30 Year Mortgage Rates Back Under 5.00%

30 year mortgage rates are back under 5.00 percent in the latest Primary Mortgage Market Survey released by Freddie Mac this morning. 15 year mortgage interest rates and adjustable mortgage rates were also lower in the latest survey.

Today’s mortgage rates are helping the housing market recover from the decline in home prices over the past couple of years. Pending existing home sales have increased for the past 8 months and are at the strongest pace since December 2006. 

Current mortgage rates are also contributing to an increase in mortgage refinance activity. The Mortgage Bankers Associations weekly Refinance Index, which measures mortgage refinance applications increased 14.5 percent from the previous week.

Looking for today’s mortgage rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Best Mortgage Rates

Mortgage Rates Current

The average 30 year fixed mortgage rate decreased to 4.98 percent for the week ending November 5, 2009, down from the previous week’s average mortgage loan rate of 5.03 percent. Mortgage discount points averaged 0.7 points.

15 year fixed rate mortgages averaged 4.40 percent this week, down from the prior week when the average 15 year home loan rate was 4.46 percent. Average mortgage points on 15 year mortgages is at 0.6 points.

Five year U.S. Treasury indexed adjustable mortgage rates averaged 4.35 percent for the week ending November 5, 2009. Down from last week’s average loan rate of 4.42 percent. Mortgage points averaged 0.6 points.

One year Treasury indexed adjustable rate mortgages averaged 4.47 percent this week, down from the prior week’s average one year mortgage interest rate of 4.57 percent. Mortgage discount points averaged 0.5 points.

Jumbo mortgage rates currently are lower this week over last. MonitorBankRates.com reported on jumbo rate mortgages on Monday. Following is the report.

The average 30 year jumbo mortgage rate is at 5.77 percent this week, down from the previous week’s average loan rate of 5.85 percent. 15 year jumbo mortgage rates were averaging 5.27 percent this week, down from last week’s average interest rate of 5.30 percent.