We Might Be Seeing The Bottom For Mortgage Rates

At the beginning of March mortgage rates on 30 Year loans were around 6.25. Following cuts by the Federal Reserve board mortgage rates fell over the next two weeks. Since the middle of March mortgage interest rates have remained relatively stable fluctutating between 5.85 and 6.06. The Federal Reserve board cut rates this week right after the weekly rates were released by Freddie Mac. So I expect rates to fall over the next week. And those might be the lowest rates we will see for awhile. Why? After the FED cut rates they indicated that they would not likely cut rates at the next meeting. So we might be at a low point as far as mortgage rates are concerned. If you are thinking of buying a property and getting a loan this might be a good time to make the jump before rates increase.

Below is the history of mortgage rates for different products for the last few weeks.

May 1, 2008

30-yr 6.06 15-yr 5.59% 5-yr ARM 5.73 1-yr ARM 5.29

April 24th, 2008
30-yr 6.03 15-yr 5.62% 5-yr ARM 5.68 1-yr ARM 5.29

April 17th, 2008
30-yr 5.88 15-yr 5.40% 5-yr ARM 5.48 1-yr ARM 5.10

April 10th, 2008
30-yr 5.88 15-yr 5.42% 5-yr ARM 5.56 1-yr ARM 5.19

 

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