30-year fixed-rate mortgage: Averaged 5.93 percent with an average 0.7 point for the week ending September 11, 2008, down from last week when it averaged 6.35 percent. Last year at this time, the 30-year FRM averaged 6.31 percent.
15-year fixed-rate mortgage: Averaged 5.54 percent with an average 0.7 point, down from last week when it averaged 5.90 percent. A year ago at this time, the 15-year FRM averaged 5.97 percent.
Five-year Treasury-indexed ARMs: Averaged 5.87 percent this week, with an average 0.7 point, down from last week when it averaged 5.97 percent. A year ago, the 5-year ARM averaged 6.17 percent.
One-year Treasury-indexed ARMs: Averaged 5.21 percent this week with an average 0.6 point, up from last week when it averaged 5.15 percent. At this time last year, the 1-year ARM averaged 5.66 percent
I dont know what to make of all of this.....on one hand we have a broken and close to bankrupt financial system. We have just increased the national debt by 50%. This is an admission that the fail safes and the institutional expertise has failed us and the lender of last resort (us) is stepping up.The world has voted this a plus given the circumstances. Rates are down and this might possibly bring the end of the supply problem in view. Still, I wonder about the long term implications of such a collapse. This is real money that will never come back. If we were headed for a bi-polar world with new economic leaders sharing our space with us....we have certainly hurried that along quite a bit. We didnt even have to lose a war....
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