Home Mortgage – Mortgage Interest Rates Under 5.25 Percent

Mortgage interest rates have started heading back down again this week. Home mortgage rates have been hovering in a range of 5.00 percent to 5.50 percent for over a month now. Home mortgage interest rates have been whipsawed by positive and negative economic news almost on a daily basis.

Avergage mortgage rates have gone down in almost every mortgage product category week over week, with longer term adjustable rate mortgages and interest only mortgage rates having the biggest declines.

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Mortgage Interest Rates

Current mortgage rates for a conventional fixed 30-year mortgage is at 5.22 percent today, down from last week’s fixed mortgage rate of 5.33 percent. Two weeks ago, the average home mortgage interest rate for a 30-year was just over 5.50 percent at 5.51 percent. The average conforming mortgage rate on a 15-year fixed is at 4.63 percent today, down from the prior week’s average rate of 4.75 percent.

Jumbo Mortgage Interest Rates

The average rate for a 30-year jumbo mortgage rose slightly this week to 6.14 percent, up from the prior week’s average rate of 6.12 percent. The average 30-year jumbo mortgage rate has also been in a tight range between 6.00 percent and 6.50 percent since May of this year. The average jumbo rate hit a high of 6.64 percent on June 15th.

15-year jumbo fixed mortgage rates are down this week to 5.80 percent, down from the previous week’s average jumbo rate of 5.88 percent. The spread between 15-year jumbo mortgage rates and 15-year conforming mortgage rates is still over 1.00 percent, higher than the historical norm.

While the spread between 30-year rates has narrowed to under 1.00 percent. During the credit crisis of last year the spread between conforming rates and jumbo rates was well over 1.00 percent nearing the 2.00 percent range.

Adjustable Mortgage Interest Rates

The average conforming one-year adjustable rate mortgage is at 4.28 percent this week, down from last week’s average mortgage rate of 4.34 percent. Jumbo one-year mortgage rates are at 4.82 percent, down from the prior week’s average rate of 5.00 percent.

3/1 adjustable mortgage rates have also declined this week. The average rate on a conventional 3/1 ARM is at 4.50 percent this week, down from the previous week’s average mortgage interest rate of 4.55 percent. Jumbo 3/1 ARMs are averaging 5.39 percent, down from last week’s average interest rate of 5.48 percent.

The average rate on a 5/1 conforming ARM is at 4.35 percent, down from last week’s average rate of 4.48 percent. Jumbo 5/1 ARMs are averaging 5.16 percent this week, down from the prior week’s average mortgage rate of 5.31 percent.

Conventional 7/1 adjustable rate mortgages are averaging 4.83 percent, down slightly from last week’s average mortgage interest rate of 4.86 percent. The average rate on a jumbo 7/1 mortgage is at 5.73 percent this week, down from the prior week’s average rate of 5.91 percent.

Jumbo 10/1 adjustable mortgage rates are averaging 6.30 percent this week, a decline from last week’s average rate of 6.39 percent. Conforming 10/a ARMs are averaging 5.25 percent this week, up from the prior week’s average rate of 5.21 percent.

Home Equity Loans

Home equity loan rates increased slightly this week over last. Home equity loans have been fluctuating in a tight range for a while now, both 10-year home equity loan rates and 15-year home equity loan rates have been around 7.75 percent. Today’s rate on a 15-year home equity is at 7.744 percent. Current rates on a 10-year home equity is at 7.619 percent this week.

Home Equity Line

Home equity line of credit rates have been a better deal over home equity loan rates. The average current home equity line of credit rate is still under 5.00 percent at 4.83 percent, a slight uptick from the prior week’s average rate of 4.82 percent.

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