Mortgage Marvel Rate Trends Indicates Huge Drop in 30-Year Fixed Rates

Aug 09, 2011, 18:15 ET from Mortgage Marvel Rate Trends

MEQUON, Wis., Aug. 9, 2011 /PRNewswire/ -- Mortgage Marvel Rate Trends™, a daily survey of over 950 lenders, shows 30-year, fixed rates dropping 0.17% to 4.44%. Rates rebounded slightly after setting new 6-month lows at 4.42% earlier in the week.

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30-Year Fixed Rate – Weekly Change

Current Rate

7 Days Ago

Change

4.44%

4.61%

-0.17%




Current rates are within a quarter point of the all-time low of 4.20% set October 12th, 2010 and over three quarters of a point lower than the 6-month high of 5.22% reached on February 10th, 2011.

30-Year Fixed Rate – Highs & Lows

Period

High

Low

Rate

Change*

Date

Rate

Change*

Date

30 Days

4.75%

-0.31%

7/9/2011

4.42%

0.02%

8/5/2011

3 Months

4.81%

-0.37%

5/11/2011

4.42%

0.02%

8/5/2011

6 Months

5.22%

-0.78%

2/10/2011

4.42%

0.02%

8/5/2011

*Change based on difference from current rate



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Fifteen-year fixed rates slid 0.18% to 3.64% from 3.82% last week. 5/1 ARM rates decreased 0.11% to 3.51% from 3.62%. The rates for 30-year, fixed rate jumbo loans (typically loans over $417,000) decreased just 0.03% to 5.35% from 5.38% last week.

For comparison sake, displayed rates feature 0 discount points unless otherwise indicated.  The assumed loan amount and loan-to-value ratio are $500,000 and 66% for jumbo loans and $187,500 and 75% for all other programs.

For more detailed information, including an interactive graph and state-level detail, go to http://www.mortgagemarvel.com/mortgageratetrends/.

For specific rates and closing costs in your area, go to http://www.mortgagemarvel.com/Pages/AdvancedSearch.aspx.  

About Mortgage Marvel Rate Trends

Mortgage Marvel Rate Trends pulls rates every day directly from the live product and pricing database of 950 national, regional, and local banks and credit unions across the country.  Mortgage Marvel Rate Trends includes average rates for conforming (i.e. loans below $417,000) and jumbo loan programs across all common fixed and adjustable rate products. Mortgage Marvel Rate Trends also separately tracks rates for purchase, rate & term refinance, and cash-out refinance transactions for every product and program, and for every state and region in the U.S.

About Mortgage Marvel and Mortgagebot

Mortgage Marvel (www.MortgageMarvel.com) presents free, accurate, up-to-date mortgage quotes from multiple lenders in an easy-to-understand display. It further enables borrowers to link directly to their preferred lender—where they can complete a mortgage application and get approved with full disclosures, all in about 20 minutes or less.

Mortgage Marvel is operated by Mortgagebot LLC (www.Mortgagebot.com), the industry leading, Inc. 5000 company that provides the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions. Mortgagebot blends deep mortgage experience with innovative "cloud-computing" technology to create scalable and affordable Web sites for nearly 1,000 banks and credit unions nationwide.

Contact: Rick Allen
Rick.allen@mortgagebot.com
262 292-2706

SOURCE Mortgage Marvel Rate Trends



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