Banks gouge on checking fees
by Broderick Perkins
© 2008 DeadlineNews.Com
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Deadline Newsroom - Mortgage interest rates dipped as low as 4.32 percent, on conforming 30-year loans this week.
On Nov. 17, the average was 5.08 percent for fixed-rate mortgages (FRMS), while the high was 6.96 percent for the same loans.
The average 5.08 percent was well off the 6.15 percent average a year ago, according to the weekly Interest Rate Review by Calabasas, CA-based Informa Research Services a market research, analysis, and intelligence gathering service for the financial industry.
Informa's National APR (annual percentage rates) numbers are tallied from a survey of 200 mortgage originators.
The average fixed rate has fallen for three consecutive weeks, on news of continued high unemployment and general economic malaise.
But that's good news for buyers and homeowners who want to refinance.
The average 15-year FRM was 4.51 percent compared to 5.92 percent a year ago.
The average interest rate for the 5/1adjustable rate mortgage (ARM), was 3.55 percent, down from 4.91 percent a year ago, Informa reported.
The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.
Informa also reports an average 6.07 percent fixed rate for 30-year, non-conforming jumbo loans, way down from 7.63 percent a year ago. The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.
For a home equity lines of credit (HELOC) of $50,000 with an 80 percent loan to value note, the variable rate came in at an average 4.97 percent, up slightly from 4.8 percent a year ago.
Fixed rates on 15-year home equity loans of $50,000, with an 80 percent loan-to-value note, averaged 7.64 percent, compared to 8.01 percent a year ago, according to Informa's survey.
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.
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