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Mortgage Rates Fall, Still Above 5 Percent

  • July 6th 2009

by Mark Wellborn

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Mortgage Rates Fall, Still Above 5 Percent: Figure 1

Late last week, 30-year fixed-rate mortgage rates dropped .1 percent to 5.32 percent. The drop, while not very big by weekly rate standards, was important as rates inch back towards where they were earlier this year when providers hoped to entice buyers back into the market.

With long-term fixed mortgage rates averaging 5.32 percent, it is hard to believe that a year ago, the same rates were hovering around 6.35 percent.

To put the rate change in perspective, we compare the payments on a one-bedroom condo in Adams Morgan at today’s interest rates versus what they would’ve been a year ago.

Monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 5.32%:

  • Loan Amount: $380,000
  • Principal and Interest: $2,115
  • Real Estate Tax: $286
  • Est. Insurance: $75
  • Condo Fees: $105
  • Total Monthly Payments: $2,581

Monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 6.35%:

  • Loan Amount: $380,000
  • Principal and Interest: $2,364
  • Real Estate Tax: $286
  • Est. Insurance: $75
  • Condo Fees: $105
  • Total Monthly Payments: $2,830

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_rates_fall_still_above_5_percent/1098.

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