Jumbo mortgages fall to new record low in first November survey
Jumbo mortgages have never been cheaper, and every other type of home loan dipped to near all-time lows this week, according to Interest.com’s most recent survey of major lenders.
We suspect that's what we'll see from mortgages for the remainder of the fall and well into the winter.
The Federal Reserve is sticking by its plan to boost the economy by holding interest rates at record lows, the government-controlled bank's policy-setting committee said Wednesday.
In fact, Fed Chairman Ben Bernanke said the committee discussed options to drive interest rates even lower if economic growth and job creation remains tepid.
"We are prepared to take further action," Bernanke told a post-meeting press conference. "We have the tools to do more, if that's appropriate."
Our Nov. 2 survey found the average interest rate for a:
30-year, fixed-rate loan declined slightly to 4.32% from 4.33% this week. The record low is 4.21% set Oct. 5.
15-year, fixed-rate loan fell to 3.48% from 3.58% the previous week. The record low is 3.42% established Sept. 21.
30-year, fixed-rate jumbo loan, mortgages that exceed $417,000 to $625,000 depending on the city, fell to 4.81% from 4.89% last week. That broke the previous record low of 4.82% set Oct. 5.
5-year, adjustable-rate loan, home loans on which the initial interest rate remains fixed for the first five years and then changes once a year after that, fell to 3.18% from 3.22% the week before. The record low is 3.05% established Sept. 21.
Our database of mortgage rates can help you find the best deals in your area, including many that are less costly than the national averages.
You can use our calculator to determine the monthly payments for the exact amount you want to borrow with this or any home loan.
It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe.