Current Mortgage Rates at 5.28%

Current mortgage rates, which are at 5.28 percent today, along with an $8,000 tax credit for first time home buyers and near record home affordability are all stabilizing the housing market. 

In many areas across the U.S. people are now discovering it’s cheaper to buy than to rent because of the near record low mortgage rates and the relentless decline in home prices over the past two years.

The available amount of new homes and exisiting homes for sale is decreasing because sales are going up. Existing home sales has gone up for three months in a row, the first time since 2004. Mortgage rates will stay low until early into 2010, as long as the Fed doesn’t raise interest rates and U.S. Treasury prices stay low.

Current Mortgage Rates

Conforming 30-year mortgage rates currently are at 5.28 percent, up slightly from earlier this week when the average 30-year mortgage interest rate was at 5.22 percent.

The average conventinal 15-year home loan rate is at 4.69 percent today, up from the average 15-year home mortgage rate of 4.63 percent set this past Monday. Still down from the recent high of 5.21 percent set on June 15, 2009.

Jumbo Rate Mortgages

Current Jumbo mortgage rates are at 6.11 percent today, down from the fixed jumbo mortgage rate of 6.14 percent set on August 24, 2009.  As recently as June 15 jumbo mortgage rates were over 6.50 percent at 6.65 percent.

15-year jumbo home mortgage rates are at 5.73 percent today. Down from 5.80 percent set this past Monday. 15-year jumbo rate mortgages have come down a lot recently. Super jumbo mortgage rates are still higher, that is if you can find a bank or a mortgage broker that will give you a super jumbo loan.

Compare mortgage rates from several banks at MonitorBankRates.com by using our mortgage rate search engine.

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