Mortgage Rates Update

We have a few clients who check up on us every few weeks asking about the current mortgage interest rate on both a 30 year fixed and 5/1 ARM. I figured it’s time to post a chart of how rates have been doing since the beginning of this year (2008):

mortgage rates update May 2008

Points on interest:

  • The 30 Year Fixed reached a high of 6.24% the week ending February 28th and a low of 5.48% the week ending January 24th.
  • The 5/1 ARM started on a high note of 5.78% the week ending January 3rd and reached a low of 5.13% the week ending January 24th.

The blue line is the 30 year fixed rate and green is for the 5/1 ARM. Data is from Freddie Mac.

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