Mortgage Rate Update Ending 3/18/09

March 23, 2009

Mortgage Interest RatesBankrate.com  conducts a weekly national survey on the interest rates for the five most common consumer banking products.  Here’s this week’s outcome:

  • 30 Year Fixed Rate: 5.29 percent
  • 30 Year Fixed Rate Jumbo: 6.88 percent
  • 15 Year Fixed Rate: 4.86 percent
  • 5/1 ARM (Adjustable): 5.24 percent
  • 1 Year ARM (Adjustable): 5.48 percent 

Applications for mortgages increased sharply for the second straight week, according to the Mortgage Bankers Association. Refinancing activity grew by 30 percent, while applications for new purchases were up 1.5 percent.

There was also an unexpected jump in the construction of new homes for the month of February, according to the U.S. Commerce Department. Housing starts rose to a seasonally adjusted 583,000, up 22 percent from January.

Written by Adam Golden · Filed Under Featured, Tri-Valley Real Estate Update 

Comments

One Response to “Mortgage Rate Update Ending 3/18/09”

  1. Brian LeBars on March 24th, 2009 9:07 pm

    I can say from my experience, since last week rates have been on the rise. Since the day the FED announce the big purchase of securities there has been a gradual deterioration of consumer interest rates.

    Lesson taught: Don’t sit on the fence.

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