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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. Looking for mortgage rates? The best mortgage rates can be found by using our mortgage rate tables: Current Mortgage Interest RatesToday’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 RatesThe 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 RatesConforming 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 RatesThe 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 LoansThe 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.
Mortgage RatesThe 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.
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
Looking for today’s mortgage rates? Current rates can be found by using our mortgage rate tables. Find the Best Mortgage Rates
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
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. Looking for mortgage rates? Current rates can be found by using our mortgage rate tables Find the Best Mortgage Rates
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
Jumbo Mortgage Rates
Today’s Adjustable Mortgage Rates
Interest Only Adjustable Mortgage Rates
Home Equity Loan Rates10 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 RatesHome 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%.
Mortgage Rates CurrentFor 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 Rates5 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:
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 2nd. Moreover, applications for home purchases were at the strongest pace since the beginning of this year.”
The Market Composite Index, which measures mortgage loan application volume, increased 16.4 percent on a seasonally adjusted basis from one week earlier. Looking for mortgage rates? Current mortgage rates can be found by using our mortgage rate tables which list today’s mortgage rates in your state or zip code. Find the Best Mortgage Rates 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 RatesCurrent 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 RatesThe 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
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:
Other rules that govern a home mortgage loan that is secured by a borrower’s principal home of any loan amount include the following:
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.
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 RatesConforming 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 Rates30 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 RatesAdjustable mortgage rates are also mixed this past week.
Mortgage Rates Interest Only
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Mortgage Rate WidgetGet this free mortgage rate widget for your website. Mortgage rates are listed nationally or by state and are updated daily. The widget is great for real estate agents, financial websites or any other website that is giving their readers a list of current mortgage rates. Get your free mortgage rates widget.
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 RatesFHA 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
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
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 RatesCurrent 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. |
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