Mortgage Rates are Up and Down – September 16th

For the second straight week the 30 year mortgage rates have moved up, but the 15 year and 5 year ARM have decreased slightly.

Before we get into the speculation lets see the rates for this week.

  • 30-Yr Fixed – 4.37 %
  • 15-Yr Fixed – 3.82 %
  • 5/1-Yr ARM – 3.55 %

And compare those to last week…

  • 30-Yr Fixed – 4.35 %
  • 15-Yr Fixed – 3.83 %
  • 5/1-Yr ARM – 3.56 %

It is pretty hard to draw any conclusions based on these rates.  At the very basic assessment rates are still incredibly low and if you are able to refinance or are purchasing a home you should count yourself lucky.

Is it worth waiting to see if they get lower?

No.  Could they get lower? Yes, but at this point rates have not been this low for half a century.  It is not worth the risk to hold out for lower rates.  If there is even a sniff of a strengthening housing market or economy you can expect to see these rates jump back up.

These rates are based on the Freddie Mac Primary Mortgage Market Survey.  Banks all over the nation are polled for there current rates and these are the averages.

The 30 year fixed is base off of 0.7% points, while the 15 year and the 5/1 ARM are based off of 0.6% points.

Old Article? See todays mortgage rates.

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