California Mortgage Rates Down Last 3 Weeks
ebpublishing.com
By : Staff Reports : 11/25/08
Mortgage rates fell again last week, reflecting continued concerns about a slowing economy, according to Freddie Mac’s weekly survey.
Rates on 30-year, fixed-rate mortgages averaged 6.04 percent, down from 6.14 percent a week earlier. Last year at this time, the 30-year rate averaged 6.20 percent.
Fifteen-year mortgage rates dropped to 5.73 percent from 5.81 percent the prior week. A year ago, they averaged 5.83 percent.
Rates on five-year hybrid adjustable- rate mortgages (ARMs) averaged 5.87 percent last week, down from 5.98 percent the week before. At this time last year, the five-year ARM averaged 5.88 percent.
One-year ARMs averaged 5.29 percent last week, down from 5.33 percent. The one-year ARM averaged 5.42 percent a year ago.
Fees and points in California averaged .8 percent on fixedrate mortgages and .6 percent on ARMs.
“Long- and short-term mortgage rates fell for the third consecutive week amid continuing signs of a slowing economy,” said Frank Nothaft, Freddie Mac vice president and chief economist.
“Retail sales fell for the fourth straight month in October and consumer sentiment remained near a 28-year low in November.
“In fact, the Federal Reserve during its October 28-29 committee meeting lowered its economic growth forecasts for 2008 and 2009, according to its minutes released this week.”
In a separate survey released on Wednesday, the Mortgage Bankers Association reported that mortgage applications fell a seasonally adjusted 6.2 percent last week.
15 year fixed mortgage30 year fixed mortgageacquiring a loanadjustable mortgageAdjustable Rate Mortgageadjustable ratesannual percentage rateAPRARMBad LoansbankersBanksbasis pointsbest APRbest available ratebest ratebest rate availablebest rate basis pointsbest rates availableborrowerborrowing the moneybridge loanbrokersbusinessbusiness decisionbusiness processbusiness transactionbuyer bewareBuyers Always BewareCaliforniaCalifornia Home LoanCalifornia Home Loan BloggersCalifornia Home Loan RatesCalifornia Mortgagecommissionconstruction loanconsultantCredit CardDebit CardDebit Card Rip OffdefaultDid I get ripped off?equityequity lenderequity line of creditequity loanescrowfederal reservefederal reserve ratefeefinancial institution gurusfinancial institutionsfirst time buyerfixed mortgagefixed ratefixed ratesforeclosureshomehome equity loanhome loanhome loan agentshome loan experiencehome loan gurushome loan lendershome loan mortgagehome loan mortgage ratehome loan rateshome loanshome stagerHome StaginghouseInsurance Policyinterest rateinterest ratesinvestment valuejumbo loanlenderlenderslending moneyLIBORLibor interest ratesLIBOR LoanLIBOR Mortgage Loanlibor rateline of creditloanloan applicationloan formsloansLondon InterBank Offered Ratemake a profitmerchant accountmortgagemortgage brokermortgage brokersmortgage holdersmortgage lendersmortgage loanmortgage marketmortgage paymentmortgage pointsmortgage ratesno interest loanno points todayoverpaidpointsprofitpropertyreal estatereal estate agentreal estate agentsreal estate brokerreferral agentrefinancerefinance loanrefinance rateripped offsocial security numberSuprime Customersterms and conditionstransactiontransaction feevariable loan