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Mortgage Interest Rates Continue Decline

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A recent survey from national lenders shows the 30 year fixed interest rate mortgage dropped to 5.71 percent, for the week ending September 1st. This is down from last week when it averaged 5.77 percent. Last summer at this time, the 30 year mortgage interest rate averaged 5.77 percent. The average for the 15 year mortgage interest rate this week is 5.32 percent. This is down from last week where mortgage interest rates averaged 5.35 percent. This time last summer, the 15 year fixed mortgage interest rate was 5.15 percent. Five year adjustable rate mortgages (ARMs) averaged 5.30 percent this week, with an average .6 point. One year ARMs averaged 4.48 percent this week, which is down from last week when it averaged 4.56 percent. At this time last summer, the one year ARM averaged 3.97 percent.

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Market insecurities about high energy costs and the overflow into other sectors of the economy have led to a decline in bonds, which typically means lower mortgage interest rates. Speculation that the Federal Reserve may soon stop raising interest rates reduces upward pressure on interest rates. The destruction caused by Hurricane Katrina and the effects on energy prices in the U.S. may mean that mortgage rates will fall even further in the coming days ahead.

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