Weekly Arizona Mortgage Rates Roundup Week Ending June 27, 2008

Posted by Justin McHood on June 27th, 2008

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!



June 27, 2008 | Filed Under Arizona Home Financing Options 

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