Weekly Mortgage Rates: Updated May 25, 2009

Longer term mortgage rates were mixed last week, 30-year mortgage rates were up while 15-year rates continued to go down.  The most pronounced decrease on 15 year mortgages was the 15-year jumbo fixed rate mortgage. Rates declined from 6.01 percent to 5.87 percent.

Earlier this month, 15-year jumbo rates were at 6.19 percent. 15-year conforming fixed rate mortgage were down only .02 percent to 4.53 percent.

30-year conforming mortgage rates were up to 4.90 percent from 4.84 percent, the highest increase recently but still below the five percent which we last saw May 6th when rates were at 5.02 percent. Average rates on 30-year jumbo fixed rate mortgages were at 6.18 percent up from 6.12 percent the previous week.

Shorter term adjustable rate mortgages were also up this past week with the exception of a one year conforming ARMs, down to 4.80 percent from 4.82 percent and jumbo ARMs which were down to 5.64 percent from 5.74 percent. Average rates for conforming 3/1 ARMs were 4.77 percent up from 4.70 percent. Jumbo 3/1 ARMs averaged 5.58 percent up from 5.52 percent.

Average rates on interest-only adjustable rate mortgages also increased. 5/1 conforming interest-only ARMs averaged 4.59 percent, a big jump up from 4.45 percent. Jumbo 5/1 interest-only ARMs averaged 5.83 percent, up from 5.70 percent. 7/1 conforming interest-only ARMs averaged 5.22 percent, up from 5.10 percent. 7/1 jumbo interest-only ARMs averaged 6.34 percent up from 6.30 percent.

To find the best mortgage rates in your area use MonitorBankRates.com Mortgage Rate Tables