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Mortgage Rates: Current Mortgage Rates August 3, 2009

mortgage-rates-current-mortgage-rates-August-3-2009Current Mortgage Rates: Longer term mortgage rates were down this past week, the declines were brought on by signs that the economy is recovering but the recovery will be slow unlike previous rebounds.

Shorter term jumbo mortgages were higher and conforming adjustable rate mortgages were lower. 10-year U.S. Treasury prices are hovering around 3.50 percent this week, not much changed from last week.



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Low mortgage rates are bringing home buyers back to the market and helping to put an end to the housing crisis. Home prices were up 0.9 percent in May, the fifth increase in a row as reported by The Federal Housing Finance Agency’s Home Price Index. Low mortgage loan rates are also spurring mortgage refinance activity.

Current Mortgage Rates


The average rate on a conforming fixed 30-year mortgage decreased this week to 5.25 percent, down from the previous week’s average mortgage rate of 5.39 percent. Less than one percent higher than the recent low of 4.84 percent set on May 18, 2009. This week's average rate for a conforming fixed 15-year mortgage is at 4.70 percent, down from the prior week’s average rate of 4.84 percent.

Jumbo Mortgage Rates


The average rate on a fixed 30-year jumbo mortgage was down slightly to 6.16 percent this week, down from last week’s average mortgage rate of 6.18 percent. Also lower than the recent high of 6.65 percent set on June 15, 2009. The average rate on a fixed 15-year jumbo mortgage loan is at 5.80 percent this week, down ever so slightly from the previous week's average rate of 5.81 percent.

Adjustable Rate Mortgages


Adjustable mortgage rates were mixed this week, for the most part conforming ARMs were down and jumbo ARMs were mixed. The average rate for a one-year conforming ARM was unchanged at  4.41 percent. Jumbo one-year ARMs decreased to 5.16 percent, down from last week’s average rate of 5.20 percent.

Three-year conforming adjustable mortgage rates decreased to 4.67 percent this week, down from last week’s average rate of 4.69 percent. The average mortgage loan rate for a jumbo three-year ARM is at 5.56 percent, an increase from the prior week’s average home mortgage loan rate of 5.41 percent.

Five-year adjustable mortgage loans were down this week. Conforming five-year ARMs are averaging 4.53 percent, down from the prior week’s average home loan rate of 4.59 percent. The average jumbo five-year mortgage loan rate was down to 5.43 percent from the last week’s average rate of 5.52 percent.

The average rate on a conforming seven-year adjustable home mortgage loan was down to 4.97, down from last week's average rate of 5.09 percent. Jumbo seven-year adjustable mortgage rates increased to 6.35 percent, up from the prior week's average rate of 6.17 percent.

10-year adjustable rate mortgages were mixed. The average rate on a conforming 10-year ARMs are at 5.42 percent this week, down from last week's average mortgage rate of 5.57 percent. Jumbo 10-year ARMs jumped considerably, the average rate is at 6.72 percent this week, up from 6.45 percent last week.

Interest Only Mortgages


Interest only mortgage rates were also mixed this week. Average rates on three-year interest only ARMs decreased to 4.74 percent, down from the prior week’s average rate of 4.76 percent. Jumbo three-year IO ARMs are averaging 5.80 percent this week, a big jump up from last week's average rate of 5.56 percent.

Five-year conforming interest only loans decreased to 4.61 percent this week, down from last week’s average rate of 4.69 percent. Jumbo five-year interest only ARMs decreased to 5.74 percent this week, down from last week's average rate of 5.84 percent.

Conforming seven-year interest only adjustable rate mortgages decreased to 5.14 percent, down from last week's average rate of 5.28 percent. The average rate for jumbo IO ARMs is at 6.65 percent this week, up from the previous week's average rate of 6.40 percent.

Home Equity Loans


Home equity loan rates were up this week. The average rate for a 10-year home equity loan was down to 7.637 percent, last week's average 10-year home equity rate was 7.613 percent. The average rate on a 15-year home equity decreased to 7.761 percent, down from the prior week’s average rate of 7.74o percent.

Home Equity Line of Credit


Home equity line of credit rates increased to 4.818 percent this week, up from last week’s average home equity line rate of 4.808 percent. The average rate on a HELOC is almost three percentage points lower than a home equity loan.

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Author: Brian McKay
August 3rd, 2009