One of the most important factors for any home buyer is the effect of mortgage rates. This is one major factor that we often overlook. During considering the housing's equation, monthly payment is calculated on the basis of mortgage rate. The concept is very simple. The interest rate is directly proportional to the monthly payment.
Given below is a graph that shows the 30 Year Fixed rate mortgage since 1971, as obtained from Freddie Mac's data.
Here you will see the same thing but with 5 year grouping:
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This week mortgage rates did not have a particular trend, it was rather mixed. According to the latest weekly survey by Freddie Mac, longer term mortgages had gone up and even fixed rate conforming 15-year as well as 30-year mortgages moved up further above 5%, after it had reached a record low this year.
The average 30-year rate of this week showed a 0.07% percent hike, moving from 5.22 percent f last week to 5.29 percent. Freddie Mac said that last year in 2008, at this time the rate was around 6.52 percent. On the other hand, 15-year average mortgage rates were up from 4.63% to 4.68%, which was around 6.18% a year ago.
So this was regarding the current mortgage rates. Let's check out the interest rates of adjustable mortgage of this week by Freddie Mac. The ARM rates showed a mixed performance as well. The five-year adjustable rate averaged around 4.75%, up from 4.73% where as the rates on one-year ARM slipped from 4.78% to 4.72%. However at this time last year, both one-year and five-year adjustable mortgage rates were around 5.49%.
On the whole we can say that current mortgage rates are showing mixed performance with slight improvement and housing market is beginning to stabilize.
