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Last Week’s Fed Cut Lower Rates?

February 01, 2008 | 1118 views | 0 comments

In loose correlation with the fed rate, ARM rates peaked in September 2007 (with the national average for a Jumbo 3/1 ARM at 6.848%) and fell by an average of 16 basis points in October 2007. Rates stabilized in the three months following, averaging 6.389% for the Jumbo 3/1 ARM’s nationally. The lowest rates occurred in February 2008 (5.995%), which mirrored rates from the previous year in March 2007 (5.994%). Overall, March 2008 rates are displaying a slight increase (of about 0.125%) compared to rates only one year ago.

Based on the latest fed rate cut, adjustable mortgage products may remain stable or reflect a slight change. Use convenient rate tables to stay updated on the rates currently available in your area.

Source: Informa Research Services

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