Interest rates fall awaiting the HARP Refi Boom

Mortgage rates inched down as investors and borrowers took a wait-and-see approach. With eyes on Europe, investors want to know how the debt crisis will unfold.
30 year fixed rate mortgage – 3 month trend

In the meantime, borrowers in the United States wait to learn if they really will be able to refinance their mortgages now that regulators made changes to a federal refinance program designed to help borrowers who owe more than their houses are worth.The benchmark 30-year fixed-rate mortgage fell 5 basis points this week, to 4.33%, according to the national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.42 discount and origination points. One year ago, the mortgage index was 4.51%; four weeks ago, it was 4.30%.

Dave Ramsey breaks down Obama’s plan. The benchmark 15-year fixed-rate mortgage fell 1 basis point, to 3.57%. The benchmark 5/1 adjustable-rate mortgage fell 2 basis points, to 3.22%.


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