Sunday, March 15 2009
Mortgage Rates continue to fall. Interest rates are inching closer to 45 year lows.
Here we have the latest rates for last week:
The average rate on a 30-year fixed rate mortgage dropped to 5.03 percent, excluding fees, during the week ended March 12, 2009, down from 5.15 percent the previous week. One year ago, the average rate was 6.13 percent.
Rates on 15-year fixed rate home loans averaged 4.64 percent, a decrease from 4.72 percent the week before. Last year at this time, the average rate was 5.60 percent.
The average interest rate on a one-year adjustable rate mortgage fell to 4.80 percent, down from 4.86 percent last week. During the same week of 2008, the average rate was 5.14 percent.
From a good colleague of mine at Countrywide Bank, FSB I received the following rates:
4.875% 30 yr, no pts, no origination fee
4.625% 1 pt
4.5% 15 yr, no pts, no origination fee
4.375% 1 pt
5.0% 30 yr, no pts, no origination fee
4.75% 30 yr, no pts, no origination fee
At present Rural Housing is about the only mortgage were no down payment is required. In some way it limits buyer’s location choices to certain areas but at the same time the no down payment requirement is a major draw.