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Even Without Uncle Sam’s Help, Mortgage Rates Still Holding Steady
April 23rd, 2010 categories: Loans / Financing
If you checked out the Freddie Mac Weekly Mortgage Survey box on the left sidebar of our web site late yesterday, you’ll see that interest rates remain virtually unchanged from last week’s survey — which is a very good sign.
It’s now been three weeks since the federal government stopped buying mortgage-backed securities. And despite a prevailing consensus that rates would go up perhaps a half-percentage point shortly after Uncle Sam stopped propping up the mortgage market, so far so good.
As you’ll recall, the first week after the government got out of the mortgage-buying business was a little iffy, as rates immediately jumped 1/8%. But then last week, they dropped back down by almost that same amount to an average nationally of 5.07% with 0.6 points.
And, as you can see in the box on the left side of our website, this week’s rate is essentially a carbon copy of last week: 5.07% with a 0.7 point for a 30-year fixed rate mortgage.
So on a $200,000 loan, aside from that mere $200 increase in points, everything’s the same as it was a week ago.
The longer we go without any significant interest rate increases, the more confidence it should give to the overall mortgage market, which in turn, would keep rates affordable and enable more people to buy a home.
Remember that, as I pointed out last week, the 5.07% rate is a national survey, so the rates you can get locally will likely be marginally different.
Your actual rate will depend on your credit score, loan amount, loan program and various other factors. So be sure to consult with a local loan professional for current rates and fees (or, if you don’t have one and want a recommendation, contact us and we’ll be happy to suggest one).
In the coming weeks, I’ll keep watching this rate survey and will report any significant or noteworthy changes. For now, though, so far so good!
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