June
2007
Information Provided by Bankrate.com
The benchmark 30-year, fixed-rate mortgage rose 5 basis points to 6.47 percent, a Bankrate.com national survey of large lenders found. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.26 discount and origination points. One year ago, the mortgage index was 6.72 percent; four weeks ago, it was 6.28 percent.
The 15-year, fixed-rate mortgage rose 6 basis points, to 6.15 percent. The 5/1 adjustable-rate mortgage also rose 5 basis points, to 6.32 percent.
This was the highest since Aug. 29, when it was 6.49 percent.
Not great news for any about to close on a home. But at the end of the day these are uncontrollable and the moving parts of Real Estate. As I personally close on my home in August I am concerned at what the rate will be then but it will not deter me and others from making that important move. What the hike in rates will do is re-evaluate the type of mortgage one takes. 5 and 15 year arms might start showing some appeal – but at end of the day best bet is to sit down with a professional – someone you trust.
Weekly national mortgage survey
Results of Bankrate.com’s May 30, 2007, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:
30-year fixed 15-year fixed 5-year ARM
This week’s rate: 6.47% 6.21% 6.37%
Change from last week: +0.05 +.06 +.05
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