freddie mac: 5-Year ARM Falls To Historic Lows
- 07/02/11 03:39 AM
The interest rate differential between fixed-rate and adjustable-rate mortgages continues to widen and has now reached historic levels. There's never been a better time to lock an ARM. According to Freddie Mac's weekly Primary Mortgage Market Survey, homeowners in Cary who lock their mortgage rate today will save 129 basis points on rate, on average, by choosing a 5-year ARM as their mortgage product as compared to a 30-year fixed rate loan. The average 30-year fixed rate is 4.51%. The average 5-year ARM rate is 3.22%. It's the biggest interest rate spread between fixed-rate and adjustable-rate mortgage rates in Freddie … (0 comments)
freddie mac: What’s Ahead For Mortgage Rates This Week : June 13, 2011
- 06/13/11 06:02 AM
Mortgage markets moved in feverish fashion last week, changing with extreme frequency, and eventually ending slightly worse on the week. Conforming mortgage rates fell to a 6-month low Wednesday but, by Friday, they had retreated higher. Last week marked just the second time in 8 weeks that rates in Raleigh increased. During that span, Freddie Mac reports that mortgage rates have dropped 42 basis points, or 0.42%. That equates to a monthly savings of $25.24 per $100,000 borrowed. One reason why mortgage rates have been dropping is that the economy is growing more slowly than projected. In a speech last week, … (0 comments)
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