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Mortgage Rates Establishing Several New Historic Lows

Attention Philadelphia Home Buyers….Mortgage rates broke another set of records during the week ended February 3, establishing several new historic lows.  Some highlights from this mortgage rate article are:

• Rates for 30-year FRM with conforming loan balances of $417,500 or less decreased to 4.05 percent from 4.09 percent, with points increasing to 0.44 from 0.41 including the origination fee.

• Jumbo 30-year FRM, those with loan balances greater than $417,500, had averages rates of 4.29 percent with .43 point compared to 4.33 percent with 0.41 point.

• The rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.89 percent from 3.96 percent, with points increasing to 0.78 from 0.61.

• Fifteen-year FRM had an average rate of 3.33 percent, down 3 basis points from the previous week and points decreased to 0.37 from 0.41.

• The rate for 5/1 adjustable-rate mortgages (ARM) decreased to 2.91 percent from 2.94 percent, with points increasing to 0.40 from 0.39. The ARM share of mortgage applications was up to 6.0 percent from 5.6 percent the previous week.

 

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February 9, 2012 - Posted by | Uncategorized | , , , ,

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