Home Mortgage Interest Rates

It has been a while since I last provided an interest rate chart on this blog. Plus I was curious to see what the graph would look like. I knew rates were lower than earlier this year, but it’s always nice to see it plotted out.

As you can see in the chart below, after peaking at about 5.60% in the first week of June this year, the 30 year fixed rate has been hovering very close to 5.00%. The 15 year mortgage is also on a similar trend but at a slightly lower rate.

Home Mortgage Interest Rates

The good news is rates remain at historically low levels. The graph above is based on an average weekly mortgage rates provided by Freddie Mac. Of course the exact rate you receive is dependent on many factors.

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):

mortgage-rates03-08

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%

Volatile Week Ahead for Mortgage Rates

If you think last week was a turbulent and volatile week for mortgage rates then brace yourself for the coming week. There are many important reports coming out this week, here is a sampling:

  • Monday January 28th: New Homes Sale
  • Tuesday Jan. 29: Durable Goods Orders
  • Tuesday Jan. 29: Consumer Confidence
  • Wednesday Jan 30: Chain Deflator
  • Wednesday Jan 30: Fed Announcement
  • Thursday Jan 31: Personal Consumption Expenditure and Core PCE
  • Thursday Jan 31: Employment Cost Index
  • Thursday Jan 31: Chicago PMI
  • Friday Feb 1: Hourly Earnings
  • Friday Feb 1: Unemployment Rate

See the full calendar on Yahoo! Finance.

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