freddie mac pmms: Comparing Mortgage Rates For Adjustable- And Fixed-Rate Mortgages - 01/12/11 02:51 AM

For some homeowners, electing to take an adjustable rate mortgage over a fixed rate one can be matter of budgeting. ARMs tend to carry lower mortgage rates and, therefore, lower monthly mortgage payment as compared to a comparable fixed rate loan.
Relative to fixed rate mortgages, current ARM pricing is excellent. Freddie Mac’s weekly Primary Mortgage Market Survey puts the 5-year ARM mortgage rate lower than the 30-year fixed rate mortgage rate by 1.02 percent.
On a $250,000 home loan, a 1.02 differential yields a payment savings of $149 per month.
ARMs are not for everyone, of course. Over … (1 comments)

freddie mac pmms: Mortgage Rates Still Rising. Is This The End Of The Refi Boom? - 11/19/10 04:31 AM

Rock-bottom mortgage rates may be gone for good.  This week’s Freddie Mac Primary Mortgage Market Survey shows in numbers what Maine rate shoppers have learned the hard way — mortgage rates are spiking.
During the 7-day period ending November 18, the average 30-year, conforming fixed rate mortgage jumped to 4.39 percent, an increase of 0.22% from the week prior.
And it’s not just rates that are soaring. The average number of points charged to consumers increased to 0.9 percent last week. For most of the year, that cost had been 0.7 percent.
One “point” is equal to 1 percent of … (1 comments)

freddie mac pmms: What’s Ahead For Mortgage Rates This Week : August 23, 2010 - 08/23/10 02:37 AM
Mortgage markets stalled last week in back-and-forth trading as Wall Street grappled with weak housing data, falling builder confidence, and worsening jobs numbers nationwide.
Because markets were volatile, rate shopping was challenging.
Conforming mortgage rates did managed to make a new all-time low last Thursday but quickly gave up those gains. Most of Friday afternoon was spent in the red and, as a result, for the second straight week, mortgage rates failed to fall overall.
But, although last week’s action puts a damper on this summer’s mortgage rate rally, the Refi Boom is still going strong.
According to Freddie Mac, as … (0 comments)

freddie mac pmms: 30-Year Mortgage Rates Make New Lows, But Look Ready To Spike - 07/30/10 05:57 AM

No doubt you’ve heard that mortgage rates are low. They’re lower than they’ve ever been in history.  The news is everywhere.
Just check out some of these headlines from the last 24 hours:
Mortgage rates set new lows for the 6th straight week (Reuters) Mortgage rates fall again; 30-year fixed at 4.54% (Wall Street Journal) Mortgage rates hit another low : 4.54% (NPR) Fixed mortgage rates are now down more than 1/2 percent from the start of the year, and 3/4 percent from just 1 year ago. The drop has dramatically improved home affordability for home buyers in Bangor while … (0 comments)

Shannon Odom (Northeast Bank)

Shannon Odom

Bangor, ME

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