Current mortgage rates are mixed this week over last, both conventional 30 year mortgage rates and 15 year conventional mortgage rates are lower. Fixed jumbo mortgage rates are higher.

The Federal Open Market Committee (FOMC) met last week and decided to keep the federal funds rate in a target range of zero percent to 1/4 percent because there is still “substantial resource slack in the system” which should keep inflation down for now even though the economy expanded by 3.5% in the third quarter of 2009.

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

The Feds has been providing support to mortgage lending and the housing market by purchasing a total of $1.25 trillion of agency mortgage-backed securities. This program has kept mortgage rates low. The FOMC also said last week that it will slow down the pace of buying mortgage securities and will complete their purchases sometime in the first quarter of 2010.

With the recession over and the program of buying mortgage backed securities ending in Q1, 2010 mortgage rates will probably rise sometime in 2010. More than likely, mortgage rates will start heading higher in the first quarter of 2010. The rate of increase will depend on how strong the economic recovery is and how concerned the FOMC is worried about inflation. It’s quite possible mortgage interest rates will head higher rather quickly so now is a good time to refinance your mortgage.

Passed into law last week was the extension of The First Time Home-Buyers Tax Credit. The $8,000 tax credit was going to end this month but was extended to April 30, 2009. The credit was expanded to include a $6,500 credit for anyone who bought a home as long as you were in your current home at least five years. Read more here: First Time Homebuyer Tax Credit

Current Mortgage Rates

Fixed Rate Mortgages

• Conforming fixed rate 30 year mortgages declined to 5.02% this week, down from last week’s average fixed home loan rate of 5.05%.
• Conforming fixed rate 15 year home mortgage rates are at 4.45%, down from the prior week’s average mortgage rate of 4.49%.

Jumbo Mortgage Rates

• 30 year jumbo mortgage rates are at 5.78 percent this week, up slightly from last week’s average mortgage rate of 5.77 percent.
• 15 year jumbo rate mortgages are at 5.29%, up from the previous week’s average loan rate of 5.27%.

Conforming Adjustable Rate Mortgages

• One year adjustable mortgage rates are at 4.37% this week, up from last week’s average one year rate of 4.29%.
• Three year adjustable rate mortgages are at 4.36%, down from last week’s average of 4.41%.
• Five year adjustable mortgage rates declined to 4.12%, down from the prior week’s average rate of 4.15%.
• Seven year ARMs are at 4.50%, down from the previous week’s average rate of 4.56%.
• 10 year ARMs are averaging 4.88%, down from last week’s average 10 year mortgage rate of 4.92%.

Jumbo Adjustable Rate Mortgages

• Average one year jumbo adjustable mortgage rates are at 5.35% this week, down slightly from last week’s average one year rate of 5.36%.
• Three year jumbo adjustable rate mortgages are averaging 5.47% this week, down from last week’s average of 5.58%.
• Five year adjustable mortgage rates are averaging 4.90%, up from last week’s average jumbo ARM of 4.86%.
• Seven year jumbo ARMs are at 5.71%, up from the previous week’s average interest rate of 5.66%.
• 10 year jumbo ARMs are averaging 6.07%, unchanged from last week’s average 10 year mortgage rate.

Home Equity loan Rates

• Average home equity loans were up this past week, 10 year home equity loan rates increased to 7.480% this week, down from last week’s average equity home loan rate of 7.468%. 15 year home equity rates increased to 7.611%, up from the prior week’s average equity loan rate of 7.598%.

Home Equity Line of Credit (HELOC) Rates

• Average home equity line of credit rates were up slightly this week over last, the average HELOC rate this week is 4.893%, up from last week’s average HELOC rate of 4.878%.

Looking for mortgage rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Bank Mortgage Rate Tables