National Mortgage Rates Report- March 21, 2008

Posted by: Brian Brady on March 21st, 2008

Financial markets are taking pause today in honor of Good Friday. It was another dramatic week with Ben Bernanke playing John Wayne.

Last weekend, Bernanke brokered a deal that handed Bear Stearns over to Jamie Dimon and JP Morgan Chase.

Last week, a share of Bear Stearns traded for thrice the price of the monthly HomeGain AgentEvaluator subscription, this week, it trades around the price of a Starbucks cup of coffee.

Fannie Mae and Freddie Mac agreed to buy a lot of mortgages, $200 billion worth to be precise. This buoyed up the mortgage bonds market and had a positive effect on most mortgage rates.

Let’s lock those rates, now.

I don’t see a whole lot more reward on the horizon and the risk of higher rates will increase next week.

ARM rates are out of whack, again, and the fixed-rate mortgages are the best priced. Today, the wholesale rate for a 30-year fixed-rate loan is 5.625%. If you called me, you would get that 30-year fixed rate loan for 1% of the loan amount plus $499 for an APR of 5.89%.

A 15-year fixed rate mortgage can be locked for 4.875% for an APR of 5.15%. That’s about .75% less than what rates were on March 10. My advice to stay calm, in the face of panic, and float rates, panned out.

If you need specific advice, about a mortgage, contact me here.



2 Comments on “National Mortgage Rates Report- March 21, 2008”


I am in the middle of refinancing and a couple weeks ago I locked in at an interest rate of 6.125% – this includes receiving $12,000 cash out and is with good credit – not great, but good (credit score approx 710). Our house is appraised at 183,000 and we are refinancing a total of 153,000, plus closing cost. My loan guy said that if the interest rates drop, he could switch to that lower interest rate. I am reading – like your article that the interest rates have dropped, but he says that we are locked in at a good rate. (That was as of Wednesday, March 19th, I believe)Anyway, what do you think I should do?

Brian Brady

Hello Mary,

I think you might want a second opinion. I’m happy tp provide one for you if you fax he good-faith estimate and Truth-In-Lending statement to (858)-605-4230 and call me at (858)-777-9751.

On the surface, it sounds as if you can get a better rate but loan rates are determined by more factors than you’ve provided, today

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