cheap mortgage rate

After rising drastically last week fixed mortgage interest rates moved slightly this week. 30 years notes that 6.42 to 6.45 and 15 years, from 6.02 to 6.04. ARMS On the other hand rose a decent crowd. Arms 5 years rose from 5.89 to 5.99, while 1 years weapons rose from 5.19 to 5.27.

30 years mortgage rates are on a steady rise, which is just in the last 6 weeks. A total of 15 years and 5 years of Fixed weapons have increased. The only product that mortgages remain relatively flat in the last 6 weeks, the arm 1 years. Below you will find mortgage rates in recent weeks.

June 26.2008
30-year 6.45 15-yr 6.04 5-yr ARM 5.99 1-yr ARM 5.27

June 19.2008
30-year 6.42 15-yr 6.02 5-yr ARM 5.89 1-yr ARM 5.19

June 12.2008
30-year 6.32 15-yr 5.93 5-yr ARM 5.70 1-yr ARM 5 / 09

Jun 5.2008
30-year 6.09 15-yr 5.65 5-yr ARM 5.51 1-yr ARM 5 / 06

May 29.2008
30-year 6.08 15-yr 5.66 5-yr ARM 5.62 1-yr ARM 5.22

May 22.2008
30-year 5.98 15-yr 5.55 5-yr ARM 5.61 1-yr ARM 5.24

For one thing, but what has that to a mortgage for a payment. With our free mortgage calculator you can use the numbers on a 200k loan on the basis of current prices. We also put in what the mortgage would be a week and one month on the basis of previous prices.

26. June
30-yr $ 1257.56
15-yr $ 1692.03
5-yr ARM $ 1197.81
1-yr ARM $ 1106.88

19. June
30-yr $ 1253.60
15-yr $ 1689.87
5-yr ARM $ 1184.99
1-yr ARM $ 1096.98

29. May
30-yr $ 1209.4
15-yr $ 1651.19
5-yr ARM $ 1150.68
1-yr ARM $ 1100.69

To look at the figures of more than one would have saved almost 50 U.S. dollars by a 30-year loan a month ago compared to today. In contrast, a mortgage on an arm 1 years has remained relatively constant only top $ 6 compared to a year ago. Why would banks want to encourage Arms 1 years is anyone's guess, since it is a product that is riskier frequently leads to Foreclosure. On the basis of recent decisions by other banks, it would not be a bad assumption to assume the banks have no idea what they are doing this.

At this point, given a 5-year loan does not really seem worth it in comparison to a 30-year loan because the cost is not as high (5%). On the other hand, if you plan to use for a short period 1 years loan seems attractive in view of costs (12%).

As always the next question is what to do in the next month. In the absence of future interest rate cuts unlikely that his prices go a lot. Moreover, since prices in recent weeks, it seems that the banks more and more satisfied with the current spread between the Fed and the current mortgage rates. Thus, one would expect prices to stay or have a small increase through the rest of the summer.

Escapeso Realty in Austin Texas. Their site has information on mortgage rates with a mortgage rates widget