| Uncertainty over the country's growing economic troubles caused mortgage interest rates to fluctuate in all directions this week, with the Fed slashing key interest rates. 30 year fixed-rate mortgages fell to a 5.98% benchmark, down -0.41 from last week, according to Bankrate.com's national survey of large lenders. Similarly, 15 year fixed-rate mortgages dropped to 5.46%, down -0.39 from last week. Adjustable rate mortgages, on the other hand, spiked for the second week in a row. 5/1 adjustable rate mortgages 23 basis points this week to 6.44%. Over the past two weeks, 5/1 ARM have risen 72 basis points - a basis point is one-hundredth of a percentage point. "The ARM market melted down basically in a week," says Bob Walters, chief economist for Quicken Loans. Meanwhile, jumbo loans were down slightly from last week. 30-year fixed jumbo loans averaged 7.43% this week. (Written by: K. Skowronski) Article Sources
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