About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

We have been noting recently that overall mortgage interest rates have temporarily dropped significantly in reaction to the European debt crisis. There was a post recently over at the WSJ blog reporting that rates on 15 year mortgages hit the lowest level since Freddie Mac started tracking that information nearly 20 years ago.

In addition to the excellent rates on fixed loans, 5 year ARM’s are coming in below 4% in some cases right now. 5 year ARM’s can be a prudent loan choice for qualified families that intent to sell their home in the next 4-5 years.

Interest rates on government-backed and conventional mortgages will surely be heading up soon so anyone interested in a refinance should contact us in the sidebar right away.

Here are some bits for that blog post:

Home-mortgage rates were little changed last week, holding steady for the most part at or near recent lows, including a record for the 15-year fixed-rate loan, Freddie Mac said. …

Rates on 15-year fixed-rate mortgages averaged 4.2%, the lowest level since Freddie Mac began tracking the mortgage in 1991, down from 4.21% in the prior week.

One-year Treasury-indexed adjustable-rate mortgages averaged 3.95%, unchanged from the prior week and the lowest level since May 2004. The one-year ARM averaged 4.81% a year ago.

The five-year Treasury-indexed ARM averaged 3.94%, down from 3.97% in the prior week and 4.85% a year ago.

Comments (0) Posted by G.R.A. Admin on Sunday, May 30th, 2010

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