Fixed rate mortgage continue to creep towards the 4.5 percent level. However, consumer confidence in home mortgage fell as application volume fell 7.1 percent.
The 30 year fixed mortgage rate fell by 0.02 percent to 5.45 percent in the Mortgage Bankers Association’s latest mortgage rate survey ending on December 05, 2008. The 15 year fixed mortgage rate also decreased week over week and currently sits at 5.09 percent, down from 5.13 percent last week.
The one year adjustable mortgage rate showed an increase of 0.15 percent from 6.61 percent to 6.76 percent week over week.
Overall mortgage applications took a tumble of 7.1 percent this week, in which refinance applications fell 0.9 percent and purchase applications fell 15.5 percent.
For the latest on mortgage rates be sure to visit Future Planning Financial at www.fpf-direct.com and see what professionals from around the country are saying on the Mortgage Rate Watch videos.
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