Apr 3, 2009

Mortgage Rates Fall Again This Week


Mortgage rates fall again this week, hitting another record-breaking low.

In its Primary Mortgage Market Survey, Freddie Mac reports that the 30-year fixed-rate mortgage averaged 4.78 percent with an average 0.7 for the week ending April 2, 2009, down from last week when it averaged 4.85 percent. This 30-year FRM is the lowest it has ever been since the survey began back in 1971.

DEFINITIONS

Commitment Rate is the interest rate a lender would charge to lend mortgage money to a qualified borrower exclusive of the fees and points required by the lender. This commitment rate applies only to conventional financing on conforming mortgages with loan-to-value rates of 80 percent or less.

ARM Index - is the One-year Treasury

Loan to Value Ratio (LTV) is the ratio of the loan amount of a mortgage loan to the lower of the appraisal value or purchase price of the property securing the loan.

Origination Fees and Discount Points are the total charged by the lender at settlement. One point equals one percent of the loan amount.

Margin is a fixed amount added to the underlying index to establish the fully indexed rate for an ARM.


 
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