May. 9, 2008 - What Is Going on With Mortgage Interest Rates
So what happened with mortgage interest rates this week? Not much. For the second week in a row mortgage rates pretty much stayed the same.
May 8, 2008
30-yr 6.05 15-yr 5.60% 5-yr ARM 5.67 1-yr ARM 5.29
May 1, 2008
30-yr 6.06 15-yr 5.59% 5-yr ARM 5.73 1-yr ARM 5.29
April 24th, 2008
30-yr 6.03 15-yr 5.62% 5-yr ARM 5.68 1-yr ARM 5.29
April 17th, 2008
30-yr 5.88 15-yr 5.40% 5-yr ARM 5.48 1-yr ARM 5.10
Using our free mortgage calculator lets take a look at what the mortgage payment would be for a 200k loan. The mortgage payment is $1.29 less than what it would have been last week. Considering that the FED cut rates I was a little dissappointed. I was hoping for rates to drop a little more this week.
May 8th, 2008
30-yr $1205.53
15-yr $1711.46
5-yr ARM $1157
1-yr ARM $1109.36
May 1st, 2008
30-yr $1206.82
15-yr $1643.73
5-yr ARM $1164.60
1-yr ARM $1085.89
At this point I don't expect rates to drop in the near future. The FED basically said at the last meeting that they didnt plan on making any more rate cuts. So until banks start to develop a more positive outlook on the economy I would not expect rates to come down any more. So if you are thinking of doing a refi or locking in an interest rate on a house this might not be a bad time.
Ki works as an Austin realtor helping clients look for homes in the Austin Texas real estate market. His site provides a free search for Austin homes.
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