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Fed’s Plan to Drive Mortgage Rates Lower is Working: 30 Year Mortgage Rates Down to 4.79%

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In the beginning of the year when mortgage rates and refinance rates headed higher there was concern the Fed's plan to drive mortgage rates and refinance rates lower by purchasing $600 billion in government bonds wasn't working out as planned. 30 year rates had hit a recent high of 5.04 percent on February 14 are now back below 5.00 percent, averaging 4.79 percent. 30 year mortgage rates and refinance rates in Texas are also below 5.00 percent averaging 4.91 percent.

15 year mortgages rates and refinance mortgage rates are averaging 4.22 percent, down from an average 15 year rate of 4.27 percent. Conforming 15 year mortgage rates and refinance rates in California are slightly higher than the national average interest rate. 15 year refinancing rates and mortgage rates in California are averaging 4.25 percent.

30 year jumbo mortgage rates and jumbo refinance rates are averaging 5.41 percent. 30 year jumbo loan rates and jumbo refi rates in Florida are higher than the national average jumbo rate. 30 year jumbo rates in Florida are averaging 5.66 percent.

15 year jumbo rates are averaging 4.73 percent. 15 year jumbo rates in Maryland are higher than the national average. Current 15 year jumbo mortgage rates and refinance rates in Maryland are averaging 4.78 percent.

Following is a more in-depth home mortgage loan rates report released by MonitorBankRates earlier:

Conforming Adjustable Mortgage Rates and Conforming Adjustable Refinance Mortgage Rates

The current refinancing rate and mortgage rate on 1 year adjustable rates are averaging 3.02 percent, up from last week’s average 1 year adjustable home mortgage refi rate and loan rate of 2.91 percent.

3 year adjustable mortgage refinance rates and adjustable mortgage rates are averaging 3.34 percent, down from last week’s average 3 year adjustable mortgage loan rate of 3.52 percent.

Current refinance rates and mortgage rates on 5 year adjustable mortgages are averaging 3.36 percent, down from the prior week’s average rate of 3.46 percent.

Current refinance mortgage rates and mortgage rates on 7 year adjustable home loans are averaging 3.83 percent, down from the previous week’s average 7 year loan rate of 4.05 percent.

10 year adjustable mortgage loan rates are averaging 4.43 percent this week, down from last week’s average 10 year adjustable rate of 4.47 percent. Current mortgage refinance rates on 10 year home loans are also averaging 4.43 percent.

Adjustable Jumbo Refinance Rates and Jumbo Rates

1 year jumbo adjustable loan rates are averaging 3.41 percent, down from the prior week’s average 1 year jumbo adjustable loan interest rate of 3.50 percent. Refinance rates on 1 year jumbo loans are also averaging 3.50 percent.

3 year adjustable jumbo rates are averaging higher at 4.57 percent, down from last week’s average 3 year jumbo adjustable rate of 4.64 percent. Today’s refinance interest rates on 3 year jumbo loans are also lower, averaging 4.57 percent.

5 year adjustable jumbo interest rates today are averaging 3.81 percent, a decrease from last week’s average jumbo adjustable rate of 4.01 percent. Today’s refinancing mortgage interest rates are also averaging 3,81 percent.

7 year jumbo adjustable loan rates today are averaging 4.52 percent, down from last week’s average 7 year adjustable home loan rate of 4.78 percent. 7 year jumbo refinance loan rates are also lower at 4.52 percent.

10 year jumbo loan rates are averaging 5.26 percent, down from the prior week’s average 10 year jumbo home loan rate of 5.33 percent. 10 year jumbo refinance interest rates are also lower, averaging 5.26 percent.

Conforming Interest Only Adjustable Rates and Adjustable Interest Only Refinance Rates

3 year interest only adjustable mortgage loan rates are averaging 3.53 percent, down from last week’s average interest only mortgage loan rate of 3.61 percent. 3 year interest only adjustable refinance mortgage rates are also averaging 3.53 percent.

5 year interest only adjustable loan rates are averaging 3.28 percent, down from last week’s average five year interest only mortgage loan rate of 3.69 percent. Current 5 year interest only adjustable refinance mortgage loan rates are also averaging 3.28 percent.

7 year interest only adjustable mortgage loan rates are averaging 4.05 percent, down from last week’s average 7 year interest-only mortgage interest rate of 4.18 percent. 7 year adjustable refi loan rates are averaging 4.05 percent.

Jumbo Mortgage Refinance Rates and Jumbo Mortgage Interest Rates on Interest Only Adjustable Jumbo Loans

3 year jumbo interest only adjustable loan rates are averaging 4.90 percent, up from last week’s average jumbo adjustable interest only rate of 4.83 percent. 3 year interest only adjustable jumbo refi rates are also higher averaging 4.90 percent.

5 year adjustable jumbo interest only rates are averaging 4.28 percent, down from last week’s average IO home mortgage interest rate of 4.58 percent. 5 year jumbo adjustable IO loan rates are also lower, averaging at 4.28 percent.

7 year jumbo interest only adjustable rates are averaging 4.78 percent, down from last week’s average jumbo 7 year home loan rate of 5.08 percent. Current 7 year jumbo adjustable interest-only rates are also averaging 4.78  percent.

Current Home Equity Loan Rates

10 year home equity loan rates are averaging 6.67 percent, down from last week's average home equity loan rate of 6.71 percent.

15 year home equity rates are averaging 7.02 percent, down from the prior week’s average home equity loan rate of 7.09 percent.

Today’s Home Equity Line of Credit Rates (HELOC)

Home equity line of credit rates are averaging 5.17 percent, unchanged from last week’s average rate HELOC rate of 5.17 percent.
Author: Brian McKay
March 2nd, 2011