Great News in the Mortgage Industry
Rates on 30-year mortgages dropped for a third straight week to the lowest level since the summer of 2005 as worries intensified about the current economic slowdown. This is great news for those seeking to refinance or are considering a new home purchase. A 30-year, fixed-rate mortgages averaged 5.69 percent this week.
Many economists don’t believe mortgage rates will decline much more.
The reason for the decline in mortgage rates are to help ease the country out of of a recession. Other types of mortgages also showed declines this week. Rates on 15-year mortgages, a popular choice for refinancing, dropped to 5.21 percent this week, down from 5.43 percent last week.
Rates on five-year adjustable-rate mortgages declined to 5.40 percent, compared to 5.63 percent last week while rates on one-year ARMs fell to 5.26 percent, down from 5.37 percent last week. It marked the first time that the 15-year rate has fallen below one-year adjustable-rate mortgages in seven years. The mortgage rates do not include add-on fees known as points. Thirty-year mortgages carried a nationwide average fee of 0.5 point while 15-year mortgages had a fee of 0.4 point. The five-year and one-year ARMS both had fees of 0.6 point.
A year ago, 30-year mortgages stood at 6.23 percent while rates on 15-year mortgages were at 5.98 percent. Five-year adjustable-rate mortgages averaged 6.04 percent and one-year ARMs were at 5.51 percent this time a year ago.
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Mortgage Resource
Dawn-Renee Mack has been a Colorado mortgage professional for nearly a decade. She received formal education at Bradley University in Illinois. Today she leads an experienced lending team, which includes not only 30 years of combined mortgage experience but vast accounting experience as well, Mack firmly believes with each loan she originates for clients, to treat your family’s home mortgage as if it were her own. She looks at every situation with an eye for what is best in the present and what will also help you accomplish your long term financial goals.
Dawn-Renee’s lending team firmly believes that client education is vital to a homeowners financial success. Through education and excellent service, she elevates what is often perceived as a frustrating and confusing process to a smooth, seamless home-buying experience. I think the most important aspect of my job besides the planning of my clients mortgage future is to make sure they are educated about the process itself. Familiarity with what to expect allows a homeowner to relax, and that is my ultimate goal. Buying a house should be a positive experience! Focusing solely on mortgages for her entire financial career has allowed Dawn-Renee to become an expert in her field. She knows the ins and outs of widely divergent programs, ensuring that all of her clients get the best possible loan, regardless of their specific situation.
Dawn-Renee Mack has access to over 350 investors and thousands of loan programs is invaluable to my philosophy that I will find the loan that fits my client, not force my client into a loan box that is not in their best interest.”, says Mack. If you have any questions regarding the current mortgage market. Feel you could benefit from an evaluation of your current mortgage loan and or any loan program someone else has proposed and want to make sure it’s really something you should be involved in you can reach her directly at 303-691-5058.
