Long-Term Mortgage Loan Rates Retreat For 3rd Consecutive Week
Following is some information for folks looking to find a property or refinance a current home loan.This info about [current mortgage rates] could impact your monthly mortgage loan payments, so it is recommended you take a moment to read more and determine how it could impact you.
Super mortgage buyer Freddie Mac released the outcome of their Primary Mortgage Market Survey (PMMS) where mortgage interest rates for the 30-year fixed-rate mortgage (FRM) averaged 4.87% with an average 0.7 point during the week ending 3/3/2011, down from the prior week when interest rates for the home loan program averaged 4.95 percent. 4 weeks ago, the 30-year fixed rate averaged 4.81%.
Interest rates for the 15-year mortgage program this week averaged 4.15% with an average 0.7 point, down from the former week when rates for the home loan program averaged 4.22%. Four weeks ago, the 15-year loan program averaged 4.08 pct..
Interest rates for the 5-yr. Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.72 pct. this week, with an average 0.6 point, down a bit from last week when rates for the loan program averaged 3.80 percent. Four weeks ago, the 5-year adjustable rate mtg. averaged 3.69 pct..
Interest rates for the 1-yr. Treasury-indexed adjustable rate mtg. averaged 3.23 pct. this week with an average 0.6 point, down from the prior week when rates for the home loan program averaged 3.40 percent. Four weeks ago, the one-year ARM averaged 3.26 pct..
If a neighborhood mortgage lender keeps their loans on its books, opposed to selling them in the secondary market, it can provide home mortgages at reduced rates than the national average to gain a competitive advantage. There can be additional motives to select a neighborhood lender to handle your home loan. Many loan companies will service (i.e. receive monthly payments, pay property taxes) their mortgage loans. This can help to generate and maintain an ongoing relationship with their clientele. Another way to decrease the interest rate on your mortgage loan is to spend points (a per cent of the loan amount) as an upfront fee. You can carryout this option with both local and national mortgage businesses.
Filed under: Financial Advice