| Overall, mortgage rates dipped across the nation, with 30 year fixed rate mortgages and jumbo-conforming loans seeing the biggest declines. According to Freddie Mac, one of the U.S.'s largest mortgage lenders, rates on 30 year mortgages were at their lowest point in over a month, averaging 6.01% this week (ending May 15). This is down from last week's rate of 6.05%. Adjustable rate mortgages also dipped this week. Five-year adjustable rate mortgages declined to an average 5.57%, down from last weeks average of 5.67%. One-year adjustable rate mortgages fell from last week's 5.29% average to 5.18% this week. Recent mortgage rate declines are providing a welcomed dose of good news to investors and homebuyers who have been battered and plagued with constant miserable news and outlooks of the housing industry. Taking the mortgage rate spotlight this week were jumbo-conforming loans, which are finally seeing lower rates after the government set new standards and raised the loan limit from $417,000 to nearly $730,000. Read more about the new standards for jumbo loans in my previous blog, New Rules for Jumbo Conforming Loans. Article Sources- Freddie Mac, Bankrate (Posted by K.Skowronski)
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