Freddie Mac has reported mortgage rates of 5.08% for this week. Last week the rate was 4.99%, still below the 5% mark it has been for a few months now. The rate increase might be due to the economy gradually stabilizing as well as the federal government’s decision to no longer fund the mortgage market.
- A 10-year Treasury note had an interest rate of 3.87%; a year ago the rate was 2.66%.
- For consumers with good credit scores and a 20% down payment will qualify for low interest rates.
- 15-year fixed mortgage rates were about 4.39%; last week the rates were 4.34%
- 5 year hybrid mortgages had rates around 4.10%, this is down from 4.14% a week ago.
- 1 year Treasury-indexed adjustable-rate mortgage had an interest rate of about 4.05%, a week ago the rate was 4.20%.
Individuals who are highly qualified for a loan should try and negotiate with their lenders. Chances are the lender will be willing to settle for a lower rate. Compromising will benefit you as the consumer and the lender because during the tough economy they are more than happy to keep a well qualified customer.
Contributor, designer & admin for JohnHart Gazette.
