Mortgage Rates Trend

Mortgage rates have been falling over the past few weeks. Here is a brief snapshot of how rates have been since the beginning of this year (data source: Freddie Mac):


It’s rather interesting that the 5/1 ARM was hovering between the 30 year and 15 year rates earlier this year and has recently returned to a similar position. Here are the highs and lows for the different loan terms:

  1. 30 Year Rate High: Week ending February 28th at 6.240%
  2. 30 Year Rate Low: Week ending January 24th at 5.480%
  3. 15 Year Rate High: Week ending February 28th at 5.72%
  4. 15 Year Rate Low: Week ending January 24th at 5.130%
  5. 5/1 ARM Rate High: Week ending January 3rd at 5.780%
  6. 5/1 ARM Rate Low: Week ending January 24th at 4.950%

30 Year Fixed Mortgage Rates Fall Well Below 6.00%

I’m sure you’ve all heard by now that 30 year mortgage rates are at a two year low. It’s not too late for Phoenix area borrowers to take advantage of the recent decline. This is a great time for those in adjustable rate mortgages to think about refinancing. The last time rates were this low (September 2005) the New England Patriots were mortal and Mike Huckabee was running marathons, not a national campaign for President.

Here is a brief overview of how the thirty year fixed mortgage rate has done since January 2003:


The highest level was reached the week of July 20, 2006 at 6.800%. The highest level in 2007 was reached at 6.740% in June. Compare this to last weeks average rate of 5.875% and you see an almost 1% drop in rates the past six months.

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