Supcoffconstructionlaw's Weblog


Tracking the 30 Year Fixed Rate Mortgage

SEPTEMBER 18, 2008:  J. P. Morgan Chase reports that its national rate for a 30 year fixed mortgage is 5.75% (5.866% APR).

SEPTEMBER 10, 2008 (WED):  Average rates on 30 year fixed rate mortgages in New York fell 10 basis points to 6.02 on Wednesday, according to Bankrate.com’s daily Your Best Interest report.  The mortgages surveyed averaged 0.41 discount and origination points.

SEPTEMBER 9, 2008 (TUES):  Sunday’s Federal takeover of Freddie Mae and Fannie Mae may already be causing rates to drop for new 30 year fixed rate mortgages in the metro New York area.  Average rates on 30 year fixed rate mortgages in New York fell 14 basis points to 6.12 on Tuesday, according to Bankrate.com’s daily Your Best Interest report.  The mortgages surveyed averaged 0.44 discount and origination points.  An HRH Associates survey report on Tuesday listed Dime Savings of Williamsburgh offering a rate of 5.963 with 1 point, and Countrywide in NJ and Key Bank in NY offering a rate of 6.125 with zero points.  NOTICE:  The information presented here was obtained from publically available websites and is not represented by this writer to be accurate or reliable and is not a soliciation or offer to lend.

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