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A lesson on YESTERDAYS RATES

By
Services for Real Estate Pros with FM Properties

Yesterday (3-31-08) the mortgage rates looked like this: 

30 Year Fixed Rate
 Rate APR Points
 5.625% 5.757% 0.000%
15 Year Fixed Rate
 Rate APR Points
 5.125% 5.346% 0.000%
5 Year Adjustable Rate
 Rate APR Points
 5.875% 8.627% 0.000%
3 Year Adjustable Rate
 Rate APR Points
 5.750% 9.668% 0.000%

Actual interest rates and APR's may vary based on credit history. Assumptions

The 15 year and 30 are now up .25% as of this morning. If you are sitting on the fence, hoping rates will punch down into the 4% range then don't hold your breath. A .25% difference in your rate on a $200,000 loan for 30 Years is about $30 a month. Not huge but over 5 years thats almost $2,000. Fannie Mae had predicted (on March 4th) that we would hit 5.5% this year and we did do that this last month. The other number I keep hearing is that we could also swing all the way up to 7%. 

If you are going to buy or refinance a house then don't wait another day!  

Comments (7)

Debi Ernst
St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO
GRI, e-PRO, Broker/Sales Associate
Wow!  Rates are great!  What are buyers waiting for?  :)
Apr 01, 2008 05:37 AM
Jacob Webster
Sagamore Home Mortgage, LLC. - Zionsville, IN
Indiananulls Senior Mortgage Consultant

Jeff,  I just hope these attractive rates hang around for a while!  Take care!

Apr 01, 2008 07:03 AM
Mike Tullio
Guaranteed Rate NMLS# 2611 - Sarasota, FL
VP of Mortgage Lending
Hey Jeff.  Three words.  Vol a tility.  OK, maybe that's only one word, but you raise a good point.  People need to be ready to jump in the water when the lifeguard blows the whistle.  Guess that makes us David Hasslehoff!
Apr 01, 2008 07:37 AM
Jeff Fullmer
FM Properties - Idaho Falls, ID
Real Estate Investor/Financier

Debi,  many want low 5's or even 4's.

Jacob, I am sure we will bounce around a bit.

Mike the analogy king is back! Where have you been? Thanks for visiting I think... until you compared me to "the Hoff".  =)

Apr 01, 2008 09:25 AM
Lisa Lambert
The Law Offices of Elisabeth A. Lambert - Fresno, CA
Esq. 1031 Exchange Expert
Great information Jeff (as always). Thanks for always providing useful and timely information.
Apr 01, 2008 01:11 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Jeff,

They weren't so nice today, though.  I really like the way you lay out the presentation.

Mike in Tucson

Apr 01, 2008 04:13 PM
Jeff Fullmer
FM Properties - Idaho Falls, ID
Real Estate Investor/Financier

Lisa, Thanks!

Mike, it was not a fun April fool's joke. Having rates close to the mid 5's makes things a lot easier!

Apr 02, 2008 03:35 AM