Mortgage Rates: Home Sales Up 3.6% on Low Mortgage Rates

Mortgage rates, first time home buyer incentives and affordable home prices have driven pending home sales 3.6 percent higher in June, the fifth month in a row of pending sales. 

The last time there was five consecutive months of gains in the Index was in July 2003.  The 3.6 percent gain in the Pending home Sales Index released by the National Association of Realtors is another very encouraging sign that the housing crisis is ending.

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

Mortgage Rates

Current mortgage rates are hovering around the same range the past month. Average rates on conforming 30-year mortgages are at 5.27 percent today. The average rate on a 15-year mortgage rates at under 5.00 percent at 4.70 percent today. 

Jumbo mortgage rates have come down since the credit crisis of late last year.30-year jumbo mortgage rates are at 6.16 percent today and 15-year jumbo mortgage rates are averaging 5.87 percent today.

Adjustable rate mortgages can still be had for under 5.00 percent. As of today, the average mortgage rate on a conforming one-year adjustable rate mortgage is under 4.50 percent at 4.40 percent. 3/1 ARMs are averaging 4.66 percent today. The average rate on a conforming 5/1 ARM is at 4.42 percent today and the average rate for a conforming 7/1 ARM is at 4.85 percent.

Jumbo Adjustable Mortgage Rates

The average rate on a jumbo one-year ARM is at 5.16 percent. Jumbo 3/1 ARMs are averaging 5.47 percent today. The average jumbo 5/1 ARM is averaging 5.36 percent today and the average rate on a jumbo 7/1 ARM is at 6.34 percent today.

Here is an interview with the NAR’s chief economist, Lawrence Yun about the current housing market. View video

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