Mortgage Rates Update

Compared to last week mortgage interest rates on 30 Year and 5 year ARM's went down a little and rates on 15 year mortgages went up a little.  But basically, for the second week in a row mortgage rates did well pretty much nothing. 

May 8, 2008
30-yr 6.05 15-yr 5.60% 5-yr ARM 5.67 1-yr ARM 5.29

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

Based on today's rates the mortgage on a 200k house would be $1205.53 compared to last week when it was $1206.82.  Nothing really to write home about.

May 8th, 2008
30-yr $1205.53
15-yr $1711.46
5-yr ARM $1157
1-yr ARM $1109.36

May 1st, 2008
30-yr $1206.82
15-yr $1643.73
5-yr ARM $1164.60
1-yr ARM $1085.89

All in all I was a little disappointed.  I was hoping rates were going to come down a little with the latest FED rate cuts.  Especially considering that the FED hinted that they didn’t expect to make further rate cuts in the near future.  So until banks start to become more optimistic about the real estate market I would not expect rates to come down from their current levels.

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