Interest Rate Update

Interest rates remain at very low levels due to the turmoil in the stock markets. The following are interest rate quotes from Al Hermann of American/California Financial Services

What is your interest rate?

30 Yr Fixed FHA
Rate APR        
4.500% 5.057% Details      

 

Conforming 30 Yr Fixed up to $417000
Rate APR        
4.625% 4.777% Details      

 

Conforming Jumbo 30 Yr Fixed $417001 – $625500
Rate APR        
4.750% 4.896% Details      

 

Conforming Jumbo Fixed $625000 – $729750
Rate APR        
4.750% 4.893% Details      

 

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate APR        
4.875% 3.846% Details      

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

 

About mmegowan

I am a realtor with Remax Estate Properties in Palos Verdes Estates. Visit my website at http://www.maureenmegowan.com
This entry was posted in Uncategorized. Bookmark the permalink.

2 Responses to Interest Rate Update

  1. Mortgage Rates Fall To .01 Points Above All Time Historic Low June 13, 2010

    The 30 year rate fell from 4.79 to 4.72 this week. This is the lowest point this year. The previous low was 4.78 reached two weeks ago. What is more interesting is that the all time low is 4.71 so just .01 points lower than current rates.
    Looking at other rates the 15 year dropped from 4.20 to 4.17. The 5 and 1 year arms dropped from 3.94 to 3.92 (5 year arm) and 3.95 to 3.91 (1 year arm). These are all time lows since we have good tracking data for these mortgage products. So would it make sense to look at some of these other mortgage products since they are at all time lows? Personally I would still avoid the 5 and 1 year arm. Since mortgage rates in general are so low it makes sense to lock in for as long as possible. Below are rates from the weeks from May 13, 2010 to Jun 10, 2010.
    Jun 10, 2010
    30-fixed 4.72 15-fixed 4.17 5 ARM 3.92 1 ARM 3.91
    Jun 03, 2010
    30-fixed 4.79 15-fixed 4.20 5 ARM 3.94 1 ARM 3.95
    May 27, 2010
    30-fixed 4.78 15-fixed 4.21 5 ARM 3.97 1 ARM 3.95
    May 20, 2010
    30-fixed 4.84 15-fixed 4.24 5 ARM 3.91 1 ARM 4.00
    May 13, 2010
    30-fixed 4.93 15-fixed 4.30 5 ARM 3.95 1 ARM 4.02
    Nov 26, 2009
    30-fixed 4.78 15-fixed 4.29 5 ARM 4.18 1 ARM 4.35
    So rates are one thing but it’s also informative to calculate mortgage payments. We took today’s rates and calculated a mortgage payment on a 200k house. We also did the same thing with rates from May, 13 2010 and rates from November,
    26 2009.
    Jun 10
    30-year $1039.68
    15-year $1496.47
    5-year ARM $945.62
    1-year ARM $944.48
    May 13
    30-year $1065.1
    15-year $1509.62
    5-year ARM $949.07
    1-year ARM $957.13
    Nov 26
    30-year $1046.91
    15-year $1508.6
    5-year ARM $975.7
    1-year ARM $995.62
    So compared to a month ago a mortgage payment is $25.42 less a month for a drop of 2.45 percent. While that is not a huge drop it is considering rates from last week were already pretty low.
    So what is going to happen moving forward? As always it’s hard to tell. If the economy continues to have a rocky recovery I would expect that rates will stay at current levels and possibly break down to new all time lows in the next few months. If the economy starts to rebound we should see mortgage rates move higher perhaps much higher. Over the next 6 months while it’s hard to know which way mortgage rates will move if they move up they could move up substantially while if they drop they do not have much room to fall.

  2. Hey, mmegowan
    I read this article, and this is excellent one and i have bookmarked your site for a future reference. The information about Interest Rate update are really nice.
    I love to read your web site and this post also.
    A nice described info of Mortgage Rates and interest rates.
    Thanks for this informative suggestion and advice.
    Really thanks full for this.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s