Weekly Reverse Mortgage Rates (11/13/06)
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[tag]Reverse mortgages[/tag] are specialized [tag]mortgage products[/tag] available only to [tag]senior citizen[/tag] homeowners. HECMs are the most popular type of reverse mortgage. Interest rates for both annual- and monthly- adjusting HECM loans are indexed to the one-year constant maturity [tag]US Treasury rate[/tag].
Under a reverse mortgage, the lender makes loan payments to the borrower and the loan is repaid when the house is sold or the homeowner dies. The monthly or annually adjusting interest rate determines how fast the loan balance grows.
Interest rates for the monthly-adjusting [tag]Home Equity Conversion Mortgages[/tag] (HECM) rose slightly in the most recent week while the rate for the annual-adjusting HECM fell. Both rates remain well above their 52-week averages.
| Reverse Mortgage Rates | |||||
|---|---|---|---|---|---|
| Product | This Week | Last Week | 52-Week Avg |
52-Week High |
52-Week Low |
| HECM Monthly Adjusting | 6.53% | 6.50% | 6.35% | 6.77% | 5.80% |
| [tag]HECM[/tag] Annual Adjusting | 8.13% | 8.17% | 7.95% | 8.37% | 7.40% |
| [tag]Fannie Mae[/tag] [tag]Homekeeper[/tag] | 8.75% | 8.625% | 8.334% | 8.75% | 7.50% |
Visit our reverse mortgage interest rate tool for further information and analysis.
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