Current Average Mortgage Rates Mixed: 30-year Mortgage Rates Lower This Week

Current average mortgage rates are mixed this week with conforming 15-year mortgage rates having the biggest decline and one-year jumbo mortgage rates having the biggest increase in rates. The yield curve is now inverted when you compare average mortgage rates on conforming one-year, three-year and five-year adjustable mortgage rates.

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Some housing analysts believe we might see mortgage rates head higher later this year as the Federal Reserve winds down the program to purchase mortgage backed securities.

The Fed has purchased $862 billion of the planned $1.25 trillion on mortgage backed securities. Also weighing on the housing market is the expiration of the $8,000 tax credit for first time home buyers. The credit is going to expire at the end of November. Housing analysts believe if the credit is allow to expire, home sales will suffer.

Current Average Mortgage Rates 

The average conforming 30-year mortgage rate is now just above 5.00 percent at 5.08 percent down from the prior week’s average mortgage rate of 5.18 percent. Conforming 15-year mortgage rates are averaging 4.50 percent, down from last week’s average mortgage rate of 4.71 percent.

Average 30-year jumbo mortgage rates are at 6.00 percent this week, down from the previous week’s average rate of 6.03 percent. 15-year jumbo mortgage rates are up to 5.50 percent this week, up from last week’s average rate of 5.42 percent.

Shorter term adjustable mortgage rates spiked higher this week over last week. Average conforming one-year adjustable mortgage rates are at 4.53 percent this week, up from last week’s average mortgage rate of 4.17 percent. Jumbo one-year adjustable rate mortgages had an even bigger increase, the current jumbo mortgage rate is at 5.02 percent this week, up from the prior week’s average loan rate of 4.56 percent.

The average mortgage rate on a conventional 3-year ARM is currently at 4.47 percent, down from last week’s average rate of 4.67 percent.  The rate on a jumbo 3-year ARM is currently at 5.45 percent, up from the prior week’s average jumbo mortgage rate of 5.15 percent.

5/1 conforming adjustable mortgage rates are averaging 4.25 percent this week, up from last week’s average rate of 4.22 percent. The average rate on a jumbo 5/1 mortgage is at 5.15 percent, down from the previous week’s average rate of 5.21 percent.

The average conforming 7/1 adjustable mortgage rate is averaging 4.66 percent this week,  down from last week’s average mortgage rate of 4.88 percent. Jumbo 7/1 ARMs are averaging 6.10 percent this week, up from the prior week’s average mortgage interest rate of 5.75 percent.

Conforming 10-year mortgage ratesare averaging 5.05 percent, up slightly from last week’s average rate of 5.04 percent. Jumbo 10-year ARMs are averaging 6.26 percent, up from last week’s average home loan rate of 6.01 percent.

Home equity line of credit rates are down this week, current home equity line of credit rates are at 4.86 percent, down from the prior week’s average HELOC rate of 4.99 percent.

Home equity loans are down this week over last, the average current rate for 15-year home equity loan is at 7.74 percent, down from last week’s home equity loan rate average rate of 8.53 percent. 10-year home equity loan rates are down to 7.62 percent, down slightly from the prior week’s average rate of 7.63 percent.

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