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Home Mortgage Rates Mixed

home-mortgage-rates-mixedHome mortgage rates were mixed in the latest survey compared to the prior week's mortgage interest rates. A fixed 30 year mortgage rate averaged 5.42 percent, with an average point of 0.7 this week, up from the prior week's average rate of 5.38 percent.

While 30 year mortgage rates increased, the average rate on a 15 year mortgage decreased this week to 4.87 percent, down from the prior week's average rate of 4.89 percent with 0.7 point. Today's mortgage rates have stabilized after a recent three week increase. Mortgage refinancing rates have also increased during that time which slowed down mortgage refinancing applications.

You can still find a low mortgage rate compared to historical levels. Home mortgage rates will continue to stay low for the remainder of the year. The Federal Open Market Committee will not raise interest rates anytime soon because the committee believes inflation isn't a threat.

If you're looking to refinance or obtain a new mortgage you can compare mortgage rates in your zip code using our Mortgage Rate Tables. You can find today's mortgage rates on 30 year mortgage, 15 year mortgages, adjustable rate mortgage, jumbo mortgages and more.

Adjustable mortgage rates were mixed last week the average mortgage interest rate on a five year ARM was 4.99 percent, up from the previous week's average mortgage rate of 4.97 percent. One year adjustable mortgage rates were down to 4.93 percent, down from the prior week's average mortgage rate of 4.95 percent with an average point of 0.7 on a home loan.

Freddie Mac's weekly survey doesn't include jumbo mortgage rates since Freddie only reports on first-lien prime conventional conforming mortgages with a loan-to-value of 80 percent.

Freddie Mac's vice president and chief economist Frank Nothaft made the following comments about current mortgage rates and the housing market.

"Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week. Existing home sales rose for the second consecutive month in May by 2.4 percent, slightly less than the market consensus forecast; however the median sales price was 16.8 percent below that of the same time last year, according to the National Association of Realtors® (NAR). In contrast, new home sales fell 0.6 percent and the median sales price was only 3.4 percent lower than May 2008."

"On a more positive note, the inventory of unsold homes has lessened from a year ago, which may help cushion further house price declines. The number of existing homes for sale was 15.3 percent below that of May 2008, and new homes for sale fell by 35.9 percent. In addition, distressed properties accounted for only about one-third of existing home sales in May, down from over a half in March, according to the NAR.”
Author: Brian McKay
June 26th, 2009