Time for the regularly scheduled program of The Friday Edition of the Arizona Mortgage Rates Roundup brought to you by The Arizona Mortgage Team!
Weekly Mortgage Rates Recap:
Mortgage rates took a breather this week (after a runup in recent weeks), remaining largely unchanged after weeks of rising steadily. The average 30-year fixed-rate mortgage was unchanged at 6.62 percent.
The average 15-year fixed — a popular option for refinancing — slipped 1 basis point, to 6.19 percent. A basis point is one-hundredth of a percentage point. The average jumbo 30-year fixed ticked up 1 basis point, to 7.72 percent.
The one-year adjustable-rate mortgage moved up 5 basis points, to 6.27 percent. The (more) popular 5/1 ARM rose 4 basis points, to 6.28 percent.
Weekly Mortgage Applications Recap:
Mortgage applications fell for the fifth time in six weeks, according to the Mortgage Bankers Association. For the week ending June 20, applications fell a seasonally adjusted 9.3 percent when compared to one week earlier.
Applications for refinancing fell by 12.1 percent, while applications for new purchases slid 7.4 percent.
Weekly Mortgage Related Jaw Droppers:
California Sues Countrywide.
NY Fed loans JP Morgan 28 billion for Bear Stearns buyout.
Citi outlook gloomy as it is facing billions more in write-downs.
Mortgage Related Quote of the Week:
“No one can do what Countrywide can…” (Borrowed from Countrywide advertising of course)
Have a great weekend!
More From Arizona Mortgage Team
- Arizona Mortgage Rates: Look For Lower – Then Higher
- Chandler Arizona Mortgage Rates for October 7, 2008
- Phoenix Arizona Mortgage Rates October 15, 2008
Arizona Mortgage Team Recommends
- HomePath Renovation Mortgage (203K Mortgage Loans)
- Low mortgage rates on home loans a life-time opportunity for home buyers (Economy Pulse)
