SOURCE: Mortgagebot

Mortgagebot

August 16, 2011 14:31 ET

Mortgage Marvel Rate Trends Shows 30-Year Fixed Rates Continue to Descend

MEQUON, WI--(Marketwire - Aug 16, 2011) - Mortgage Marvel Rate Trends™, a daily survey of over 950 lenders, shows 30-year, fixed rates continued their recent descent by dropping 0.20% to 4.24% over the past week.

30-Year Fixed Rate - Weekly Change

Current Rate 7 Days Ago Change
4.24% 4.44% -0.20%

Current rates are roughly equal to the all-time low of 4.20% set October 12, 2010 and nearly a point lower than the 6-month high of 5.15% reached on February 18, 2011.

30-Year Fixed Rate - Highs & Lows

Period High Low
Rate Change* Date Rate Change* Date
30 Days 4.71% -0.47% 7/27/2011 4.22% 0.02% 8/11/2011
3 Months 4.81% -0.57% 5/19/2011 4.22% 0.02% 8/11/2011
6 Months 5.15% -0.91% 2/18/2011 4.22% 0.02% 8/11/2011

*Change based on difference from current rate

Other popular products
Fifteen-year fixed rates slid 0.19% to 3.45% from 3.64% last week. 5/1 ARM rates, however, only dropped 0.01% to 3.50% from 3.51%. The rates for 30-year, fixed rate jumbo loans (typically loans over $417,000) decreased just 0.01% to 5.34% from 5.35% last week.

For comparison sake, displayed rates feature 0 discount points unless otherwise indicated. The assumed loan amount and loan-to-value ratio are $500,000 and 66% for jumbo loans and $187,500 and 75% for all other programs.

For more detailed information, including an interactive graph and state-level detail, go to http://www.mortgagemarvel.com/mortgageratetrends/.

For specific rates and closing costs in your area, go to http://www.mortgagemarvel.com/Pages/AdvancedSearch.aspx.

About Mortgage Marvel Rate Trends
Mortgage Marvel Rate Trends pulls rates every day directly from the live product and pricing database of 950 national, regional, and local banks and credit unions across the country. Mortgage Marvel Rate Trends includes average rates for conforming (i.e. loans below $417,000) and jumbo loan programs across all common fixed and adjustable rate products. Mortgage Marvel Rate Trends also separately tracks rates for purchase, rate & term refinance, and cash-out refinance transactions for every product and program, and for every state and region in the U.S.

About Mortgage Marvel and Mortgagebot
Mortgage Marvel (www.MortgageMarvel.com) presents free, accurate, up-to-date mortgage quotes from multiple lenders in an easy-to-understand display. It further enables borrowers to link directly to their preferred lender -- where they can complete a mortgage application and get approved with full disclosures, all in about 20 minutes or less.

Mortgage Marvel is operated by Mortgagebot LLC (www.Mortgagebot.com), the industry leading, Inc. 5000 company that provides the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions. Mortgagebot blends deep mortgage experience with innovative "cloud-computing" technology to create scalable and affordable Web sites for nearly 1,000 banks and credit unions nationwide.

Contact Information

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