Mortgage Rates – Average Mortgage Rates May 2, 2011Average mortgage rates are lower this week over last. Rates followed bond yields lower on weak economic news and the Fed Funds rate remaining in a targeted range of zero percent to 1/4 percent.
Conforming 15 year mortgage rates are also lower this week. The current average 15 year mortgage rate is at 4.00%, down from last week's average 15 year rate of 4.18%. 15 year conforming mortgage rates in Indiana are higher than the national average. Current 15 year rates in Indiana are averaging 4.08%. Jumbo mortgage rates are also lower this week over last week. Today's 30 year jumbo mortgage rates are averaging 5.26%, down from last week's average 30 year jumbo rate of 5.33%. 30 year jumbo rates in California are higher than the national average. Current 30 year jumbo California mortgage rates are averaging 5.32%. Current 15 year jumbo mortgage rates are averaging 4.57%, down from the previous week's average 15 year rate of 4.68%. 15 year jumbo rates in Texas are higher than the national average. 15 year jumbo mortgage rates today in Texas are averaging 4.68%. Conforming Adjustable Mortgage RatesThe current average rate on 1 year adjustable mortgage loans is at 3.39%, unchanged from last week's average 1 year adjustable interest rate. Today's 3 year adjustable mortgage refinance rates and adjustable mortgage rates are averaging 3.27 percent, down from last week’s average 3 year rate of 3.39 percent. Current interest loan rates on 5 year ARMs are averaging 3.13 percent, down from the prior week’s average rate of 3.27 percent. Today's refinance rates and mortgage rates on 7 year adjustable loans are averaging 3.59 percent, down from the previous week’s average of 3.64 percent. 10 year adjustable loan rates are averaging 4.03 percent this week, down from last week’s average 10 year adjustable rate of 4.17 percent. Average refinance rates on 10 year home loans are also averaging 4.03 percent. Current Adjustable Jumbo Mortgage RatesToday’s 1 year jumbo adjustable loan rates are averaging 4.05 percent, unchanged from the prior week’s average 1 year jumbo adjustable rate. Jumbo refinance rates are also unchanged at 4.05 percent. 3 year adjustable jumbo rates are averaging 3.92 percent, down from last week’s average 3 year jumbo rate of 3.92 percent. Refinance rates today on 3 year jumbo loans are also lower, averaging 3.92 percent. 5 year adjustable jumbo interest rates today are averaging 3.57 percent, down from last week’s average jumbo adjustable rate of 3.67 percent. Today’s refinancing interest rates are also averaging 3.57 percent. 7 year jumbo adjustable loan rates are averaging 4.15 percent, down from last week’s average 7 year adjustable rate of 4.32 percent. 7 year jumbo refinance rates are also lower at 4.15 percent. 10 year jumbo loan rates are averaging 4.71 percent, down from the prior week’s average 10 year jumbo rate of 4.83 percent. 10 year jumbo refinance interest rates are also higher, averaging 4.71 percent. Conforming Interest Only Adjustable Mortgage Rates TodayCurrent 3 year interest only adjustable rates are averaging 3.17 percent, down from last week’s average loan rate of 3.20 percent. 3 year interest only adjustable refi rates are also averaging 3.17 percent. Today's 5 year interest only ARMs are averaging 3.27 percent, down from last week’s average 5 year rate of 3.43 percent. 5 year IO adjustable refinance mortgage loan rates are also averaging 3.27 percent. 7 year interest-only adjustable mortgage loan rates today are averaging 3.73 percent, down from last week’s average 7 year interest only mortgage rate of 3.84 percent. 7 year adjustable refi rates are averaging 3.73 percent. Interest Only Jumbo Refinance Adjustable Mortgage Rates3 year jumbo interest only loan rates are averaging 4.29 percent, down from last week’s average jumbo adjustable interest only rate of 4.64 percent. 3 year interest only adjustable jumbo refi rates are also averaging 4.29 percent. 5 year adjustable jumbo interest only rates are averaging 3.97 percent, down from last week’s average IO home mortgage interest rate of 4.02 percent. 5 year jumbo adjustable IO loan rates are also averaging 3.97 percent. 7 year jumbo interest only adjustable rates are averaging 4.42 percent, down from last week’s average jumbo rate of 4.45 percent. 7 year jumbo adjustable IO refi are also averaging 4.42 percent. Home Equity Loan Rates10 year home equity loan rates are averaging 6.79 percent, unchanged from last week’s average home equity loan rate. 15 year home equity rates are averaging 6.88 percent, up from the prior week’s average home equity loan rate of 6.50 percent. Current Home Equity Line of Credit RatesHome equity line of credit rates are averaging 4.99 percent, no change from last week’s average rate HELOC rate. |
In the weekly Mortgage Rate Survey released by MonitorBankRates.com, 30 year conforming mortgage rates are averaging 4.69%, down from last week's average 30 year rate of 4.85%. Average 30 year rates in South Carolina are also averaging 4.69%.
