5 year closed mortgage rate

Before we talk about what happens to mortgage rates this week may be a brief summary of what happened last week. Last week, mortgage rates a sudden jump in the past week.

For the entire month of June and July, only 30 years mortgage rates have fluctuated from 6.09 to 6.45. Then 30 years last week, mortgage rates suddenly jumped from 6.26 to 6.63. In the time we predicted that prices would probably fall this week because usually after big spikes in mortgage rates, there is a small correction. We have seen exactly that with all four of the largest mortgage products, but not back to its level of two weeks ago. 30 years, rates fell from 6.63 to 6.52. The only mortgage product is not much this week was 1 years ARM. Last week, the 1 years rose from 5.10 to 5.49. This week, in which the mortgage rate 1 years lost most of that fall to 5.27.

Below you will find prices for key products for the mortgage last month.

31. July 2008
30-year 6.52 15-yr 6.07 5-yr ARM 6.07 1-yr ARM 5.27

24. July 2008
30-year 6.63 15-yr 6.18 5-yr ARM 6.16 1-yr ARM 5.49

17. July 2008
30-year 6.26 15-yr 5.78 5-yr ARM 5.80 1-yr ARM 5 / 10

10. July 2008
30-year 6.37 15-yr 5.91 5-yr ARM 5.82 1-yr ARM 5.17

3. July 2008
30-year 6.35 15-yr 5.92 5-yr ARM 5.78 1-yr ARM 5.17

Ok so say mortgage rates, a part of history. But how does it work in a mortgage payment. With our free mortgage calculator can translate the mortgage in the last few weeks in a mortgage payment for a 200k loan.

31. Jul 2008
30-yr $ 1266.76
15-yr $ 1695.28
5-yr ARM $ 1208.11
1-yr ARM $ 1106.88

The 24th July 2008
30-yr $ 1281.28
15-yr $ 1707.22
5-yr ARM $ 1219.75
1-yr ARM $ 1134.32

17. July 2008
30-yr $ 1232.73
15-yr $ 1664.03
5-yr ARM $ 1173.5
1-yr ARM $ 1085.89

So it looks like for now the prices are still relatively high. The only product that mortgages are still relatively low, the rate 1 years mortgage. Compared to 30 years mortgage at 6.52 to 1 years mortgage rate is at 5.27. For a 200k mortgage the mortgage payment with a 30-year loan would be 1266.76. 1 years for an arm of the mortgage payment would be 1106.88, or approximately 12.6% less. While I usually avoid the arm is quite a significant different.

The only problem with 1 year is that the arm is no guarantee for their mortgage interest is less in a year. And with all the volatility in the mortgage markets now, they could be slightly higher. Looking to the future of its hard to say what mortgage rates will do in the next month. The Fed's refusal to lower rates more to mortgage interest rates up, but as mortgage rates rose so much in the last two weeks, we can only hope that at the time the banks are satisfied with the current prices.

Escapeso Realty in Austin Texas. The website offers information about mortgage interest rates with graphics, which show, historical mortgage interest rates