This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 11, 2009.
APR:
HECM CMT 300: 3.49
HECM CMT 325: 3.74
HECM CMT 350: 3.99
HECM LIBOR 225: 2.526
HECM LIBOR 250: 2.776
HECM LIBOR 275: 3.026
HECM LIBOR 300: 3.276
Expected Rates:
HECM CMT 300: 6.77
HECM CMT 325: 7.02
HECM CMT 350: 7.27
HECM LIBOR 225: 6.25
HECM LIBOR 250: 6.50
HECM LIBOR 275: 6.75
HECM LIBOR 300: 7.00
While the APR for both the HECM CMT and the HECM LIBOR remained mostly unchanged from last week, the expected rates for the HECM LIBOR and HECM CMT rose again this week. The increase was fairly significant, amounting to a tenth of a point on the HECM CMT and slightly more than a tenth of a point on the HECM LIBOR.
Reminder: The HECM CMT will cease to be offered on September 1st.