Current mortgage rates started heading down this past week when the FOMC released it’s statement on current economic policy this past Wednesday. As expected, the fed decided to leave the fed funds rate in a targeted range of zero percent to one quarter percent.
Since fed statement on Wednesday mortgage rates started creeping down again. The national average mortgage rate for a conventional 30-year fixed mortgage declined to 5.31 percent from 5.51 percent early this week. 15-year conforming fixed rate mortgages declined to 4.75 percent from 4.87 percent.
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Jumbo Rate mortgages also declined since Wednesday. Today’s mortgage rate on a fixed 30-year jumbo is at 6.13 percent, down from 6.31 percent. As of today, a 15-year jumbo mortgage interest rate is back under 6.00 percent at 5.88 percent.
We anticipate mortgage rates to remain in this current range. If you’re thinking of locking in a mortgage rate at today’s rates you would be wise to do so. Eventually mortgage loan rates will increase as the year progresses.
Find out what mortgage rates are currently going for in your area by using our Mortgage Rate Search Engine. Find 40-year mortgage rates, 30-year mortgage rates, 20-year mortgage rates, 15-year mortgage rates, jumbo mortgage rates, adjustable rate mortgages, mortgage refinance rates, home equity loans, home equity line of credit rates (HELOC).
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Author: Brian McKay
August 15th, 2009
