Mortgage rates came down a little this week. We are still not back down to the levels we saw two weeks ago. 30 year rates fell from 5.25 to 5.16. This is a little higher than the 5.10 we saw two weeks ago and .2 points higher than the 4.96 we saw 4 weeks ago. But to put this all in perspective if we neglect the last month 5.16 is still one of the lowest rates we have seen in over 40 years.
One point of confusion is that when looking at average rates people refinancing mortgage it to a rate a friend or colleague mortgage refinancing a few weeks ago. For instance if you had a friend that got a rate of 4.3 last week and see rates are at 5.16 you might think you really missed the boat. But 4.3 is lower than anything that has been officially published. Often these rates are down to paying more points to drive down the interest rate or they might be due to a special deal for instance a University offering professors a special rate. All this is to say if you have a friend that got a rate below 4.5 a few weeks ago don't fret you should be able to a similar rate today that is only slightly higher. Below are rates for the last two weeks.
February 12, 2009
30-yr 5.16
15-yr 4.81
5-yr ARM 5.23
1-yr ARM 4.94
February 05, 2009
30-yr 5.25
15-yr 4.92
5-yr ARM 5.26
1-yr ARM 4.92
Besides the drop in the 30 year rate we also saw a similar drop with the 15 year fixed rate. Both the 5 year arm and the 1 arm stayed mostly steady. Looking at rates is interesting but we like to translate it into mortgage payments. We took rates from February 12th and translated them into a mortgage payment for a 200k loan. We also did the same thing with mortgage rates from February 5th and January 15th.
February 12
30-yr $1093.28
15-yr $1561.86
5-yr ARM $1101.93
1-yr ARM $1066.32
February 05
30-yr $1104.4
15-yr $1573.26
5-yr ARM $1105.64
1-yr ARM $1063.88
January 15
30-yr $1068.75
15-yr $1545.36
5-yr ARM $1104.4
1-yr ARM $1060.23
Looking at the 30 year rate we notice that while today's payment would be higher than what one would have paid based on January 15th rates its not that much higher. If we look back a few months ago to October 30th when rates were at 6.46 the potential payment on a 200k mortgage would be $1258.87. All this is to say that rates have come up recently but all in all they are still low to what we have seen over the last several years.
Escapesomewhere Austin Real Estate is a realty company operating in Austin Texas. Their website has a page on Austin Foreclosures along with a real estate cashflow calculator.
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