Current mortgage rates are mixed this week, fixed rate conforming mortgages are up and fixed rate jumbo mortgages are down. Shorter term adjustable rate mortgages are also down this week while longer term adjustable mortgage rates are up.

10-year U.S. Treasury notes are pretty much where they were  last Monday at 3.65 percent, rates did decline early last week to around 3.45 percent but bounced back.

MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in  your zip code. Search for Mortgage Rates.

Most economists now believe the U.S. economy will return to growth in the third quarter of 2009, after the deep downturn of 6.3 percent in the fourth quarter of last year and the 5.5 percent drop in the first quarter of 2009.

The initial growth won’t be strong enough to bring the unemployment rate down and the slack in unemployment is expected to keep inflation down so the Fed still won’t raise interest rates anytime soon.

If you’re thinking of refinancing or getting a mortgage for a home purchase but you’re on the fence because you’re not sure which direction mortgage rates are headed, you should go ahead and take the plunge because rates will be headed higher and probably won’t head much lower unless the economy tanks again.

Current Mortgage Rates

The average rate on a conforming fixed 30-year mortgage increased this week to 5.39 percent, up from the prior week’s average mortgage rate of 5.34 percent. Today’s mortgage rates are only .50 percent higher than the recent low of 4.84 percent set on May 18, 2009. The average rate for a conforming fixed 15-year mortgage is at 4.84 percent, an increase from the previous week’s average rate of 4.80 percent.

Jumbo Mortgage

The average rate on a fixed 30-year jumbo mortgage is at 6.18 percent this week, down from last week’s average mortgage rate of 6.21 percent. Also down from the 6.65 percent recent high set on June 15, 2009. The average rate on a fixed 15-year jumbo mortgage loan is at 5.81 percent this week, down from the prior week’s average rate of 5.83 percent.

Adjustable Mortgage Rate

Adjustable mortgage rates were mixed this week. The average rate for a one-year conforming ARM decreased to 4.42 percent from 4.51 percent the previous week. Jumbo one-year ARMs decreased to 5.20 percent, down from the prior week’s average rate of 5.24 percent.

Three-year conforming adjustable mortgage rates increased to 4.69 percent this week, an increase of 0.05 percent from prior week’s average rate of 4.64 percent. The average mortgage loan rate for a jumbo three-year ARM is at 5.41 percent, up from the prior week’s average home mortgage loan rate of 5.32 percent.

Five-year adjustable mortgage loans were up this week.  Conforming five-year ARMs are averaging 4.59 percent, up from prior week’s rate of 4.53 percent. The average jumbo five-year mortgage loan rate was up to 5.52 percent, up from the previous week’s average rate of 5.42 percent.

The average rate on a conforming seven-year adjustable home mortgage loan was down to 5.09 percent this week, last week’s average loan rate of 5.14 percent. Jumbo seven-year adjustable mortgage rates increased to 6.17 percent, a big increase from the prior week’s average rate of 5.95 percent.

10-year adjustable rate mortgages were up. The average rate for a conforming 10-year ARM is at 5.57 percent this week, up from last week’s average mortgage rate of 5.47 percent. Jumbo 10-year ARMs averaged 6.45 percent, up from the prior week’s average rate of 6.26 percent.

Interest Only Mortgage

Interest only mortgage rates were up for the most past this week. Rates on a conforming three-year interest only ARMs increased to 4.76 percent, up ever to slightly from the prior week’s average rate of 4.756 percent. Jumbo three-year ARMs are averaging 5.56 percent, up from 5.40 percent.

Five-year interest only loans increased to 4.69 percent this week, up from the prior week’s average rate of 4.61 percent. The average jumbo five-year interest only ARM increased to 5.85 percent this week, up from 5.72 percent the prior week.

Conforming seven-year interest only adjustable rate mortgages decreased to 5.28 percent, down from the prior week’s average rate of 5.33 percent. The average rate for jumbo IO ARMs is up to 6.40 percent, a big increase from the prior week’s average rate of 6.08 percent.

Home Equity Loan

Home equity loan rates haven’t changed much this entire month. The average rate for a 10-year home equity loan was up marginally to 7.613 percent, the prior week’s average 10-year home equity rate was 7.612 percent.  Rates on a 15-year home equity increased to 7.740 percent, up from last week’s average rate of 7.737 percent.

Home Equity Line of Credit

Home equity line of credit rates increased to 4.808 percent this week, up from last week’s average home equity line rate of 4.805 percent. HELOC rates are a better option right now than home equity loans. The one negative of a HELOC over a equity line if the interest rate is variable.

MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search Mortgage Rates