Weekly Mortgage Rates: Updated May 18, 2009

Mortgage rates were down this past week for the most part, jumbo fixed rate mortgage rates were down less than conforming fixed rate mortgages.

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Adjustable rate mortgages were also down, conforming adjustable rate mortgages were down more than jumbo adjustable rate mortgages. Jumbo rate mortgages are still a lot higher historically than conforming mortgages. We expected to see jumbo rate mortgages to come down more than conforming mortgages but that hasn’t happened yet.

The average rates on 30-year conforming fixed rate mortgages came down to 4.84 percent from 4.95 percent. While jumbo 30-year fixed rate mortgages were only down 0.05 percent to 6.12 percent from 6.17 percent. 15-year conforming fixed rate mortgages came down to 4.55 percent from 4.62 percent. The average rate on 15-year jumbo mortgage rates was pretty much unchanged at 6.01 percent from 6.02 percent.

Average rates on 7/1 conforming adjustable rate mortgages is now at 4.84 percent down from 4.95 percent. The average rate on 7/1 jumbo ARMs is at 6.14 percent from 6.17 percent. Average rates on 5/1 conforming ARMs is now under 4.50 percent at 4.39 percent, a big drop from 4.52 percent. Average rates for jumbo 5/1 ARMs is 5.38 percent down from 5.43 percent. Conforming 1-year ARMs averaged 4.82 percent down from 4.88 percent. Average rates for jumbo 1-year ARMs is now at 5.74 percent up from 5.70 percent.

Interest only adjustable rate mortgages were also down this past week. The average rate on 5/1 conforming interest only ARMs is now under 4.50 percent at 4.45 percent.  Average rates on Jumbo interest only 5/1 ARMs are still a lot higher at 5.70 percent. Average rates on 3/1 interest only conforming loans is at 4.81 percent down from 4.92 percent. Jumbo 3/1 interest only loans now average 5.64 percent down from 5.70 percent.

Average rates on a home equity line of credit (HELOC) was unchanged at 4.74 percent. The average rate difference between a 10-year and 15-year home equity loan is still over 3 percent. Average rates on a 10-year home equity loan was also unchanged at 4.68 percent. The average rate on a 15-year home equity loan was also unchanged at 7.81 percent.