Mortgage Rates: Long Term: Mortgage Rates Plummet

Short-Term Rates Barely Changed

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30 Fixed Rate Mortgage: Averaged 5.87 percent with an average 0.5 point for the week ending March 20, 2008, down from last week when it averaged 6.13 percent

15-year Fixed Rate Mortgage: Averaged 5.27 percent with an average 0.5 point, down from last week when it averaged 5.60 percent. A year ago at this time, the 15-year FRM averaged 5.90 percent.

Five-year Treasury-indexed ARMs: Averaged 5.56 percent this week, with an average 0.9 point, down from last week when it averaged 5.58 percent. A year ago, the 5-year ARM averaged 5.91 percent.

One-year Treasury-indexed ARMs: Averaged 5.15 percent this week with an average 0.8 point, up from last week when it was 5.14 percent. At this time last year, the 1-year ARM averaged 5.40 percent

This is the first big move for long term mortgages that I have seen. Almost .05% less than this time last week. Now that is helpful!

Thanks for Reading
Howard Bell
www.yourpropertypath.com