According to CNNMoney, the mortgage market may have started to turn around finally due to some new statistics that showed fewer borrowers delayed their payments on mortgages in the last three months of 2009. In 2009, the percentage of mortgage loans that were late was at 9.64%, which have fallen to 9.47% in the fourth quarter (National Delinquency Survey). Economic and real estate analyst’s say this is only a slight change, but this change does show a reduction in mortgages heading towards the foreclosure process.
National Average Mortgage Rates: (Provided by Bloomberg.com)
30-year Fixed: 5.09
15-year Fixed: 4.51
30-year Fixed Jumbo: 5.93
15-year Fixed Jumbo: 5.44
*These rates should not be relied on. Talk to your mortgage broker, bank, etc. for more information on interest rates.