My New Blog

Tuesday May Have Marked The Unofficial End Of Low Mortgage Rates

According to the market analysts at BestInfo, Inc., the 30-year fixed rate measured its largest one-day movement in more than 10 years Tuesday.

For homebuyers and homeowners expecting low mortgage rates this week, Tuesday marked the unofficial end to basement 30-year fixed mortgage rates.

According to the market analysts at BestInfo, Inc., the 30-year fixed rate measured its largest one-day movement in more than 10 years Tuesday. 

Nationally, 30-year fixed mortgage rates increased 0.375%.

Here is the "real life" impact to mortgage applicants whose mortgage rates were not yet locked:

  • $150,000 mortgage: $37 increase to the monthly mortgage payment
  • $250,000 mortgage: $61 increase to the monthly mortgage payment
  • $300,000 mortgage: $73 increase to the monthly mortgage payment
  • $400,000 mortgage: $99 increase to the monthly mortgage payment

ARMs did not move as harshly as fixed-rate mortgages but they still increased Tuesday.

Mortgage rates can change quickly, and often do.  Be prepared to lock your mortgage rate and make informed decisions quickly.

The mortgage markets wait for no one.

Posted by Bill Murphy on February 20th, 2008 9:59 AMPost a Comment (0)

Subscribe to this blog
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

 Equal Housing LenderFairway New England Mortgage is an Equal Opportunity Lender. Massachusetts Mortgage Broker/Lender, License No. MLO#19301, Fairway NMLS#2289

 


Fairway New England Mortgage 5 Albert Street Auburn, MA 01501
Phone: Fax:

Contact Us | Home | When to Refinance

Copyright © 2012 Fairway New England Mortgage
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map