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Mortgage Rates: 30 Year Mortgage Rates Averaging 5.03%

Mortgage Rates: 30 Year Mortgage Rates Averaging 5.03%30 year mortgage rates are slightly lower again this week over last. The average 30 year mortgage rate is down to 5.03 percent this week. 30 year mortgage rates started increasing at the end March into early April when the Federal Reserve completed their purchases of mortgage-backed securities (MBS). 30 year mortgage interest rates were as high as 5.25 percent during the second week of April but have since drifted slowly back down towards 5.00 percent.

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There was concern 30 year conforming mortgage rates would go as high as 6.00 percent when the Fed stop supporting the market but private investors have once again stepped in to buy mortgage-backed securities keeping mortgage rates low for now.

Current fixed 15 year mortgage rates were slightly higher this week over last. 15 year mortgage interest rates are currently averaging 4.42 percent, up from the prior week's average 15 year mortgage rate of 4.41 percent. 15 year mortgage rates have also drifted down from a high of 4.55 percent during the second week of April.

Conforming 1 year adjustable mortgage rates plunged 82 basis points this week over last. Current 1 year conforming adjustable mortgage rates are averaging 3.85 percent, down from the prior week's average 1 year adjustable mortgage rate of 4.67 percent.

Mortgage Rates, Current

Current 30 year jumbo mortgage rates are averaging  5.549 percent, up fractionally from the prior week's average jumbo mortgage loan interest rate of 5.545 percent. Current jumbo mortgage refinance rates are also averaging 5.65 percent.

Current 15 year jumbo mortgage interest rates are averaging 5.039 percent, up fractionally from last week’s average jumbo rate of  5.033. 15 year jumbo refinance rates are also averaging 5.039 percent this week.

Current Adjustable Mortgage Rates

1 year conforming adjustable mortgage rates are averaging 3.85 percent, down considerably from last week's average 1 year home loan rate of 4.67 percent. 1 year mortgage refinance rates are also down to 3.85 percent.

Today’s 3 year conforming adjustable mortgage rate is at 4.47 percent, down from an average home mortgage rate of 4.59 percent. 3 year refinance rates are also averaging 4.47 percent.

Current 5 year conforming adjustable mortgage interest rates are averaging 3.68 percent, down from last week’s average home loan rate of 3.82 percent. Today’s 5 year mortgage refinance rates are also down, the average 5 year refi rate is 3.68 percent.

7 year conforming ARMs are currently averaging 4.31 percent,down from an average 7 year loan interest rate of 4.39 percent. 7 year mortgage refinance rates are also averaging 4.31 percent this week.

Current conforming 10 year adjustable mortgage rates are averaging 4.55 percent this week, a decrease from last week’s average mortgage interest rate of 4.67 percent. 10 year home loan refinance rates are also averaging 4.55 percent this week.

Jumbo Adjustable Mortgage Rates, Current

Current 1 year jumbo ARMs are averaging in at 5.95 percent, up from the prior week's average 1 year jumbo rate of 5.59 percent. 1 year jumbo refinance rates are also up to 5.95 percent.

Current 3 year jumbo adjustable loans are averaging 5.14 percent, up from last week's average jumbo home loan rate of 5.13 percent. Today’s 3 year home jumbo refinance rates are also averaging 5.14 percent.

Today’s 5 year jumbo ARMs are averaging 4.51 percent, a decrease from an average mortgage rate of 4.54 percent. Current 5 year jumbo refinance loan rates are averaging 4.51 percent.

7 year jumbo ARMs are averaging 5.48 percent, up from the prior week's average loan mortgage rate of 5.47 percent.7 year jumbo loan refinance rates are also averaging 5.48 percent.

10 year jumbo mortgage interest rates are averaging 5.76 percent, down from the previous week's average 10 year jumbo mortgage rate of 5.98 percent. 10 year jumbo refinance loan rates are also down to 5.76 percent this week.

Today’s Interest Only Mortgage Rates

The average conforming 3 year interest only mortgage rate is averaging 4.69 percent this week, up from last week's average mortgage interest rate of 4.68%.

The average 5 year interest only home loan is at 3.85 percent this week, down from an average five year interest only mortgage rate of 3.88 percent the prior week.

7 year IO home loans are averaging 4.49 percent, down from an average interest rate of 4.50 percent last week.

3 year jumbo IO loans are averaging 5.43 percent this week, a decrease from last week's average jumbo interest mortgage rate of 5.65 percent.

The average 5 year jumbo IO loan rate is at 5.29 percent, up from the prior week's average IO mortgage rate of 5.20 percent.

The average 7 year jumbo IO loan is averaging 5.84 percent this week, down from last week's average jumbo 7 year rate of 6.03 percent.

Home Equity Loan Rates

10 year home equity loan rates are averaging 7.125 percent, down from last week's average home equity loan rate of 7.298. 15 year home equity rates are averaging 7.431 percent this week, down from last week's average home equity rate of 7.613 percent.

Home Equity Line of Credit Rates (HELOC)

Average home equity line of credit rates are at 4.806 percent this week, unchanged from last week's average HELOC rate.
Author: Brian McKay
May 3rd, 2010