9th Consecutive Week of Lower Rates 1/2/09
According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), long term interest rates fell to a new low for the week ending 12/31/08. The 30-year-fixed rate averaged just 5.10% with .7 points. The lowest interest rates since the PMMS started in 1971. Just in the last week, refinance applications jumped over 500%.
A rule of thumb to remember, when it comes to your monthly payment, a 1% change in interest rates is equal to a 10% change in home value. In other words, If a $200,000 house goes down to $180,000 but interest rates go up 1%, you payment is essentially the same.
| 31-Dec-08 | 30-yr | 15-yr | 5/1-yr ARM |
| Average Rates: | 5.10% | 4.83% | 5.57% |
| Fees & Points: | 0.7 | 0.7 | 0.7 |
Source: Freddie Mac
Information not guaranteed.
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