Magazine article Mortgage Banking

Month in Review

Magazine article Mortgage Banking

Month in Review

Article excerpt

Excellent news for homebuyers planning to purchase a home this fall: Fixed mortgage rates have improved as we head into September. In the past month, the 30-year fixed conforming average annual percentage rate (APR) dropped to 3.978 percent from 4.176 percent. For borrowers seeking a short-term loan, the 5/1 adjustable-rate mortgage (ARM) continues to be an attractive option at an average APR of 3.055 percent.

[GRAPHIC OMITTED]

MONTHLY AVERAGES           30-SEP   31-OCT   28-NOV   31-DEC   30-JAN

15-Year Fixed Conforming   3.581    3.389    3.263    3.277    3.165
30-Year Fixed Conforming   4.244    4.099    3.933    3.873    3.668
30-Year Fixed Jumbo        4.070    3.941    3.833    3.868    3.616
5/1 ARM Conforming         2.959    2.913    2.910    3.000    2.923
5/1 ARM Jumbo              2.911    2.871    2.838    2.952    2.863

MONTHLY AVERAGES           27-FEB   31-MAR   30-APR   29-MAY   30-JUN

15-Year Fixed Conforming   3.243    3.119    3.178    3.182    3.355
30-Year Fixed Conforming   3.818    3.736    3.850    3.859    4.128
30-Year Fixed Jumbo        3.765    3.626    3. … 
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