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chief economist
No doubt, 30 year mortgage is the most popular type of home loans among people as it offers a fixed interest rate and monthly payments are lower. But due to the long term mortgage borrowers is required to pay off more interest over the loan life. These mortgages are the best options to purchase home through loans.
A fluctuation in the rates on the 30-year mortgages has been recorded as in comparison with the last year these rates are lower this year. Last year the average rates were about 5.16% where as the average rate this year is nearly 5%.
According to Freddie Mac fixed rate mortgages have faced a drastic downfall from the 4.04% to 4.34%. Likewise, this downfall was also recorded on five year adjustable rate mortgages from 4.27% to 4.19% before a week. While the rise in one year ARMs have been recorded from 4.22% to 4.33%.
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Posts about Mortgage Rates as of March 8, 2009
by R. MAK.March 8, 2009 MortgageHere’s Where Mortgage Rates Will Be Going For This Year – jep-tec.org
03/08/2009
by Hypotheek People always like to know where mortgage interest rates are going. Especially in the erratic times we’re living in … a little more interest. If you’ve been watching mortgage interest rates … that will listen about [...]