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Mortgage Rates Hit Historic Low

Mortgage Rates Hit Historic Low

Mortgage rates fell this week with three of the 4 major mortgage products hitting all time lows

. The most important of the four mortgage products the 30 year rate fell to 4.78 from 4.83 equaling the previous low. The 15 year mortgage product hit 4.29 beating the previous low of 4.32 reached last week. The 5 year arm came in at 4.18 breaking the previous low of 4.25 also reached last week. The 1 year arm stayed at 4.35. Below are rates from the weeks from Oct 29, 2009 to Nov 26, 2009

Nov 26, 2009

30- 4.78 15- 4.29 5-arm 4.18 1-arm 4.35

Nov 19, 2009 Mortgage Rates Hit Historic Low

30- 4.83 15- 4.32 5-arm 4.25 1-arm 4.35

Nov 12, 2009

30- 4.91 15- 4.36 5-arm 4.29 1-arm 4.46

Nov 05, 2009

30- 4.98 15- 4.40 5-arm 4.35 1-arm 4.47

Oct 29, 2009

30- 5.03 15- 4.46 5-arm 4.42 1-arm 4.57

Jul 30, 2009

30- 5.25 15- 4.69 5-arm 4.75 1-arm 4.80

What's interesting is that we keep waiting for mortgage rates to increase. Some have any speculated that rates could move into double digits in the next two years. But while this discussion has been occurring mortgage rates have continued to drop and reach historical lows. In addition to rates it's interesting to look at actual mortgage payments. We took today's rates and translated them into a payment on a 200k. We also did the same thing with rates from November 12th (2 weeks ago) and July 30th, 2009 (4 months ago).

Nov 26

30- $1046.91

15- $1508.6

5- $975.7

1- $995.62

Nov 12

30- $1062.66

15- $1515.71

5- $988.56

1- $1008.62

Jul 30

30- $1104.4

15- $1549.47

5- $1043.29

1- $1049.33

The payment is 5.5 percent less than what it was 6 months ago or 57.49 less a month for a 200k loan.

So what is going to happen moving forward? I have been predicting for the last several weeks that mortgage rates were going to eventually move up and they have continued to move down. But I am going to continue with the same prediction. In the short term rates might move down slightly. But in the long term there is more of a risk of mortgage rates moving up drastically. With mortgage rates sitting at historical lows there is more of a chance of rates moving up a point or two than moving down a point or two.

Although 5 year arms are at historical lows it makes more sense to look at the 30 year rate. Locking in at all time lows is simply too appealing to pass up.

by: Ki Gray
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