Current Mortgage Interest Rates: November 2, 2009

Current mortgage interest rates are down slightly this week following 10 year U.S. Treasury yields which fell below 3.50 percent. Both comforming mortgage rates and jumbo mortgage rates were lower this week over last. One year jumbo rate mortgages were down considerably.

These low interest rates are not expected to last. Mortgage interest rates will start heading higher as the economy recovers, which has already begun.

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

This past Friday The Bureau of Economic Analysis released third quarter GDP numbers which showed the economy expanded by 3.5 percent, higher than the consensus estimates of 3.1 percent according to Bloomberg. The worst recession since the 1930s probably has ended and will officially end when we have two consectutive quarters of growth.

Current Mortgage Interest Rates

Conforming Mortgage Rates

The average conforming 30 year mortgage rate declined to 5.05 percent this week, down from last week’s average home loan rate of 5.08 percent. Conforming 15 year mortgage rates are averaging 4.49 percent this week, down from the prior week’s average mortgage rate of 4.50 percent.

Jumbo Mortgage Rates

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.

Adjustable Mortgage Rates

Average conforming one year adjustable mortgage rates are at 4.29 percent this week, down from an average of 4.35 percent last week. One year jumbo mortgage interest rates are averaging 5.28 percent, down from 5.49 percent last week.

The average conventional 3/1 year adjustable mortgage rate is at 4.41 percent this week, up from last week’s average of 4.38 percent. The average jumbo 3/1 ARM is at 5.47 percent this week, down from last week’s average interest rate of 5.53 percent.

5/1 conforming ARMs are averaging 4.12 percent, down from last week’s average home loan rate of 4.15 percent. Jumbo 5/1 ARMs are averaging 4.86 percent, down from last week when the average mortgage home loan rate was 4.94 percent.

Average conforming 7/1 ARMS are at 4.56 percent this week, up from the prior week’s average interest mortgage rate of 4.53 percent. The average jumbo 7/1 ARM is unchanged at 5.66 percent.

The average conventinal 10/1 ARM is also unchanged this week at 4.95 percent. The average jumbo 10/1 ARM is down to 6.07 percent this week, down from last week’s average loan interest rate of 6.12 percent.

Home Equity Loan

Home equity loan rates were virtually unchanged this week compared to last week. The average 10 year home equity loan is currently at 7.468 percent this week, up fractionally from last week’s average equity home loan rate of 7.467 percent. 15 year home equity rates are averaging 7.598 percent this week, up fractionally from last week’s home equity rate of 7.596 percent.

Home Equity Line of Credit

Home equity line of credit rates are averaging 4.878 percent this week, up from the previous week’s average home equity line rate of 4.865 percent.