There is some info for those looking to shop for a house or re-finance a current mortgage.This news could have an impact your monthly mortgage loan payments, so it is suggested you take a moment to read more and decide how it could affect you. Master mortgage buyer Freddie Mac released the outcome of their Primary Mortgage Market Survey (PMMS) in which mortgage interest rates for the 30-year fixed-rate mortgage (FRM) averaged 4.95% with an average 0.6 point for the week ending 2/24/2011, down from last week when rates for the home loan program averaged 5.00 percent. Four weeks ago, the 30-year fixed rate averaged 4.80 percent.
Interest rates for the 15-year mortgage program this week averaged 4.22% with an average 0.7 point, down from the former week when rates for the home loan program averaged 4.27%. 4 weeks ago, the 15-year mortgage loan averaged 4.09%.
Interest rates for the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.80 pct. this week, with an average 0.6 point, down from last week when rates for the mortgage loan program averaged 3.87 pct. Four weeks ago, the 5-year ARM averaged 3.70%.
Mortgage rates for the one-year Treasury-indexed adjustable rate loan averaged 3.40% this week with an average 0.6 point, up from the prior week when rates for the home finance program averaged 3.39 percent. 4 weeks ago, the 1-yr. ARM averaged 3.26 percent.
With mortgage loan rates at these current ranges, one could consider the potential for re-financing his / her current house loan if it has a more significant interest rate. In fact, check with a local institution to see if they can offer an even better interest rate on their mortgage loans. So, call up your local banks to see prevailing mortgage rates in your area.
If a neighborhood mortgage lender retains their loans on its books, rather than selling them in the secondary market, it can offer mortgage loans at lower rates than the national average to gain a competitive edge. There can be additional considerations to decide on a community lender to handle your mortgage. A good number of mortgage companies will service (i.e. collect monthly payments, pay property taxes) their mortgage loans. This can help to build and support a regular rapport with their clientele. Another way to decrease the interest rate on your mortgage loan is to spend points (a % of the loan amount) as an upfront fee. You can undertake this approach with both local and national mortgage providers.
Interest rates for the 15-year mortgage program this week averaged 4.22% with an average 0.7 point, down from the former week when rates for the home loan program averaged 4.27%. 4 weeks ago, the 15-year mortgage loan averaged 4.09%.
Interest rates for the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.80 pct. this week, with an average 0.6 point, down from last week when rates for the mortgage loan program averaged 3.87 pct. Four weeks ago, the 5-year ARM averaged 3.70%.
Mortgage rates for the one-year Treasury-indexed adjustable rate loan averaged 3.40% this week with an average 0.6 point, up from the prior week when rates for the home finance program averaged 3.39 percent. 4 weeks ago, the 1-yr. ARM averaged 3.26 percent.
With mortgage loan rates at these current ranges, one could consider the potential for re-financing his / her current house loan if it has a more significant interest rate. In fact, check with a local institution to see if they can offer an even better interest rate on their mortgage loans. So, call up your local banks to see prevailing mortgage rates in your area.
If a neighborhood mortgage lender retains their loans on its books, rather than selling them in the secondary market, it can offer mortgage loans at lower rates than the national average to gain a competitive edge. There can be additional considerations to decide on a community lender to handle your mortgage. A good number of mortgage companies will service (i.e. collect monthly payments, pay property taxes) their mortgage loans. This can help to build and support a regular rapport with their clientele. Another way to decrease the interest rate on your mortgage loan is to spend points (a % of the loan amount) as an upfront fee. You can undertake this approach with both local and national mortgage providers.
About the Author:
You can find current mortgage interest rates from top lenders updated daily at FindingMortgageRates.com, and learn about home purchase loan programs at FindLocalBanks.com.
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