March 21, 2008
Bankrate: Fixed mortgage rates plunge
Fixed mortgage rates fell sharply in the past week, with the average conforming 30-year fixed rate mortgage rate now 5.98 percent - which was down from 6.39 percent the week before.
That's according to Bankrate.com's weekly national survey of large lenders. The new rate means that a $200,000 loan would have a monthly principal and interest payment of $1,196.53. The week before, that monthly payment would have been $1,249.70. The average 15-year fixed rate mortgage, which is popular among those looking to refinance, dropped to a five-week low of 5.46 percent.
And the average jumbo 30-year fixed rate was also down, although not dramatically, to 7.43 percent. Adjustable mortgage rates, however, were up sharply for the second week in a row, now up to 6.44 percent for the average 5/1 ARM.
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