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Mortgage Rate Trends and Market Update

4-Dec-08

Last

Change

Best Rates 30 Year Fixed (50+ lenders)

5.59%

0.01%

30 Year Fixed - 1 Week AVG

6.43%

0.06%

1 Year ARM - National AVG

5.18%

-0.11%

5/1 Year ARM - National AVG

5.86%

-0.01%

15 Year Fixed - National AVG This marker indicates the current chart.

5.74%

0.01%

30 Year Fixed - National AVG

5.97%

-0.07%

7 Year Fixed Rate Mortgage

8.03%

2.49%

5 Year Fixed Rate Mortgage

5.60%

-0.39%

30 Year Fixed Rate Mortgage

6.42%

0.16%

30 Year Fixed - California 1 Week AVG

5.00%

-0.96%

This marker indicates the current chart. Use links on left to view charts. Click to enlarge.

Week Month Year 3 Yrs

sources: informars.com, erate.com, Freddie Mac

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Accrued Interest:

Additional Principal Payment:

Adjustable Rate Mortgage:

Adjustment Period:

Amortization:

Amortization Schedule:

Annual Percentage Rate (APR):

Appraisal Fee:

Assumable Mortgage:

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Today's Mortgage Terms starting with A Accrued Interest: Interest earned but has not been paid Additional Principal Payment: A payment made by the borrower of more than the scheduled principal amount due with the purpose of reducing the remaining balance on the loan. Adjustable Rate Mortgage: Loans with interest rates that are adjusted periodically based on changes of a pre-determined index. The index is based on market rates such as Treasury bills and prime rates. The ARM has an interest rate cap that limits the amount the interest rate can change. Adjustment Period: Applicable to an ARM, the time between changes in the interest rate. Amortization: Repayment of a debt with periodic payments, usually monthly, of principal and interest calculated to pay down the loan within a predetermined time. Amortization Schedule: A timetable for payment of a mortgage detailing the amount of each payment applied to interest and principal and the balance left outstanding. Annual Percentage Rate (APR): The cost of credit shown as a yearly rate. The annual percentage rate is usually not the same as the interest rate. The APR will be higher than the interest rate stated in the note due to the fact that it includes the interest rate, loan discount points, fees and mortgage insurance. Appraisal Fee: A fee charged by a licensed, certified appraiser for a written estimate of a property's current market value at a specific time. Assumable Mortgage: A mortgage that can be taken over by the buyer when a home is sold by the previous owner. View all Terms