,or reset, on $1 trillion worth of the nation's $9 trillion in mortgage debt next year.
"It's difficult to predict the impact" of that, according to Daniel Mudd, president and CEO of Fannie Mae, which buys, packages and resells mortgages to investors. "But we know it's going to take some people from monthly payments in the hundreds (of dollars) to thousands."
Their ability to keep up with those payments will depend on how much other debt they have, how much equity they have in their homes, and how secure their income is.
"Getting more people into homes is a good thing," Mudd says. "But it's not entirely clear that everyone knew what they were getting into." - interest.com
It's time to REFINANCE!
National Average Interest Rates |
PRODUCT |
|
RATE |
POINTS |
APR |
CHANGE |
30 Year Fixed |
|
5.94% |
0.32 |
6.06% |
H |
-0.010% |
15 Year Fixed |
|
5.68% |
0.30 |
5.90% |
H |
-0.010% |
30 Year Fixed Jumbo |
|
6.27% |
0.36 |
6.35% |
|
0.000% |
15 Year Fixed Jumbo |
|
5.90% |
0.40 |
6.09% |
H |
-0.020% |
5 Year Balloon |
|
6.11% |
0.81 |
6.64% |
H |
-0.150% |
7 Year Balloon |
|
6.30% |
0.64 |
6.63% |
H |
-0.100% |
|
|
|
|
|
|
|
Variable Rates |
|
RATE |
POINTS |
APR |
CHANGE |
1/1 ARM |
|
5.21% |
0.43 |
7.29% |
|
0.000% |
3/1 ARM |
|
5.59% |
0.35 |
7.02% |
H |
-0.020% |
5/1 ARM |
|
5.68% |
0.35 |
6.83% |
H |
-0.020% |
1/1 Jumbo ARM |
|
5.74% |
0.55 |
7.29% |
|
0.000% |
3/1 Jumbo ARM |
|
5.76% |
0.45 |
6.99% |
|
0.000% |
5/1 Jumbo ARM |
|
5.82% |
44.00% |
6.88% |
H |
-0.050% |
|
|
|
|
|
|
|
Government Loans |
|
RATE |
POINTS |
APR |
CHANGE |
FHA 30 Year Fixed |
|
5.95% |
44.00% |
6.07% |
H |
-0.010% |
FHA 1 Yr ARM |
|
5.43% |
78.00% |
7.55% |
G |
0.010% |
VA 30 Year Fixed |
|
6.04% |
37.00% |
6.15% |
|
0.000% |
|
|
|
|
|
|
|
Last Updated: 11/9/2006 5:00 PM |
% Change Based On: 11/8/2006 5:00 PM PDT |
Daily Rate Averages indicate day-to-day fluctuations in rates averaged from over 700 companies in 50 states and the District of Columbia. The Change in rate reflects the current average rate when compared to the average rate approximately one business day earlier. Rates differ from county-to-country and state-to-state. Interest rates fluctuate hourly during normal business trading days. Please use these as a reference only. |
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