Aloha Everyone,

Mortgage rates fell slightly for the second week in a row after rising 7 straight weeks. Sales of homes are down, as well as prices.  Also fewer people are applying for mortgage loans.  This combination contributed to the rates falling slightly.  Good time for home buyers, bad time for sellers.

Below are the average rates according to a survey of large lenders with an average of .26 points.  It is possible to lower the rate buy paying more points up front, as many buyers choose to pay 1-2 points for a lower rate, especially if they will be in the home long-term.  For example 1 point can get 6.5%, 2 points can get 6.25% for a 30 yr fixed mortgage.

Let me know if you want me to run specific scenarios.

The average 30-year fixed rate dropped to 6.74 percent.

The average 15-year fixed dropped to 6.4 percent.

The average jumbo 30-year fixed fell to 6.96 percent.

5/1 ARM fell to 6.47 percent.

Home Equity Loans Rates rose slightly:

The average HELOC up to 8.2 percent

The average fixed-rate home equity loan went up to 8.4 percent.