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Housing package bill passes Senate

National Mortgage Professional
Jul 14, 2008

Bankrate survey: Mortgage rates fall two consecutive weeksMortgagePress.comBankrate, survey, mortgage rates, lenders Mortgage rates moved lower once again, with the average conforming 30-year fixed mortgage rate falling to 6.48 percent. According to's weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.37 discount and origination points. The average 15-year fixed rate mortgage popular for refinancing declined to 6.01 percent, while the average jumbo 30-year fixed rate stepped back to 7.64 percent. Adjustable mortgage rates followed suit, with the average one-year ARM sinking to 6.17 percent and the average 5/1 ARM dropping to 6.05 percent. Continued worries about the economy and the health of the financial system have investors craving bonds. Mortgage rates are closely related to yields on long-term government bonds. As investors have fled a volatile stock market, much of the money has ended up in fixed income investments such as Treasury securities and mortgage bonds. This brings mortgage rates down, though not enough to match the decline in Treasury yields in recent weeks. The wider spread between mortgage bonds and risk-free Treasury yields represents the ongoing concerns about credit quality and strains in many corners of the debt markets. Mortgage rates have been on a wild ride since the beginning of the year. The average 30-year fixed mortgage rate was as low as 5.57 percent in January, meaning that a $200,000 loan would have carried a monthly payment of $1,144.38. But at todays rate of 6.48 percent, a $200,000 loan would mean a monthly payment of $1,261.51. Survey results • 30-year fixed: 6.48 percent--down from 6.53 percent last week (avg. points: 0.37) • 15-year fixed: 6.01 percent--down from 6.09 percent last week (avg. points: 0.41) • 5/1 ARM: 6.05 percent--down from 6.09 percent last week (avg. points: 0.34) Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets. For a full analysis of this week's move in mortgage rates, click here. The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. This week, 46 percent predict rates to decline further, while 31 percent expect mortgage rates to rebound and move higher. Just 23 percent forecast that mortgage rates will remain more or less unchanged over the next 30 to 45 days. For the full mortgage Rate Trend Index, click here.
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