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Mortgage Rates: Current Mortgage Rates Up Slightly

mortgage-rates-current-mortgage-rates-up-slightlyCurrent mortgage rates were up slightly in the most recent survey released this morning. Mortgage rates have been fluctuating in a tight range for the past couple of weeks after coming down from recent highs.

Today's mortgage rates rose because bond yields rose on the prospect of the economy expanding in the fourth quarter of 2010.


Current Mortgage Rates


The average rate on a 30-year fixed home mortgage rate increased to 5.25 percent with an average point of 0.7 percent, up from the prior week's average mortgage loan rate of 5.20 percent according to Freddie Mac. Last year at this time the average 30-year mortgage interest rate was around the 6.50 percent range.

Looking for mortgage rates in your area? MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code.  Search for Mortgage Rates Here

15-year home mortgage rates are averaging 4.69 percent this week with an average 0.7 point, up from the previous week's average mortgage rate of 4.68 percent. Last year at this time the average rate on a 15-year mortgage was over 6.00 percent at6.07 percent.

Adjustable Rate Mortgage


The average 5-year adjustable mortgage rate increased to 4.75 percent this week with an average 0.6 point, up from the prior week's average home loan mortgage rate of 4.74 percent. Last year at this time the average rate on a 5-year ARM was also at 6.07 percent, the same rate as a fixed 15-year conforming mortgage.

One-year adjustable mortgage rates increased to 4.80 percent with an average 0.5 point, up from last week's average mortgage rate of 4.77 percent. The average rate on a 0ne-year ARM was only .50 percent higher last year at this time.

Jumbo Mortgage


Freddie Mac’s weekly Primary Mortgage Market Survey does not contain jumbo mortgage rates because Freddie Mac only reports on mortgages it purchases from banks, known as conforming mortgages.

MonitorBankRates.com has free jumbo mortgage rate tables and conforming mortgage rate tables in your zip code.

Current Mortgage Rates 
 
Author: Brian McKay
July 30th, 2009