The Thirty year rate dropped immediately from 4.69 to 4.58. That is a serious large drop for the week. Important a lot more interesting is 4.69 from yesterday is an all time historic low. Were stepping into territory for mortgage rates I would haven't ever thought possible.
As you move the 30 yr rate is the mortgage product which is regarded as the popular a few of the other mortgage products made records as well. The 3 other mortgage products all hit record lows the other day. Two of another three mortgage products fell further soon. The 15 year dropped from 4.13 to 4.04. The five year arm dropped from three.84 to a few.79 and also the One year arm rose from 3.77 to a few.80. Below are rates in the weeks from Jun 03, 2010 to Jul 01, 2010
Jul 01, 2010 30-fixed 4.58 15-fixed 4.04 5 ARM 3.79 1 ARM 3.80
Jun 24, 2010 30-fixed 4.69 15-fixed 4.13 5 ARM 3.84 1 ARM 3.77
Jun 17, 2010 30-fixed 4.75 15-fixed 4.20 5 ARM 3.89 1 ARM 3.82
Jun 10, 2010 30-fixed 4.72 15-fixed 4.17 5 ARM 3.92 1 ARM 3.91
Jun 03, 2010 30-fixed 4.79 15-fixed 4.20 5 ARM 3.94 1 ARM 3.95
Dec 17, 2009 30-fixed 4.94 15-fixed 4.38 5 ARM 4.37 1 ARM 4.34
Significantly improved we view rates lets discuss actual home loan payments. We took today's rates and used a home financing calculator to translate them in to a payment with a 200k loan. We also did exactly the same thing with rates from June, 17 2010 (Fourteen days ago) and rates from December, 17 2009 (Half a year ago)
Jul 01 30-year $1022.89 15-year $1483.38 5-year ARM $930.77 1-year ARM $931.91
Jun 17 30-year $1043.29 15-year $1499.5 5-year ARM $942.19 1-year ARM $934.19
Dec 17 30-year $1066.32 15-year $1517.74 5-year ARM $997.98 1-year ARM $994.44
When compared with June 17th mortgage repayments are 1.95 less today for any drop of $20.40 monthly on the 200k loan. When compared with December 17th, 2009 mortgage payments are 4.07 percent less for a drop of $43.43 monthly.
What exactly will almost certainly happen advancing? We're just about in uncharted territory. With rates now significantly below might know about have seen before it'll be interesting if they continue to fall. For a while it's tough to know where rates will go. I don't see rates falling below 4.3. Once the economy improves rates will move up and perhaps drastically so. For awhile it seemed the cost-effective recovery was rather strong. As we view a double dip recession we're able to see rates stay low for awhile.
