Mortgage interest rates were mixed this past week, 30 year mortgage rates stayed above 5.00 percent this week and are slightly higher than last week’s average mortgage rate.

Fifteen year mortgage rates were lower this week over last and 10 year U.S. Treasury yields rose during the holiday shortened week, as of last Friday yields were at 3.43 percent.

Current mortgage rates are expected to remain low for now but will start heading up when strong economic data is reported by the government and inflation becomes a real concern. Another factor that will drive mortgage rates higher is the completion of the Fed program to buy $1.25 billion of mortgage-backed securities. The Fed has already started slowing down the purchases and will complete the program in the first quarter of 2009.

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Current Mortgage Interest Rates

Today’s average mortgage rates on conforming fixed rate 30 year mortgages are at 5.08%, up from last week’s average 30 year rate of 5.02%. Conforming fixed 15 year mortgage interest rates were down this week over last, current mortgage rates are at 4.50%, down from the prior week’s average mortgage rate of 4.60%.

Jumbo Mortgage Rates

The average fixed rate 30 year jumbo mortgage is at 5.80% this week, down from the previous week’s average interest rate of 5.86%. Fixed 15 year jumbo mortgage rates were down slightly to 5.35% from 5.36%  the prior week.

Adjustable Mortgage Interest Rates

Conforming one-year adjustable mortgage rates are at 4.38% this week, up from last week’s average interest rate of 4.12%. One year jumbo mortgage rates were down considerably this week, current mortgage rates are at 5.49%, down from the prior week’s rate of 5.81%.

Conforming 3/1 adjustable rate mortgages are averaging 4.38% this week, down from last week’s average rate of 4.45%. The average rate on a  jumbo 3/1 ARM is at 5.53%, down from 5.59%.

The average rate on a 5/1 conforming ARM is at 4.16%, up from last week’s average rate of 4.05%. Jumbo 5/1 ARMs are averaging 4.89%, up from the prior week’s average rate of 4.86%.

7/1 conforming ARMs are averaging 4.51%, down from the previous week’s average home loan rate of 4.57%. The average rate for a jumbo 7/1 ARM is at 5.70%, down from 5.71% the prior week.

10/1 conforming ARMs are averaging 4.92% this week, up from last week’s average mortgage interest rate of 4.77%. Jumbo 10/1 ARMs are averaging 6.07%, up from 5.96%

Interest-Only (IO) Mortgage Rates

The average conforming 3/1 interest only mortgage rate is at 4.48%, down from the prior week’s average of 4.52 percent. Jumbo 3/1 IO loans are averaging 5.81%, up from 5.62%.

5/1 conforming IO home loan rates averaging 4.22% this week, up from 4.20% the prior week. Jumbo 5/1 IO home loans are averaging 5.31% this week, up from last week’s average rate of 5.29%.

Conforming 7/1 IO loans are averaging 4.69%, down from last week’s average interest rate of 4.72%. Jumbo 7/1 IO mortgages are averaging 6.18%, down from 6.26%.

Home Equity Loans

The average rate on a 10 year home equity loan is at back under 7.50% at 7.47%, down from the previous week’s average loan rate of 7.65%. 15 year home equity loans are averaging 7.60 percent this week.

Home Equity Line of Credit (HELOC)

Average home equity line of credit rates are at 4.87 percent this week, down considerably from last week’s average HELOC rate of 5.10 percent.

Freddie Mac, the government controlled agency that buys mortgages from lenders, just released its weekly Primary Mortgage Market Survey (PMMS) that shows mortgage rates increasing for the week ending October 15, 2009. The increase in mortgage interest rates was in all four mortgage products that Freddie reports on in the survey.

Mortgage Rates

The average 30 year mortgage rate increased to 4.92 percent with an average discount point of 0.7, up from the prior week’s average 30 year rate of 4.87 percent. Even with this week’s increase, 30 year mortgage rates have been below 5.00 percent for three consecutive weeks. A year ago this time 30 year mortgage interest rates were averaging 6.46 percent.

15 year mortgage rates are averaging 4.37 percent with average discount points at 0.7,  up from the previous week’s average 15 year mortgage rate of 4.33 percent. Last week’s 4.33 percent was a record low for 15 year rates since Freddie started tracking it in 1991. A year ago, 15 year interest rates were over 6.00 percent at 6.14 percent.

5/1 Treasury indexed adjustable mortgage rates increased to 4.38 percent this week, with an average discount points of 0.6, up from last week’s average 5/1 adjustable mortgage rate of 4.35 percent. The prior week’s rate of 4.35 percent was the lowest since Freddie started tracking it in 2005.

One year Treasury indexed adjustable rate mortgages increased to 4.60 percent, with average discount points at 0.5, up from the prior week’s average mortgage rate of 4.53 percent. Last year at this time rates on a one year ARM were at 5.16 percent.

Frank Nothaft, Freddie Mac’s vice president and chief economist had the following comments in this week’s PMMS.

Mortgage rates rose slightly over the week, but rates on 30-year fixed mortgages remained below 5 percent for the third consecutive week.  Homeowners are taking advantage of these low rates to refinance their current balances.  Over the past five weeks ending October 9, more than 3 out 5 mortgage applications were for refinancing, according the Mortgage Bankers Association.

The outlook on economic growth in the second half of this year has improved over the past few months.  At its September 22-23 monetary policy meetings, the Federal Reserve increased its forecast for real GDP growth from the last meeting in mid-August.  They noted that data from the housing sector indicated that a gradual recovery in activity was under way. The modest strengthening came about, in part, to improvements in housing affordability stemming from low interest rates for conforming loans and a lower level of house prices.

Freddie Mac’s survey only reports on conforming mortgage rates, mortgages it buys from lenders. Monitorbankrates.com reported on jumbo rate mortgages earlier this week.  Following is that report:

Jumbo Mortgage Rates

• 30-year jumbo mortgage rates were down slightly this week over last.  Current jumbo mortgage rates are at 5.83%, down from last week’s average rate of 5.84%.
• Average 15 year jumbo rate mortgages are at 5.44% this week, down from the previous week’s rate of 5.50 percent.

Looking for today’s mortgage rates? Current rates can be found by using our mortgage rate tables. Find the Best Mortgage Rates

The Mortgage Bankers Association (MBAs,) released its weekly Mortgage Applications Survey showing applications for mortgages decreasing and mortgage rates going up  for the week ending October 9, 2009.

The increase in mortgage interest rates for the week ending October 9 included 30 year mortgage rates, 15 year mortgage rates and one year adjustable rate mortgages.

The average contract mortgage rate for a fixed 30 year rate mortgage is back above 5.00 percent at 5.02 percent, up from the prior week’s average rate mortgage loan rate of 4.89 percent. This is the first time since September 15 that 30 year mortgage rates are back over 5.00 percent.  Average discount points decreased to 1.11 points from 1.13 points.

The average contract mortgage interest rate for a 15-year fixed-rate mortgage increased to 4.44 percent, up from last week’s average contract interest rate of 4.32 percent. Discount points remained the same at 1.04 points.

The average contract mortgage interest rate for one year adjustable mortgage rates is at 6.71 percent, up from the previous week’s average rate of 6.56 percent. Discount points increased to 0.32 points from 0.30 points.

Earlier this week we reported on jumbo mortgage rates.  Following is an excerpt from the report.

Jumbo Mortgage Rates

• 30-year jumbo mortgage rates were down slightly this week over last.  Current jumbo mortgage rates are at 5.83%, down from last week’s average rate of 5.84%. 
• Average 15 year jumbo rate mortgages are at 5.44% this week, down from the previous week’s rate of 5.50 percent.

The MBA’s Market Composite Index, which measures home mortgage loan application volume, was down 1.8 percent on a seasonally adjusted basis from the previous week.  The Refinance Index, which measures refinance application volume decreased 0.1 percent from the previous week.

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Mortgage rates are lower this week compared to last week but conforming 30 year mortgage rates are back above 5.00%.  Despite the Federal Reserve’s announcement that it was going to gradually slow down the pace of buying mortgage-backed securities, mortgage rates have been slowly drifting down the past several weeks.

Under the original program to help the housing market by lowering mortgage rates, the Fed announced it will buy $1.25 trillion in mortgage-backed securities. The Fed expects to complete the final purchases sometime in the first quarter of 2010. Mortgage rates are expected to go up once the Fed stops buying these securities.

Looking for today’s mortgage rates? Find the best mortgage rates by using our mortgage rate tables  Find the Best Mortgage Rates

Mortgage Rates Current

• The average mortgage rate for a 30 year conforming mortgage is at 5.01% this week, down from last week’s average rate of 5.02%. For most of last week, 30 year rates were just under 5.00% in the 4.95 percent range.
• 15 year mortgage interest rates were also lower this week, back under 4.50%. Current rates are at 4.46%, down from the previous week’s rate of 4.50%.  In mid-June of 2009, average 15 year mortgage rates were over 5.00 percent at 5.20 percent.

Jumbo Mortgage Rates

• 30-year jumbo mortgage rates were down slightly this week over last.  Current jumbo mortgage rates are at 5.83%, down from last week’s average rate of 5.84%. 
• Average 15 year jumbo rate mortgages are at 5.44% this week, down from the previous week’s rate of 5.50 percent.

Today’s Adjustable Mortgage Rates

• Conforming one year adjustable mortgages are at 4.25% this week, up from the prior week’s average rate of 4.14%.
• Average one year jumbo adjustable rate mortgages were down considerably this week, current jumbo rates are at 5.52%, down from last week’s average rate of 5.75%.
• Average rates for a conforming 3/1 ARM are at 4.41% this week, up from the previous week’s average rate of 4.34%.
• Rates on jumbo 3/1 ARMs are at 5.31% this week, down from 5.93% the prior week.
• 5/1 conventional ARMs are back above 4.00% at 4.14%, up from last week’s average rate of 3.88%.
• Jumbo 5.1 ARMs are averaging 4.84%, down from the prior week’s average rate of 4.93%.
• Average rates on conventional 7/1 ARMs are at 4.56%, up from the previous week’s average rate of 4.46%
• Jumbo rates on 7/1 ARMs are at 5.70%, up from last week’s average jumbo rate of 5.59%
• 10 year conforming ARMs are averaging 4.87% this week, up from 4.73% the prior week.
• Jumbo 10 year mortgages (ARMs) are averaging 5.99%, down slightly from 6.00% last week.

Interest Only Adjustable Mortgage Rates

• Conforming 3/1 interest only adjustable mortgage rates are at 4.51%, up from last week’s rate of 4.43%.
• Jumbo 3/1 IO ARM rates are at 5.56%, down from the prior week’s average rate of 5.92%
• Conforming 5/1 IO ARM rates are at 4.21%, up from the previous week’s rate of 4.09%
• Jumbo 5/1 IO ARM rates currently at 5.23%, down from 5.47% the prior week.
• Conforming 7/1 IO ARM rates are at 4.75%, up from 4.64% last week.
• Jumbo 7/1 IO ARMs are averaging 6.22%, up from 6.05%

Home Equity Loan Rates

10 year home equity loan rates are averaging 7.47% this week, down from last week’s average home equity loan rate of 7.65%. 15 year home equity loan rates are at 7.60%, down from the prior week’s home equity rate of 8.42%

Home Equity Line of Credit Rates

Home equity line of credit (HELOC) rates are back under 5.00% this week and still considerably lower than home equity loan rates. Current HELOC rates are averaging 4.86% this week, down from the previous week’s average HELOC rate of 5.10%.

Freddie Mac just released its Primary Mortgage Market Survey this morning which shows long term mortgage rates continuing their decline. Both 30 year mortgage rates and 15 year mortgage rates are lower this week.  Adjustable rate mortgages were mixed, 5 year adjustable mortgage rates were lower while one year adjustable mortgage rates were higher.

Mortgage Rates Current

For the week ending October 8, 2009, 30 year mortgage rates are at 4.87 percent, down from the prior week’s average mortgage rate of 4.94 percent. Average discount points remained the same at 0.7 points.  30 year mortgage rates are at the the lowest level since May of 2009.  A year ago at this time 30 year mortgage interest rates were averaging 5.94 percent.

The average 15 year mortgage rate is down to 4.33 percent from the previous week’s average mortgage rate of 4.36 percent. This is the lowest 15 year mortgage rate since Freddie started tracking it in 1991. Average discount points are at 0.7 points. Last year at this time 15 year home loan rates were at 5.62 percent.

Adjustable Mortgage Rates

5 year Treasury Indexed adjustable mortgage rates are at 4.35 percent this week, down from last week’s average loan rate of 4.42 percent. Average discount points on a 5/1 ARM are at 0.5 points. This low mortgage rate is the lowest 5 year rate since Freddie starting tracking it in 2005.

One year Treasury Indexed adjustable rate mortgages were higher this week, the current one year ARM is at 4.53 percent, up from the prior week’s average home loan rate of 4.49 percent. Average discount points are at 0.5 points.

Freddie Mac’s vice president and chief economist Frank Nothaft had the following comments about current mortgage rates:

Long-term mortgage rates eased further this week. Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005.  Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.

According to the Mortgage Bankers Association, “Such low rates are spurring mortgage demand. Mortgage applications surged to a 19-week high over the week ending on October 2^nd.  Moreover, applications for home purchases were at the strongest pace since the beginning of this year.”

The Mortgage Bankers Association released its weekly Mortgage Applications Survey this morning, showing double digit increases in mortgage applications for the week ending October 2, 2009.

The Market Composite Index, which measures mortgage loan application volume, increased 16.4 percent on a seasonally adjusted basis from one week earlier.

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The MBA’s Refinance Index, which measures refinance activity, increased 18.2 percent from the previous week. The seasonally adjusted Purchase Index, which measures home mortgage volumes for home purchases, increased 13.2 percent from one week earlier.

Current Mortgage Rates

Current 30 year mortgage rates are nearing a five month low at 4.89 percent, down from the previous week’s average contract mortgage rate of 4.94 percent. This is the third consecutive week where the 30-year fixed mortgage rates are below 5 percent in the survey. Discount points increased to 1.13 from 0.94 the prior week.

The average contract rate on 15 year mortgage rates was also down this week, the current mortgage rate is 4.32 percent, down from the prior week’s average mortgage rate of 4.34 percent. This mortgage interest rate is the lowest on record in the mortgage survey. Discount points increased to 1.04 from 1.o1.

The average contract rate on one year adjustable mortgages increased to 6.56 percent this week, up from last week’s average contact mortgage rate of 6.40 percent. Discount points increased to .30 this week, up from the previous week’s average discount points of .29.

Jumbo Mortgage Rates

The MBA doesn’t report on current jumbo mortgage rates in the survey. For more information on jumbo mortgage rates read MBR’s weekly jumbo mortgage rate report. Today’s Jumbo Mortgage Rates

Last July the Federal Reserve approved final rules regarding home mortgage loans that took effect October 1, 2009. The rules are designed to better protect consumers by facilitating responsible home mortgage lending by banks, mortgage companies and mortgage brokers… something that wasn’t done during the go-go years of the housing bubble.

The final rule amends Regulation Z (Truth in Lending) and was adopted under the Home Ownership and Equity Protection Act (HOEPA). New rules include the following:

1. On “higher priced mortgage loans,” new rules prohibit a mortgage lender from making a mortgage loan without regard to the mortgagee’s ability to repay the home loan. Imagine that - the government has to create a rule to insure mortgagors make home mortgage loans that borrowers can repay.
2. Mortgage creditors have to verify a borrower’s income and assets to help determine if the borrower has the ability to repay the mortgage.
3. Prepayment penalties are banned if the mortgage payment can change in the initial four years of the loan.  For other higher-priced mortage loans, a prepayment penalty period cannot last for more than two years.
4. Starting sometime in 2010, mortgage creditors have to establish escrow accounts for property taxes and home owner’s insurance for all first-lien mortgage loans.

Other rules that govern a home mortgage loan that is secured by a borrower’s principal home of any loan amount include the following:

1. Mortgage lending institutions and mortgage brokers are prohibited from having a real estate appraiser misstate a home’s value. This is another basic home mortgage principle that was blatantly ignored during the housing bubble.
2. Companies that service home mortgage loans are not allow to engage in certain practices, such as pyramiding late fees. Also, mortgage servicers are required to credit a mortgage payment as of the date they receive the payment. They also have to provide a mortgage payoff statement within a reasonable time.
3. Mortgage creditors must provide a good faith estimate of loan costs within three days after a consumer applies for any home mortgage secured by a consumer’s principal dwelling. This includes a schedule of payments, a home improvement loan or a mortgage refinance. Early cost estimates were already required for mortgages on a home purchase. 
4. Mortgagees cannot be charged any fees until after they receive the early disclosures, except a reasonable fee for obtaining the borrower’s credit history.

New mortgage rate advertising standards include additional information about mortgage rates and monthly mortgage payments.  The final rule also bans seven deceptive or misleading advertising practices, including representing that a mortgage rate or mortgage payment is “fixed” when it can change.

Current mortgage rates were mixed this past week. Conforming 30 year mortgage rates and 15 year mortgage rates are lower this week compared to last week.

30 year jumbo mortgage rates were also lower this week but 15 year jumbo mortgage rates increased over last week.

10-year Treasury yields were also lower this past week, touching a low of 3.14 percent early Friday morning, down from 3.30 percent earlier in the week. The recession is expected to end next quarter but growth won’t be as strong as previous recoveries, primarily due to tight credit and the need for households to unload debt.

Looking for the best mortgage rates? Use our mortgage rate tables to find today’s mortgage rates in your state or zip code. Best Mortgage Rates Here

Current Mortgage Rates 

Conforming 30 year mortgage rates are currently lower this week than last week, current mortgage rates are at 5.00 percent, down from last week’s average mortgage rate of 5.08 percent. Conforming 15 year mortgage rates are back under 4.50 percent at 4.45 percent, down from the prior week’s average mortgage rate of 4.57 percent.

Jumbo Mortgage Rates

30 year jumbo mortgage rates are currently lower this week, current mortgage rates are at 5.83 percent this week, down from last week’s average mortgage rate of 5.98 percent. 15 year jumbo mortgage rates are up this past week, the current jumbo mortgage rate is at 5.57 percent, up from last week’s average mortgage rate of 5.46 percent.

Adjustable Mortgage Rates

Adjustable mortgage rates are also mixed this past week.

• One year conforming adjustable mortgage rates are currently at 4.28 percent this week, up from the prior week’s average adjustable mortgage rate of 4.25 percent.
• One year jumbo adjustable mortgage rates at 5.48 percent this week, down from the prior week’s average mortgage rate of 5.50 percent.
• Conforming 3/1 adjustable mortgage rates are down to 4.33 percent this week, down from the previous week’s average mortgage rate of 4.44 percent.
• Jumbo 3/1 adjustable rate mortgages are down to 5.56 percent this week, down from 5.90 percent last week.
• Conforming 5/1 ARMs are down to 4.06 percent this week, down from last week’s average 5 year average mortgage rate of 4.08 percent.
• The average jumbo 5/1 ARM is at 4.90 percent this week, down from last week’s average jumbo ARM rate of 4.96 percent.
• 7/1 conforming ARMs are averaging 4.45 percent, down from last week’s average mortgage rate of 4.63 percent.
• Conforming 10 year mortgage rates are at 4.87 percent, down from last week’s mortgage rate of 4.89 percent.
• Jumbo 10 year mortgage rates are averaging 6.04 percent, up from last week’ average mortgage rate of 5.99 percent.

Mortgage Rates Interest Only

• 3/1 interest only conforming mortgage rates are at 4.40 percent this week, down from 4.52 percent.
• Jumbo 3/1 interest only mortgage rates are at 5.82 percent, down from last week’s average mortgage interest rate of 5.90 percent.
• Conforming 5/1 mortgage rates - interest only are at 4.09 percent, down from 4.26 percent the prior week.
• Jumbo 5/1 mortgage rates -  interest only are at 5.39 percent, down from 5.45 percent.
• Conforming interest only 7/1 mortgage rates current at 4.62 percent, down from 4.81 percent the prior week
• Jumbo 7/1 IO mortgage rates are at 6.05 percent, down from 6.21 percent the previous week.

Home Equity

• 10 year home equity loan rates are at 7.59 percent this week, down from the prior week’s average home equity rate of 7.65 percent.
• 15 year home equity rates are at 7.70 percent this week, down from last week’s average home equity rate of 8.54 percent.
• Home equity line of credit (HELOC) rates are at 4.87 percent this week, down from the prior week’s average HELOC rate of 4.97 percent.

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Home loans from the Federal Housing Administration (FHA) are available for home buyers who meet certain standard FHA credit qualifications.

Mortgage rates on FHA loans are comparable to conforming mortgage rates but there are upfront fees on FHA mortgages that increase the cost of the home loan.

FHA Mortgage Rates

FHA mortgages are becoming popular again because borrowers can no longer get home loans with a zero percent down payment, most banks are once again requiring a 20 percent down payment. Some banks also require a down payment of more than 20 percent for jumbo mortgages.

With a FHA home loan you can  finance up to 97% of the purchase price of a home. Lending standards have tightened again because of the housing bust so folks have naturally looked towards these home loans again. A three percent down payment is very appealing, especially to first time home buyers. 

FHA Home Loan Resources

• You can find lenders who is offering FHA mortgages here. FHA Home Loan Lenders
• FHA Mortgage Limits. You can find FHA mortgage limits in your area here. FHA Home Loan Limits
• FHA Mortgage FAQ. General questions about FHA mortgages here. FHA Home Loan FAQ
• You can contact the FHA for more information about FHA mortgages and FHA mortgage rates here. Contact the FHA

Looking for the home loan mortgage rates? Use our mortgage rate tables to find mortgage interest rates in your state or zip code. Mortgage Rates Current

30-year mortgage rates reached a four month low in Freddie Mac’s current Primary Mortgage Market Survey. Low mortgage rates continue to help the housing market recover from the speculative bubble over the past several years.

The National Association of Realtors released their Pending Home Sales Index, which is based on signed contracts. The index is up 6.4 percent to 103.8, this is the seventh consecutive month of gains and also the longest consecutive month-on-month gain in the history of the index.

Looking for the best mortgage rates? Use our mortgage rate tables to find mortgage interest rates in your state or zip code. Today’s Mortgage Rates Here

Current Mortgage Rates

Current mortgage rates for 30-year mortgages are averaging at 4.94 percent this week, down from the previous week’s average mortgage rate of 5.04 percent. Discount points are averaging 0.7 percent this week. A year ago at this time 30-year mortgage rates were over 6.00 percent at 6.10 percent.

15-year mortgage rates are averaging 4.36 percent this week, down from last week’s average mortgage rate of 4.46 percent. This rate is the lowest on record since Freddie Mac started tracking it in 1991. Discount points are averaging 0.6 percent. A year ago at this time 15-year mortgage rates were averaging 5.78 percent.

Adjustable mortgage rates are also down this week. Current 5-year adjustable mortgage rates are down to 4.42 percent this week, down from the prior week’s average mortgage rate of 4.51 percent. Points are averaging 0.6 percent this week.

One-year adjustable mortgage rates are down to 4.49 percent this week, down from last week’s average rate of 4.52 percent. Discount points are averaging 0.5 percent this week. A year ago, one year adjustable mortgage rates were averaging 5.12 percent.