Charleston mortgage report, today's mortgage rates, April 16, 2010
There are nice improvements in mortgage rates this week with rates generally down by 1/8 for most loans. Of interest is the significant improvement in the 5/1 ARM over the past few months. Now some people might think that all ARM's are bad because of the negative media coverage but that is not necessarily so.
There is certainly peace of mind with a 30 year fixed rate loan that your interest rate will never change and last year at this time, there was absolutely no benefit in taking any risk since the 30 year fixed and the 5 year ARM were basically at the same rate. You might want to consider a 5 year ARM at today's rates if you are buying a home and plan to sell it within 5 years or if you currently own a home and plan to sell it within 5 years and your current interest rate is higher, you might consider refinancing. For every $100,000 you owe on your loan, your monthly payment can be reduced by almost $60.
| Today's Mortgage Rates | Rate | change |
| 30 yr conventional | 5.125% | down 1/8 |
| 15 yr conventional | 4.625% | none |
| FHA/VA | 5.125% | down 1/8 |
| 5/1 ARM conventional | 4.125% | down 1/8 |
| 30 yr JUMBO | 6.000% | none |
| 5/1 ARM Jumbo | 4.875% | down 1/8 |
Keri Pries
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This is just a small sample available of rates and products. This is not a guarantee nor is it a commitment of interest rate. Rates and available programs may change at anytime.