This week’s reverse mortgage rates are below. These rates are effective for the week beginning July 28, 2009.
APR:
HECM CMT 300: 3.47
HECM CMT 325: 3.72
HECM CMT 350: 3.97
HECM LIBOR 250: 2.785
HECM LIBOR 275: 3.035
HECM LIBOR 300: 3.285
Expected Rates:
HECM CMT 300: 6.62
HECM CMT 325: 6.87
HECM CMT 350: 7.12
HECM LIBOR 250: 6.31
HECM LIBOR 275: 6.56
HECM LIBOR 300: 6.81
Rates for the HECM LIBOR and HECM CMT rose again this week, though the APRs for both products declined. The expected rate for the HECM LIBOR rose by a tenth of a point this week, while the expected rate for the HECM CMT rose by seven hundredths of a point. One would hope that the rates will stop rising soon.