http://www.citywidehomeservices.com/home-service-ratings/
Mortgage Interest Rates Climb A Little This Week
One of the primary buyers of home loans has conducted its most recent survey of current mortgage rates by major mortgage companies.
Super mortgage buyer Freddie Mac released the outcome of their Primary Mortgage Market Survey® (PMMS®) where mortgage interest rates for the 30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average .7 point for the week ending 1/27/2011, up from the prior week when interest rates for the loan program averaged 4.74 pct.. Four weeks ago, the 30-year fixed rate averaged 4.86 pct..
Interest rates for the 15-year FRM this week averaged 4.09% with an average 0.87 point, up from the former week when rates for the home loan program averaged 4.05 percent. Four weeks ago, the 15-year FRM averaged 4.20%.
Mortgage interest rates for the 5-yr. Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.70% this week, with an average 0.7 point, up from last week when rates for the loan program averaged 3.69%. Four weeks ago, the 5-yr. ARM averaged 3.77 percent.
Mortgage rates for the one-year Treasury-indexed adjustable rate mtg. averaged 3.26 percent this week with an average 0.6 point, up from last week when rates for the mortgage loan program averaged 3.25 pct.. Four weeks ago, the 1-yr. ARM averaged 3.25%.
With home loan interest rates at these latest amounts, one should certainly give consideration to the chance of re-financing their current mortgage loan if it has a very high interest rate. In fact, check with a local institution to see if they can offer an even better interest rate on their mortgage loans. So, call up your local banks to see prevailing mortgage rates.
If a local bank retains their loans on its books, rather than selling them in the secondary market, it can provide home loans at reduced rates than the national average to gain a competitive advantage. There can be additional factors to choose a community lender to handle your mortgage. A great many mortgage loan companies will service (i.e. collect monthly payments, pay property taxes) their mortgage loans. This can help to construct and preserve an ongoing association with their clientele. An additional way to lower the interest rate on your mortgage is to pay points (a % of the loan amount) as an advance fee. You can complete this alternative with both local and national mortgage firms.
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