Longer term conforming mortgage rates headed lower for the week ending December 21, 2009 after two consecutive weeks of higher mortgage rates. 30-year jumbo mortgage rates were down slightly this week over last but are still near the lows for 2009.

Home equity loan rates had the biggest declines in months, probably because banks are more comfortable lending now that the housing market has stabilized in most of the country.

Mortgage rates are expected to head higher in 2010 especially if the economy picks up steam a lot quicker than recently anticipated. Some economists are now expecting fourth quarter GDP to expand by an aggressive 4.5 percent. A couple of quarters’ growth in that range along with a drop in the unemployment rate will force the FOMC to raise the Fed Fund’s rate.

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Current Mortgage Rates

Fixed Mortgage Rates – Conventional

30-year mortgage rates increased to 4.94 percent this week, up from the previous week’s average mortgage rate of 4.97 percent.

15-year mortgage interest rates were down slightly to 4.39 percent this week, down from last week’s average mortgage rate of 4.40 percent.

Fixed Jumbo Mortgage Rates

30-year jumbo mortgage rates are averaging 5.71% this week, down from the prior week’s mortgage interest rate of 5.73%.

15 year jumbo home loan rates are averaging 5.20% this week, up slightly from the last week’s home interest loan rate of 5.19%.

Conventional Adjustable Rate Mortgages

1-year adjustable mortgage rates are averaging at 4.23% this week, down  from the prior week when one year home loans were averaging 4.22%.

3-year adjustable rate mortgages are averaging 4.44%, up from last week’s average loan rate of 4.40%.

5-year adjustable mortgage interest rates are at 4.18 percent this week, down from the previous week’s average mortgage rate of 4.19%.

7-year adjustable home loans are averaging 4.68%, up from last week’s average loan rate of 4.57%.

The average 10-year ARM is at 5.01%, down from the previous week’s average home finance rate of 5.04%.

Jumbo Adjustable Rate Mortgages

1-year jumbo adjustable mortgage rates are averaging 5.56% this week, up from the prior week’s average mortgage finance interest rate of 5.53%.

The average 3-year jumbo ARM is at 5.51% this week, up from last week’s adjustable rate of 5.40%.

5-year jumbo ARMs are averaging 5.03% this week, down from the prior week’s average rate on a five year jumbo mortgage 0f 5.05%.

7-year jumbo ARMs are averaging 5.49% this week, down from last week’s average rate of 5.53 percent.

The average 10-year jumbo is at 6.05 percent, down from the prior week’s average 10-year mortgage rate of 6.06 percent.

Interest Only Loan Mortgage Rates (IO) - Conforming

3-year interest only mortgage rates are averaging 4.52 percent this week, down from last week’s average interest rate of 4.57%.

5-year interest only loans are averaging 4.29 percent this week, down from last week when five year interest only mortgages averaged 4.30%.

7-year IO loan rates are averaging 4.89 percent this week, up from last week’s average interest rate of 4.78%.

Interest Only Mortgage Rates – Jumbo

3-year jumbo interest only mortgages are averaging 5.68% this week, up from last week’s jumbo interest mortgage average rate of 5.52%.

5-year jumbo IO loan rates are averaging 5.43 percent, down from the prior week’s average IO mortgage rate of 5.45 percent.

The average jumbo 7-year IO loan mortgage rate is at 5.87 percent, down from last week’s average jumbo rate of 5.90 percent.

Home Equity Loan Rates

The average home equity loan rate was down this week over last week. 10 year home equity loan rates decreased to 7.332% this week, down from last week’s average equity home loan rate of 7.483%. 15 year home equity rates decreased to 7.411%, down from the prior week’s average equity loan rate of 7.611%.

Home Equity Line of Credit (HELOC Rates)

Average home equity line of credit rates were down slightly this week over last. The average HELOC rate is at 4.900% this week, down from last week’s average HELOC rate of 4.902%.

Looking for today’s mortgage rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Today’s Mortgage Rates