Mortgage Rates This Week

Mortgage rates on 30 year and 15 year mortgages stayed pretty constant they week. In fact for 4 weeks in a row now 30 year fixed rates have stayed between 6.01 and 6.06. But 5 Year and 1 Year Arms stayed relatively constant.

May 15, 2008
30-yr 6.01
15-yr 5.60%
5-yr ARM 5.57
1-yr ARM 5.18

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

Below is what the mortgage payment would be on a 200k House based on current interest rates for the different products.

May 15th
30-yr $1200.38
15-yr $1711.46
5-yr ARM $1144.37
1-yr ARM $1095.75

I am actually a little confused as to what is going on with mortgage interest rates this week. So mortgage rates came down this week instead of last. That makes sense that their would be a slightly delayed reaction to the FED rate cuts. But I dont see why 5 and 1 year arms fell instead of 30 and 15 year fixed. Since we are seeing more foreclosures with ARM loans it would seem that banks would want to avoid ARMs and lowering rates on ARMs seems instead to be encouraging them.

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