May. 24, 2008 - Mortgage Interest Rates This Week
Mortgages rates fell this week for 30 Year loan (6.01 to 5.98) and 15 year rates (5.6 to 5.55). Rates on 5 and 1 year arms increased (5.57 to 5.61 and 5.18 to 5.24) respectivly. Another interesting point is that 30 Year rates have now fallen for 4 weeks in a row which is an encouraging sign although it would be nice to have seen rates fall a little more.
May 22,2008
30-yr 5.98 15-yr 5.55 5-yr ARM 5.61 1-yr ARM 5.24
May 15, 2008
30-yr 6.01 15-yr 5.60 5-yr ARM 5.57 1-yr ARM 5.18
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
So what would these rates translate into for a mortgage. Using our free mortgage calculator lets run some numbers.
Using our free mortgage calculator lets run the numbers on a 200k Loan
May 15th
30-yr $1196.53
15-yr $1639.47
5-yr ARM $1149.41
1-yr ARM $1103.16
May 15th
30-yr $1200.38
15-yr $1711.46
5-yr ARM $1144.37
1-yr ARM $1095.75
At this point I would still favor a 30 Year loan over an arm. But getting an arm over a 30 Year arm you would only save $47.12 which considering rates will probably be higher when the loan resets does not really seem worth it.
Ki works with buyers and sellers in the Austin real estate market. His site has a free search of the Austin MLS along with information on his Austin real estate blog.
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