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Tuesday May Have Marked The Unofficial End Of Low Mortgage Rates

For homebuyers and homeowners expecting low mortgage rates this week, Tuesday marked the unofficial end to basement 30-year fixed mortgage rates.

According to the market analysts at BestInfo, Inc., the 30-year fixed rate measured its largest one-day movement in more than 10 years Tuesday.

Nationally, 30-year fixed mortgage rates increased 0.375%.

Here is the "real life" impact to mortgage applicants whose mortgage rates were not yet locked:

$150,000 mortgage: $37 increase to the monthly mortgage payment
$250,000 mortgage: $61 increase to the monthly mortgage payment
$300,000 mortgage: $73 increase to the monthly mortgage payment
$400,000 mortgage: $99 increase to the monthly mortgage payment

ARMs did not move as harshly as fixed-rate mortgages but they still increased Tuesday.

Mortgage rates can change quickly, and often do. Be prepared to lock your mortgage rate and make informed decisions quickly.

The mortgage markets wait for no one.

Posted by Jesse Geiken on 02/20/2008 10:07 AM

Comments (6)

fixed rate, arms, mortgage rates

6 Comments on Tuesday May Have Marked The Unofficial End Of Low Mortgage Rates

FEB

2008

Jesse,

Is your message to take advantage of the while they last or too bad you didn't take advantage of the low rates you could have had? Honestly, a $99 jump on a $400,000 loan seems almost like a bargain!

People should be locked...if they aren't, then, well, isn't that how we to got this point?

Be of service! The rewards will come!

yup i agree lock in on those rates, it appears the feds meeting in march will not be a good one, they are showing signs they will now lower the rates

rates go up and rates go down, I think we are in a spot where they will be for a bit.

Interesting stats. I've provided a link to this from my blog post of yesterday: Mortgage Rates Are Moving Up.

What's happening today with the oil price rise that I heard about this a.m.?

Well i didnt win the Mega Million Texas Lottery last night!....Soooo back to the drawing board. Gas prices rising again...cant catch a break! Hopefully we will see some stabalization of rates across the boards. Good Luck and Best Wishes!

That's good advice - we need to have our clients maneuver quickly in this market. Thanks

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