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30 Year Conforming Fixed Rates
30 Year Jumbo Fixed Rates
15 Year Conforming Fixed Rates
15 Year Jumbo Fixed Rates
3/1 Adjustable Rate Mortgage
3/1 Adjustable Rate Jumbo
5/1 Adjustable Rate Mortgage
5/1 Adjustable Rate Jumbo
7/1 Adjustable Rate Mortgage
7/1 Adjustable Rate Jumbo
10/1 Adjustable Rate Mortgage
10/1 Adjustable Rate Jumbo
Interest Only 3 Year ARM
Interest Only 5 Year ARM
Interest Only 7 Year ARM
Interest Only 3 Year ARM Jumbo
Interest Only 5 Year ARM Jumbo
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40 Year Conforming Fixed Rates
40 Year Jumbo Fixed Rates
Lenders Included in our Nationwide Home Loan Rates Survey: Wells Fargo Home Mortgage, Chase Mortgage, Citibank Mortgage, Countrywide Home Loans, National City Mortgage, GMAC Mortgage, Downey Savings, PenFed Credit Union, Amerisave, Best Possible Mortgage, Nationwide Mortgage Lending Group, Guaranteed Rate, VirtualBank, Hart West Financial, De Anza Capital, JKS Mortgage, Castlewood Home Loans, RMA Lending, Home Quest Mortgage, United Mortgage Brokers, Regions Mortgage, Hawaii Mortgage Company, Midwest Equity Mortgage, Advantage Mortgage Corp, Madison Financial
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Homeowners Opting to Make the Switch from ARMs to Fixed Rates
Over $450 billion in adjustable rate mortgages (ARMs) are on tap to reset in the U.S. and ARMs have comprised about 8% of new mortgage loans originated this year.
The percentage of adjustable rate loans in general has increased to almost 35% of the total mortgage market from less than 20% in 2003.
Over 3 million homeowners with prime (as opposed to sub-prime) ARMs which are linked to the 1-Year T-Bill Index have fewer concerns than borrowers whose ARMs are linked to other indices as this key U.S. rate will likely drop to a four year low.
However almost 60% of the adjustable rate market is comprised of borrowers who have mortgages linked to the London Interbank Offered Rate (LIBOR) index and this index has risen more than 2/3rds of a percent in the prior month as European rates in general have been rising in response to an inflationary climate. Most sub-prime ARMs and over 40% of prime ARMs have LIBOR based indices. Many borrowers who currently have LIBOR-indexed ARMs could discover that refinancing to a fixed rate will not produce much of a change in their interest rate.
LIBOR indexed adjustables typically do not have the same annual interest cap that the treasury index ARMs do and as a result may increase at a more rapid pace. Thus this has lead to a spread between ARMs vs. fixed rate loans which may be at the lowest level since year end 2000.
Homeowners everywhere are avoiding adjustable rate mortgages like the plague in the wake of the sub-prime mortgage mess as it appears now that over 90% of new mortgage shoppers will select a fixed rate over an ARM.
Data also reflects that over 65% of properties which had fallen into foreclosure had adjustable rate loans at the end of the fourth quarter of 2007.
Now that the shift to fixed rates has begun it is expected that more homeowners may choose to remain in their homes after forking over the costs of converting from an ARM to a fixed rate loan, leading some to speculate that this could further constrain the housing market as the demand for move-up housing subsides and owners choose to stay put for a while.
USER PROVIDED LENDERS: Do you know a mortgage lender whose rates are among the lowest mortgage rates avaiable? Tell us and we can list that lender here. We heard that Mortgage Capital Associates had great rates and they are now at the top of our chart. What lender do you recommend? low_rates@erate.com
*Source: Informa Research Services, Inc., Calabasas, CA
Although the rate data has been obtained from the various lending institutions
themselves the accuracy cannot be guaranteed. These rates are for California
properties.
**Subject lender not offering this rate per Informa Research Services
The rate and fees offered from our network of lenders will most likely differ from what is listed by the lenders above. This chart is merely to be used as a mortgage shopping tool not as an offer for a mortgage.
The First! In 1992, our founding company, LoanWorld, originated the first mortgage over the Internet.
Then in 1994 we created the first online loan application.
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