This week’s reverse mortgage rates are below. The rates are effective for the week beginning August 18, 2009.
APR:
HECM CMT 300: 3.47
HECM CMT 325: 3.72
HECM CMT 350: 3.97
HECM LIBOR 225: 2.523
HECM LIBOR 250: 2.773
HECM LIBOR 275: 3.023
HECM LIBOR 300: 3.273
Expected Rates:
HECM CMT 300: 6.67
HECM CMT 325: 6.92
HECM CMT 350: 7.17
HECM LIBOR 225: 6.20
HECM LIBOR 250: 6.45
HECM LIBOR 275: 6.70
HECM LIBOR 300: 6.95
The APRs and expected rates for both the HECM CMT and the HECM LIBOR declined this week. While rates for the HECM LIBOR have yet to fall to the level they were at earlier this month, the decline in expected rate of five hundredths of a point will still be nice for borrowers. The rates for the HECM CMT are the same as they were the week of August 4th.
Reminder: The HECM CMT will cease to be offered on September 1st.