MEQUON, Wis., March 15, 2011 /PRNewswire/ -- Mortgage Marvel Rate Trends™, a daily survey of over 950 lenders, shows that interest rates for 30-year fixed rate mortgages experienced a modest decrease to 4.95% from 5.04% over the past week. The change is the first time mortgage rates have dropped below 5% in nearly six weeks.
30-Year Fixed Rate – Weekly Change
7 Days Ago
The activity shows a dramatic decrease of 0.27% from the 6 month high of 5.22% reached on February 10, 2011. This week's change also represents a dramatic 0.75% increase in comparison to the industry's historic, all-time low of 4.20% achieved on October 12, 2010.
30-Year Fixed Rate – Highs & Lows
*Change based on difference from current rate
Other popular products
The 15-year fixed rate mortgage experienced a modest decrease of 0.12% to 4.20% this week from 4.32% last week. Rates for 5/1 ARMs experienced a more significant decrease of 0.16% to 3.98% this week. The 30-year, fixed rate jumbo loan (typically loans over $417,000) rate was more stable, dropping just 0.06% to 5.72% this week from 5.78% last week.
For ease of comparison, 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
SOURCE Mortgage Marvel