Mortgages drop to new record low
Mortgage rates fell this week and set a new record low -- again -- as investors welcomed recent improvements in the U.S. economy, while wondering if Greece really is near a deal to solve its debt problems.
30 year fixed rate mortgage – 3 month trend
The benchmark 15-year fixed-rate mortgage fell 1 basis point to 3.35 percent. The benchmark 5/1 adjustable-rate mortgage fell 2 basis points to 3.03 percent
This is the lowest the rate on the 30-year fixed has reached in the 26-year history of Bankrate's weekly rate survey. The previous record was 4.12 percent on Feb. 1.
Weekly national mortgage survey
Results of Bankrate.com's Feb. 15, 2012, weekly national survey of large lenders and the effect on monthly payments for a $165,000 loan:| 30-year fixed | 15-year fixed | 5-year ARM | |
|---|---|---|---|
| This week's rate: | 4.1% | 3.35% | 3.03% |
| Change from last week: | -0.04 | -0.01 | -0.02 |
| Monthly payment: | $797.28 | $1,167.44 | $698.32 |
| Change from last week: | -$3.83 | -$0.80 | -$1.78 |
Recent economic reports show the economy is strengthening, and that's "supposed" to be pushing rates up, says Michael Becker, a mortgage banker at WCS Funding in Baltimore. "But Greece seems to be holding them down."
U.S. economy crawling toward recovery
Manufacturing figures released this week show production volume in U.S. factories increased in January and was better than expected in December. Production increased 0.7 percent in January and 1.5 percent in December, says the Federal Reserve. December was the month with the biggest growth in manufacturing in five years.Read more: Mortgages Drop To New Record Low | Bankrate.com http://www.bankrate.com/finance/news/mortgages-drop-to-new-record-low.aspx#ixzz1ml2LfnvE
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