MortgageReverse

Reverse Mortgage Rates – September 30, 2008

Unfortunately our forecast from last week came true. On Tuesday, September 30th, the average HECM borrower will receive considerably lower benefits.  Yesterday, the 10-year Treasury rate plummeted today to 3.58%, last week’s average was 3.84%!It doesn’t appear that the 10-year Swap Rate changed much today.

This week, all Treasury-based HECM’s with a margin of +172 or less will pay the HECM maximum benefits. Ditto for LIBOR-based HECM’s with margins of +104 or less. Using these margins, the initial note rate on a LIBOR HECM would be 87 bp less than that on a Treasury HECM.  The rates of 9/30 are:


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Technorati Tags: Reverse Mortgage,HECM,FHA,HUD,RatesReverse Mortgage Rate Updates are brought to you by Jerry Wagner & Ibis Reverse Mortgage Software – The Industry Standard Since 1995. This is not just a slogan — six of the top 10 reverse mortgage originators plus NRMLA and the AARP use Ibis Software for their websites, retail and wholesale businesses.

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