Mortgage Rates – 30-year Fixed Mortgage Rates at 5.14%

Mortgage rates were mixed this past week with longer term 30-year fixed mortgage rates increasing slightly and 5/1 adjustable mortgage rates decreasing. Historically low mortgage interest rates are helping the housing market recover, driving home sales higher and home prices higher in a good part of the U.S.. 15-year fixed mortgage rates were also up slightly this past week.

In addition to the low current mortgage rates helping the real estate market recover, housing prices have come down so much homes are a lot more affordable than they have been in the past several years.

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Today’s mortgage rates have pushed existing home sales higher for the fourth consecutive month and new home sales higher, driving the amount of new homes currently for sale down to the lowest amount since March of 1993. 

The average rate for a 30-year fixed-rate mortgage was 5.14 percent with an average 0.7 point for the week ending yesterday, higher than last week’s average home interest rate of 5.12 percent according to Freddie Mac’s Primary Mortgage Market Survey. 3-year conforming mortgage rates haven’t changed much in the past two months. A year ago 30-year mortgages averaged 6.40 percent.

15-year fixed rate mortgages averaged 4.58 percent this week with an average 0.7 point, up from the previous week when it averaged 4.56 percent. Exactly a year ago at this time, the 15-year fixed rate conventinal mortgages averaged 5.93 percent.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage is 4.67 percent this week, with an average 0.6 point, a decrease from last week when it averaged 4.57 percent. Last year the average rate for a 5-year ARM was over 6.00 percent at 6.03 percent.

One-year Treasury-indexed adjustable rate mortgages averaged 4.69 percent this week with an average 0.6 point, unchanged from the prior week when it averaged 4.69 percent. At this time last year, the 1-year ARM averaged 5.33 percent.

Freddie Mac’s PMMS doesn’t include jumbo mortgage rates. MonitorBankRates.com reported on current jumbo mortgage rates eariler this week, here is the report.

The average jumbo mortgage rate for a 30-year jumbo 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 15.

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.

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