Mortgage Rate Update
As the interest rate has been so volatile over the last couple of years, dropping as low as 4.25 and also going up to nearly 6% , the best way to get an current update is to Call Armando Sanmiguel of Brand Mortgage at 615 424-8444
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 5.88 percent for the week of April 7th 2008 which was unchanged from the previous week.
"Once again, mortgage rates held relatively steady this week amid release of subdued economic data," said Freddie Mac chief economist Frank Nothaft,
The 15 year fixed loan rate remained at 5.42% and has become a very popular loan program for home owners refinancing.
The 5 year adjustable rate mortgages showed a slight dip to 5.56 %, which is marginally down from 5.59% as at 4/7/08 The rates on one-year adjustable-rate mortgages also slipped slightly to 5.18 percent as compared to 5.19 % on 4/07/08.In 2007 the rates on 30 year mortgages were averageing 6.22 %, 15 year rates averaged 5.90% and 5 year adjustable-rate mortgages were 5.93 percent. One-year adjustable-rate mortgages were at 5.47%
The April Federal Reserve meeting iseagerly anticpated following the remarks made by the Chairman regarding the possibilty the the country may fall in to it's 1st recession since 2001. There is a possibilty of a 1/4 reduction in the discount rate which can, but not always, result in lower mortgage rates in May.