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Mortgage Interest Rates Historical

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In a week of historic changes in the US financial markets mortgage interest rates held pretty much even across the board. With the market making the largest one day drop in decades and also one of the largest one day gains in a long time to mention nothing of the historic 700 billion dollar bailout package we would have expected something to happen with mortgage rates. Instead we saw some of the smallest changes in rates we have seen all year. So what happened? On the one hand I think the markets reacted somewhat positively to the bailout but at the same time the economic outlook has soured. Additionally, the initial positive reaction to the bailout has softened as some have started to question whether the bailout will actually work. So in summary, in a week of unprecedented changes in the mortgage industry mortgage rates didn't move an inch. Below are rates for the main mortgage products for the last few weeks.

October 2, 2008

30-yr 6.10 15-yr 5.78 5-yr ARM 6.00 1-yr ARM 5.12

September 25, 2008

30-yr 6.09 15-yr 5.77 5-yr ARM 6.02 1-yr ARM 5.16

September 18, 2008

30-yr 5.78 15-yr 5.35 5-yr ARM 5.67 1-yr ARM 5.03

September 11, 2008

30-yr 5.93 15-yr 5.54 5-yr ARM 5.87 1-yr ARM 5.21

So let's see what is happening with actual mortgage payments. We are going to look at mortgage payment for a 200k loan based on today's rates, the rates from last week and the rates from a little over a month ago.

October 2nd

30-yr $1211.98

15-yr $1664.03

5-yr ARM $1199.10

1-yr ARM $1088.35

September 25th

30-yr $1210.69

15-yr $1662.96

5-yr ARM $1201.67

1-yr ARM $1093.28

July 24th

30-yr $1281.28

15-yr $1707.22

5-yr ARM $1219.75

1-yr ARM $1134.32

So obviously nothing happened in the last week. If you got a 30 year mortgage this week instead of last week you are paying $1.29 more a month. But if we look at the payments one would make on the same loan a little over a month ago we can see we would be making substantially lower payments today. For a 200k loan the payment based on rates from July 24th would be $1281.28 compared to $1211.98 based on today's rates. That's comes out to a savings of $69.3 a month or 5.7%. If you did get a loan a month ago it might be worthwhile to call up your mortgage broker and look into refinancing.

So what are mortgage interest rates going to do over the next month? Obviously the Fed and the US Government are doing everything in their power to lower rates. The question is will they be successful. And that is the critical question. One would have thought the prospect of a 700 billion dollar bailout would have moved the stock market up. If we remember the prospect of a Freddie Mac / Fannie Mae bailout moved brought mortgage interest rates down. But instead since the bailout has been proposed the Dow Jones has fallen over 600 points. Not an encouraging sign. So in summary the bailout could encourage confidence among banks and bring rates down but it's not a guarantee.

Mortgage Interest Rates Historical

Commercial mortgages interest rates can be found cheaper if you go online with a specialist provider. They are not the easiest thing to understand and if you do not take advice then it could take a great deal of time not to mention paying too much. Brokers will have the experience of working with lenders who are known to offer the cheapest rates of interest and best deal.

Commercial mortgages can be used for many ventures such as if you already have a business and want to expand it, or to buy new premises to get a business off the ground. Any mortgage will be based on the individual's circumstances and what the loan will be used for. The type of business will reflect on the mortgage and in some cases a lender can refuse a loan based on the type of business. A broker will take all this into account and stick with lenders who they know will deal with them.

One of the biggest pluses when it comes to qualifying for commercial mortgages and for the cheapest interest rates is your credit rating. An excellent rating will get you off to the best start possible. However if your credit rating is less than perfect a broker will find lenders who specialise in offering finance to those with poor credit ratings.

One of the factors that all lenders will take into account before lending you money is your business proposal. If you have yet to start out then your plans should be laid out properly and a broker can help. If you already have a business then you will need to show long term financial projections. You will also have to show that your venture is stable and making a profit.

A broker will always be able to find you the best deal possible as they can search with the whole of the market place if needed. Although the majority of time they will know where to go to get you the cheapest rates of interest and the best deal possible for your particular circumstances.

The majority of lenders will offer a maximum of 70% to 80% for the loan but sometimes a broker can get 100% for you. With this in mind you would have to be able to get the remainder of the money together and thought has to be given to this before going for the loan. Commercial mortgages can usually be taken out from 1 to over 30 years and this will depend on the size of the project you are proposing and the circumstances of the business. With any loan you are considering taking out there will be many other factors that have to be taken into consideration. You have to decide if you are going for an interest only mortgage or a repayment. You also have to give some thought to a fixed rate of variable but again a specialist can help you decide which is most suitable. However always read the terms and conditions that come with your mortgage before signing on the bottom line.

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Both Ki Gray & Sean Horton are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Ki Gray has sinced written about articles on various topics from Debts Loans, Real Estate and Food And Drink. Ki works as a realtor in Austin. His site provides a graph that that show . He also provides a. Ki Gray's top article generates over 110000 views. to your Favourites.

Sean Horton has sinced written about articles on various topics from Finances, Mesothelioma Lawyer and Finances. Sean Horton is a Director of Enhanced Wealth, a whole of market mortgage broker and IFA specialising in mortgage advice and the associated areas of income protection, mortgage protection, mortgage life cover and. Sean Horton's top article generates over 90500 views. to your Favourites.

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