Bankrate: Mortgage Rates Hit 4th Record in a Row!

/PRNewswire/ -- Mortgage rates moved lower this week, with the average conforming 30-year fixed mortgage rate hitting another record low of 4.57 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.48 discount and origination points.

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages.

The average 15-year fixed mortgage retreated to 4.06 percent, and the larger jumbo 30-year fixed rate dropped to 5.27 percent, both record lows. Adjustable rate mortgages were mixed, with the average 3-year ARM nosing higher to 4.18 percent and the average 5-year ARM dipping to 3.92 percent.

The latest decline in mortgage rates followed a poor jobs report for July and the Federal Reserve's announcement about reinvesting bond proceeds in order to juice the economy. By reinvesting in more government bonds, the Fed aims to keep rates near these ultra-low levels. But low rates alone won't revive the housing market as would-be borrowers remain worried about job loss, don't have equity in their homes, or lack sufficient money for a downpayment.

The last time mortgage rates were above 6 percent was Nov. 2008. At that time, the average rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.57 percent, the monthly payment for the same size loan would be $1,021.71, a savings of $220 per month for a homeowner refinancing now.

SURVEY RESULTS
30-year fixed: 4.57% -- down from 4.66% last week (avg. points: 0.48)
15-year fixed: 4.06% -- down from 4.11% last week (avg. points: 0.42)
5/1 ARM: 3.92% -- down from 3.95% last week (avg. points: 0.28)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/.

The survey is complemented by Bankrate's weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Nearly half of the panelists, 47 percent, say mortgage rates aren't headed anywhere and will remain more or less unchanged. But 40 percent forecast still lower mortgage rates and just 13 percent predict mortgage rates will rise in the next week.

-----
Community News You Can Use
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page
Follow us on Twitter:  @GAFrontPage

Bankrate: Mortgage Rates Remain Near Record Lows

/PRNewswire/ -- The average conforming 30-year fixed mortgage moved a touch higher from 5 percent to 5.01 percent, according to Bankrate.com's weekly national survey. The average 30-year fixed mortgage has an average of 0.39 discount and origination points.

The average 15-year fixed mortgage set a new record low of 4.46 percent while the larger jumbo 30-year fixed rate inched lower to 6.02 percent. Adjustable rate mortgages posted mixed results, with the average 3-year ARM jumping to 4.77 percent and the 5-year ARM sinking to 4.52 percent.

Mortgage rates are at ultra-low levels because the Federal Reserve isn't showing any indication of raising interest rates soon and because investors around the globe maintain a healthy appetite for debt backed by the U.S. government. The demand for government debt and federally guaranteed mortgage-backed securities have kept bond prices elevated and held bond yields down. Mortgage rates are closely related to yields on government and mortgage-backed debt. However, there are no guarantees about how long mortgage rates will remain near record lows.

Mortgage rates are nearly one full percentage point lower than one year ago. This time last year, the average 30-year fixed mortgage rate was 5.92 percent, meaning a $200,000 loan would have carried a monthly payment of $1,188.83. With the average rate now 5.01 percent, the monthly payment for the same size loan would be $1,074.87, a savings of $114 per month for a homeowner refinancing now.

SURVEY RESULTS
30-year fixed: 5.01% -- up from 5.00% last week (avg. points: 0.39)
15-year fixed: 4.46% -- down from 4.47% last week (avg. points: 0.32)
5/1 ARM: 4.52% -- down from 4.54% last week (avg. points: 0.30)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. The majority of panelists, 62 percent, expect mortgage rates to head higher and just 7 percent predict lower rates. Nearly one in three, or 31 percent, forecast that rates will remain more or less unchanged over the next 30 to 45 days.

For the full mortgage Rate Trend Index, go to http://www.bankrate.com/RTI

To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page

Mortgage Rates Drop to Lowest Level This Year

Georgia 30 Year Fixed Rate Drops 6.9% to 5.41%.

/PRNewswire/ -- Mortgage rates fell dramatically last week, due to the government's decision to purchase mortgage-backed securities. Rates for 30-year fixed mortgages declined to 5.53 percent, down from 5.92 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com(R). Rates for 15-year fixed mortgages decreased to 5.34 percent, down from 5.69 percent and 5-1 adjustable rate mortgages rose to 6.01 percent from 5.87 percent.

Mortgage Type Average Rate Average Rate % Change
Week ending 11/30/08 Week ending 11/23/08
30-year fixed 5.53% 5.92% -6.5%
15-year fixed 5.34% 5.69% -6.1%
5-1 ARM 6.01% 5.87% 2.4%


Rates for 30-year fixed mortgages fell even further on Monday evening with the average rate on Zillow Mortgage Marketplace at 5.32 percent.

At a state level, the 30-year fixed mortgage rate in New York saw the biggest decrease, falling from 5.96 percent to 5.48 percent. Rates on 30-year fixed mortgages were lowest in the states of Georgia (5.41%) and Washington (5.46%), while Arizona (5.62%) and North Carolina (5.62%) had the highest rates.

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace (www.zillow.com/mortgage) by mortgage lenders to borrowers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow.

Zillow Mortgage Marketplace is an open and transparent lending marketplace, providing borrowers an anonymous and hassle-free way to receive an unlimited number of customized mortgage quotes directly from confirmed lenders.

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page