Mortgage Rates - Current Mortgage Rates

Mortgage rates are were mostly down this past week, staying above near record lows of the past couple of months. 30-year fixed jumbo mortgage rates fell below 6.00 percent this week and conforming 30-year mortgage rates are nearing 5.00 percent.

Lower bond yields also drove mortgage rates lower  this past week. Current 10-year bond yields are at 3.44 percent, yields hit a recent low of 3.29 percent on September 2, 2009. 

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Today’s low mortgage rates are driving home sales higher, pending home sales rose for the sixth straight month in July according to the National Association of Realtors. Current mortgage rates are also keeping homes affordable, bringing home buyers back to the market and spurring home sales.

Current Mortgage Rates

Current 30-year fixed mortgage rates are closing in on 5.00 percent again, current rates are down to 5.16 percent, a decline from last week’s average mortgage rate of 5.24 percent. Today’s average 30-year jumbo mortgage rates are under 6.00 percent at 5.94 percent, down from the prior week’s average rate of 6.03 percent. Last week  in Freddie Mac’s Primary Mortgage Market Survey 30-year mortgage rates were  at 5.08 percent

Conventional 15-year fixed rate mortgages are headed back down to the 4.50 percent range. Current 15-year mortgage rates are averaging 4.58 percent this week, down from the prior week’s average rate of 4.69 percent. 15-year jumbo mortgage rates are averaging 5.71 percent this week, up from the prior week’s average rate of 5.65 percent.

Adjustable rate mortgages were down for the most part this week. One-year conforming adjustable mortgage rates are down to 4.43 percent this week, down from the prior week’s average rate of 4.47 percent. One-year jumbo adjustable rate mortgages are down to 5.06 percent this week, down from the prior week’s average rate of 5.23 percent.

3/1 conforming adjustable mortgage rates are at 4.64 percent, up from the prior week’s average rate of 4.56 percent. Jumbo 5/1 ARMs are averaging 5.33 percent this week, down from the prior week’s average mortgage rate of 5.46 percent.

The average rate for a 5/1 conforming ARM is at 4.30 percent, down from last week’s average rate of 4.39 percent. Jumbo 5/1 ARMs are averaging 5.17 percent, down from the prior week’s average mortgage loan rate of 5.24 percent.

7/1 conventional adjustable rate mortgages are averaging 4.72 percent this week, down from the previous week’s average rate of 4.76 percent. Jumbo 7/1 ARMs are averaging 5.76 percent this week, a big drop from last week’s average rate of 5.93 percent.

The average mortgage rate for a 10/1 conventional ARM is at 5.15 percent this week, down from last week’s average rate of 5.20 percent. 10/1 jumbo ARMs are also down this week, today’s rate is 6.09 percent, down from the prior week’s average rate of 6.26 percent.

Home equity line of credit rates are unchanged at 4.683 percent this week. 10-year home equity loans are unchanged at 7.683 percent this week and 15-year home equity loan rates are unchanged at 7.691 percent this week.