Mortgage interest rates on 30 year loan stay below 5 percent for third consecutive week

Dennis Norman

Dennis Norman

By: Dennis Norman

The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending October 2, 2009. The report showed an increase of 16.4 percent in mortgage loan applications from the week before fueled by interest rates remaing below 5 percent.

Unfortunately interest rates seem to be doing more for existing homeowners and the mortgage industry than investors and the real estate market at refi’s for the week made up 66.3 percent of the mortgage loan application activity. Over the past four weeks shows homeowners refinancing existing loans is up 6.7 percent while borrowers financing the purchase of a home is only up a scant 0.2 percent.

Interest rates and fees for the week:

  • 30 year fixed-rate mortgage interest rates decreased to 4.89 percent from 4.94 percent the previous week, with fees increasing to 1.13 percent from 0.94 percent on loans that are 80 percent of the value of the home. This rate is at its lowest level since May 2009 when it was 4.81 percent.
  • 15 year fixed rate mortgage interest rates decreased to 4.32 percent from 4.34 percent with fees increasing to 1.04 percent from 1.01 percent on loans that are 80 percent of the value of the home. This is the lowest 15-year fixed-rate ever recorded in the MBA survey.
  • One-year ARM interest rates increased to 6.56 percent from 6.40 percent, with fees increasing to 0.30 percent from 0.29 for loans that are 80 percent of the value of the home
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