Mortgage rates remained calm during this holiday week, with the average 30-year fixed mortgage rate holding at 6.74 percent, according to Bankrate.com's weekly national survey of large lenders.
The average 15-year fixed rate mortgage popular for refinancing inched higher to 6.41 percent. On larger loans, the average jumbo 30-year fixed rate nosed higher to 6.97 percent. Adjustable rate mortgages behaved the same, with the average one-year ARM and 5/1 ARM each rising, to 6.24 percent and 6.48 percent, respectively.
Fixed mortgage rates are roughly one-half percentage point higher than three months ago. At the time, the average 30-year fixed mortgage rate was 6.25 percent, meaning that a $165,000 loan would have carried a monthly payment of $1,015.93. With the average 30-year fixed rate now 6.74 percent, the same loan originated today would carry a monthly payment of $1,069.09.
Fixed mortgage rates still remain the better refinancing alternative for adjustable rate borrowers facing sharp payment adjustments. (Source: Bankrate.com)
If you would like to get mortgage information or find out what type of load you would qualify for, please give me a call today!
-Michael
Friday, July 6, 2007
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment