Mortgage Rate Trends

Mortgage rates are the percentages of interest which are tacked on to the capital payment of a mortgage loan. Tracking the various mortgage rate trends on an overall level and on a specific mortgage plan level is important for individuals who are considering investing in a house and need a mortgage loan. Banks and various professional companies report their average mortgage rates weekly; the data from each bank is compiled and put into spread sheets comparing the rates. This is important for the financial community, because it helps to predict and make projections regarding the future of the mortgage rate trend. In the most recent reports, the overall census has been that mortgage rates are still decreasing in percentage.

Previously mentioned was the idea of tracking specific mortgage plans; what is meant by this is that there are many different types or mortgages: 15 year fixed rate, 30 year fixed rate, 1 year adjustable, 5 year adjustable, and graduated mortgage plans. By tracking the current mortgage rates, individuals can find a plan that works best for their budget. The most recent mortgage rate trends are as follows: 30 year fixed mortgage rates are varying between 4.2% and 4.7%; 15 year mortgage plans have mortgage rate trends of 3.6% to 4.0%. And to take one of the adjustable mortgage rates, a 5 year mortgage rate has been averaging around 3.2% in current mortgage rate trends.