Mortgage Interest Rate: Mortgage rates were down in this week’s Primary Mortgage Market Survey released by Freddie Mac, continuing the recent trend of lower home mortgage rates over the past several weeks.

Current Mortgage Rates

The average fixed rate on a conforming 30 year mortgage is 5.32 percent with an average 0.7 point, for the week ending July 2, 2009, down from the prior week’s average rate of 5.42 percent. Current mortgage rates are leading to an uptick in mortgage applications and mortgage refinancing.

15 year conforming fixed rate mortgages averaged 4.77 percent for the week ending July 2, 2009 with an average 0.7 point, down from the previous week’s average rate of 4.88 percent. Today’s mortgage rates are still low compared to historical standards and last year’s rates. A year ago 15 year conforming fixed rate mortgages averaged 5.78 percent.

Adjustable Rate Mortgages

Adjustable rate mortgages were also down for the week ending July 2, 2009.5 year ARMs averaged 4.88 percent with an average 0.7 point, down from the prior week’s average rate of 4.99 percent. 5 year adjustable mortgage loan rates were over 5.00 percent last month.

One year adjustable rate mortgages are at 4.94 percent with an average 0.6 point, up from the prior week’s average rate of 4.93 percent. A year ago at this time, one year adjustable rate mortgages were over 5.00 percent at 5.17 percent.

Jumbo Mortgage

Freddie Mac’s weekly survey only reports on conforming mortgages, if you’re seraching for rates on a jumbo mortgage check our rate tables for current mortgage rates.

Current Mortgage Rates