Mortgage rates, which were around 5% in the beginning of the year, are now taking a hike on up to the mid-5′s. The interest rates over the past week, while home prices and home sales took a drop.

So this is how it’s looking right now.

• 15 year fixed rate = 4.93%, it was the same last week
• 30 year fixed rate = 5.41%, it was 5.34% last week
• 30 year jumbo fixed rate = 6.87%, it was 6.92% last week. A welcomed drop
• 1 year ARM rate = 5.58%, it was 5.47% last week
• 5/1 ARM = 5.4%, it was 5.37% last week.

The mortgage rate will most likely remain in the 5′s because of the money that’s given to the Treasury. When money’s given to the Treasurys, interest rates fall and keep mortgage rates low. We won’t see a rise in the mortgage rates until our economy recovers and stabilizes itself substantially.

Only a month ago, the sales of new construction homes fell 10% and the average sales price of those homes dropped 15%. Take advantage of this opportunity to create a long term, profitable investment and search for Tucson real estate investments now.

This entry was posted on Thursday, February 26th, 2009 at 3:51 pm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.