Ann Arbor real estate-mortgage rates fall slightly amid uncertainty:
February 13, 2009 -- A weeks-long run of rising mortgage rates ended this week despite vague pronouncements from the new Treasury Secretary about forthcoming plans for the second $350 billion of TARP money. Bond markets couldn't seem to make up their minds, alternately rallying and then selling off amid legislative actions and stock market swoons.
For the week, Gold Star Mortgage's overall average for the cost of mortgage money -- our Fixed-Rate Mortgage Indicator (includes conforming, jumbo and 'expanded conforming' interest rates) -- dropped by eighteen basis (.18%) points to land at 5.76%, the lowest such average in a month. As mortgage rates have risen over the past few weeks, there has been a corresponding slide in applications for home loans, according to the Mortgage Bankers Association of America. Among other factors, at least some of the increase can be attributed to lenders pricing defensively' to temper an unmanageable crush of business, and it would seem that the crush has subsided enough to warrant an attempt to attract more business.
The FRMI's 5/1 Hybrid counterpart also eased, shedding thirteen basis points (.13) to close the week at 5.54%.
Conforming 30-year FRMs led the charge downward, falling to 5.26%, while jumbos managed a decline of fourteen basis points
Sent wirelessly via BlackBerry from Rick Richter
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