Current Mortgage Rates: June 22, 2009

Mortgage rates retreated from their recent highs this week, brought on by lower inflation data and lower U.S. Treasury prices.

Current mortgage rates were down almost across the board on all mortgage products compared to the prior week.

Shorter term mortgage rates were down more than longer term rates.  Shorter term jumbo adjustable rate mortgages were down the most, probably because of an easing of the credit crises that started last fall. Banks are getting more comfortable lending funds to each other, London Interbank Offered Rates are down on all maturities. The spread between the three month LIBOR and the Fed’s overnight rate, a gauge of how banks assess risk lending to each other is down to a level seen before the crises.

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The rate difference between Jumbo mortgage rates and conforming mortgage rates has been a lot higher than the historical average recently because of the credit crises. Since the crises is easing, jumbo rates are shifting back to a historical norm over conforming rates. Getting a better rate on a jumbo mortgage loan is easier than it has been recently.

Current Mortgage Rates:

30 year conforming mortgage rates were down this week, the current mortgage rate on a 30 year mortgage is 5.65 percent, down from last week’s average mortgage rate of 5.70 percent. Jumbo 30-year mortgage rates at 6.58 percent, down from last week’s average of 6.64 percent.

The average rate on a 15 year mortgage (conforming) is at 5.14 percent, down from last week when the average rate was 5.20 percent. Average rates on a 15 year jumbo mortgage is at 6.39 percent, down from last week’s average rate of 6.44 percent.

The average adjustable rate mortgage was mixed this week. One year conforming mortgage rate decreased from 4.92 percent to 4.84 percent this week. The average one year jumbo mortgage rate also decreased to 5.87 percent, down from last week’s average jumbo mortgage rate of 6.07 percent.

The average rate on a conforming 3/1 adjustable mortgage was down this week to 5.09 percent, down from last week’s average rate of 5.11 percent. The average Jumbo 3/1 adjustable mortgage rate decreased to 5.75 percent, down from last week’s average rate of 5.88 percent. A 3/1 conforming interest only mortgage is now at 5.19 percent, down from last week’s average rate of 5.20 percent. A Jumbo 3/1 interest only loan is now at 5.84 percent, down from 5.97 percent.

Average rates on conforming 5/1 adjustable rate mortgages increased to 5.20 percent from the prior week’s average rate of 5.16 percent. 5/1 jumbo mortgage rates decreased to 5.79 percent, down from the prior week’s average rate of 5.93 percent. 5/1 conforming interest only mortgage loan is now at 5.39 percent, up from last week’s average rate of 5.34 percent. A Jumbo 5/1 interest only is now at 6.03 percent, down from 6.24 percent.

Conforming 7/1 adjustable rate mortgages also increased this week, the average rate is now 5.75 percent, up from last week’s average rate of 5.70 percent. While jumbo 7/1 adjustable rate mortgages had a dramatic decrease to 6.37 percent, down from the prior week’s average rate of 6.67 percent. A conforming interest only 7/1 ARM is now at 6.04 percent, up from the prior week’s average rate of 5.95 percent. Jumbo 7/1 interest only ARM is now at 6.55 percent, down from last week’s average rate of 6.90 percent.

10/1 conforming mortgage rates were down this week to 5.99 percent, down from last week’s average rate of 6.05 percent. 10/1 jumbo rates decreased to 6.86 percent, down from last week’s average rate of 6.96 percent.

Home equity line of credit rates (HELOC) were up fractionally this week, the average rate is at 4.779 percent, up from last week’s average rate of 4.775 percent. Average rates on home equity loans was unchanged this week, the average rate on a 10 year home equity loan is at 7.657 percent, unchanged from the prior week. 15 year home equity loan rates averaged 7.79 percent, unchanged from the prior week’s average rate.

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