | | | | or about 12.6% less. While I usually avoid Arm's that is |
| 30-yr 6.63 15-yr 6.18 5-yr ARM 6.16 1-yr ARM 5.49 | | | | a pretty substantial different. |
| July 17, 2008 | | | | The only problem with 1 Year Arm's is that their is no |
| 30-yr 6.26 15-yr 5.78 5-yr ARM 5.80 1-yr ARM 5.10 | | | | guarantee mortgage rates will be less in one year. And |
| July 10, 2008 | | | | with all the volatility in the mortgage markets right now |
| 30-yr 6.37 15-yr 5.91 5-yr ARM 5.82 1-yr ARM 5.17 | | | | they could be somewhat higher. Looking forward its |
| July 3, 2008 | | | | hard to tell what mortgage rates are going to do over |
| 30-yr 6.35 15-yr 5.92 5-yr ARM 5.78 1-yr ARM 5.17 | | | | the next month. The FED's refusal to lower rates |
| Ok so mortgage interest rates tell part of the story. | | | | would tend to push mortgage interest rates up but |
| But how does this translate into a mortgage payment. | | | | since mortgage rates rose so much over the last two |
| Using our free mortgage calculator lets translate the | | | | weeks we can only hope that for the time being |
| mortgage interest rates over the last few weeks into | | | | banks are satisfied with the current rates. |
| a mortgage payment for a 200k loan. | | | | |