Current Mortgage Rates above 5.00% for 30 Year Mortgages

Mortgage rates are lower this week compared to last week but conforming 30 year mortgage rates are back above 5.00%.  Despite the Federal Reserve’s announcement that it was going to gradually slow down the pace of buying mortgage-backed securities, mortgage rates have been slowly drifting down the past several weeks.

Under the original program to help the housing market by lowering mortgage rates, the Fed announced it will buy $1.25 trillion in mortgage-backed securities. The Fed expects to complete the final purchases sometime in the first quarter of 2010. Mortgage rates are expected to go up once the Fed stops buying these securities.

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Mortgage Rates Current

• The average mortgage rate for a 30 year conforming mortgage is at 5.01% this week, down from last week’s average rate of 5.02%. For most of last week, 30 year rates were just under 5.00% in the 4.95 percent range.
• 15 year mortgage interest rates were also lower this week, back under 4.50%. Current rates are at 4.46%, down from the previous week’s rate of 4.50%.  In mid-June of 2009, average 15 year mortgage rates were over 5.00 percent at 5.20 percent.

Jumbo Mortgage Rates

• 30-year jumbo mortgage rates were down slightly this week over last.  Current jumbo mortgage rates are at 5.83%, down from last week’s average rate of 5.84%. 
• Average 15 year jumbo rate mortgages are at 5.44% this week, down from the previous week’s rate of 5.50 percent.

Today’s Adjustable Mortgage Rates

• Conforming one year adjustable mortgages are at 4.25% this week, up from the prior week’s average rate of 4.14%.
• Average one year jumbo adjustable rate mortgages were down considerably this week, current jumbo rates are at 5.52%, down from last week’s average rate of 5.75%.
• Average rates for a conforming 3/1 ARM are at 4.41% this week, up from the previous week’s average rate of 4.34%.
• Rates on jumbo 3/1 ARMs are at 5.31% this week, down from 5.93% the prior week.
• 5/1 conventional ARMs are back above 4.00% at 4.14%, up from last week’s average rate of 3.88%.
• Jumbo 5.1 ARMs are averaging 4.84%, down from the prior week’s average rate of 4.93%.
• Average rates on conventional 7/1 ARMs are at 4.56%, up from the previous week’s average rate of 4.46%
• Jumbo rates on 7/1 ARMs are at 5.70%, up from last week’s average jumbo rate of 5.59%
• 10 year conforming ARMs are averaging 4.87% this week, up from 4.73% the prior week.
• Jumbo 10 year mortgages (ARMs) are averaging 5.99%, down slightly from 6.00% last week.

Interest Only Adjustable Mortgage Rates

• Conforming 3/1 interest only adjustable mortgage rates are at 4.51%, up from last week’s rate of 4.43%.
• Jumbo 3/1 IO ARM rates are at 5.56%, down from the prior week’s average rate of 5.92%
• Conforming 5/1 IO ARM rates are at 4.21%, up from the previous week’s rate of 4.09%
• Jumbo 5/1 IO ARM rates currently at 5.23%, down from 5.47% the prior week.
• Conforming 7/1 IO ARM rates are at 4.75%, up from 4.64% last week.
• Jumbo 7/1 IO ARMs are averaging 6.22%, up from 6.05%

Home Equity Loan Rates

10 year home equity loan rates are averaging 7.47% this week, down from last week’s average home equity loan rate of 7.65%. 15 year home equity loan rates are at 7.60%, down from the prior week’s home equity rate of 8.42%

Home Equity Line of Credit Rates

Home equity line of credit (HELOC) rates are back under 5.00% this week and still considerably lower than home equity loan rates. Current HELOC rates are averaging 4.86% this week, down from the previous week’s average HELOC rate of 5.10%.