Mortgage Rates Drift Lower as Interest Rates Head Down

Mortgage rates are down this week over last week as 10-year Treasury notes are back below 4.50 percent as of this morning, brought on by a consumer confidence report on Friday showing a surprising drop in the  Reuters/University of Michigan index.

Although the recession is expected to end this year, people are feeling less optimistic about their personal finance at anytime in the past 60 years.

Find current mortgage rates in your area by searching our mortgage rate tables.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

Show Advertiser Disclosure

The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #2059741

5.606%

15-Year Fixed

5.490%

$3,032

Includes 0.758 points for $3,032

Lender Fees: $0

$3,267 /mo

Next >

NMLS #757416

5.630%

15-Year Fixed

5.490%

$3,648

Includes 0.912 points for $3,648

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.650%

15-Year Fixed

5.490%

$4,172

Includes 0.868 points for $3,472

Lender Fees: $700

$3,267 /mo

Next >

NMLS #324599

License: 324599

5.673%

15-Year Fixed

5.500%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$3,269 /mo

Next >

NMLS #324599

License: 324599

6.494%

30-Year Fixed

6.375%

$5,070

Includes 1.000 points for $4,000

Lender Fees: $1,070

$2,496 /mo

Next >

NMLS #2059741

6.569%

30-Year Fixed

6.490%

$3,292

Includes 0.823 points for $3,292

Lender Fees: $0

$2,526 /mo

Next >

NMLS #757416

6.590%

30-Year Fixed

6.500%

$3,744

Includes 0.936 points for $3,744

Lender Fees: $0

$2,529 /mo

Next >

NMLS #1025894

6.600%

30-Year Fixed

6.490%

$4,592

Includes 0.973 points for $3,892

Lender Fees: $700

$2,526 /mo

Next >

NMLS #399799

6.722%

30-Year Fixed

6.625%

$4,184

Includes 0.714 points for $2,856

Lender Fees: $1,328

$2,562 /mo

Next >

NMLS #401822

6.734%

30-Year Fixed

6.625%

$4,495

Includes 0.625 points for $2,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #324599

License: 324599

6.743%

5-Year ARM

6.625%

$4,954

Includes 0.971 points for $3,884

Lender Fees: $1,070

$2,562 /mo

Next >

NMLS #401822

7.698%

15-Year Fixed

7.375%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,680 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

Mortgage Rate Tables

As consumers are feeling less optimistic about their finances, the Chinese government is feeling a lot more optimistic about the U.S. housing market and mortgage backed securities. The government's sovereign wealth fund, China Investment Corp, is going to buy up to $2 billion in U.S. mortgage securities through the U.S. Treasury-backed Public-Private Investment Plan (PPIP). This investment is a positive sign especially since several sovereign funds got burned last year making investments in U.S. in the early part of the credit crisis.

Mortgage Rates

Today's mortgage rates are down across the board this week compared to last week. 30-year mortgages, 15-year mortgages and jumbo mortgage rates had decent declines. The biggest drop was in jumbo adjustable rate mortgages while home equity loan rates and HELOC rates remained steady.

The average rate on a conventional 30-year mortgage is at 5.31 percent today, down from the previous week's average mortgage rate of 5.51 percent. 15-year conforming mortgage rates declined to 4.75 percent, down from the prior week's average mortgage rate of 4.87 percent.

Jumbo Mortgage Rates

Jumbo rate mortgages more down more than conforming mortgages this past week. The average mortgage rate on a fixed rate 30-year jumbo loan is at 6.13 percent today, down from last week's average mortgage rate of 6.31 percent.

15-year jumbo mortgage rates had a bigger decline, the 15-year rate is now back under 6.00 percent at 5.88 percent, down from the prior week's average rate of 6.15 percent.

Adjustable Mortgage Rates

Adjustable rate mortgages were down the most this past week, longer term adjustable mortgage rates were down more than shorter term rates. The average rate on a 10-year conforming ARM is at 5.22 percent this week, down from last week's average rate of 5.37 percent.

The average rate on a 7-year conventional ARM is back under 5.00 percent at 4.86 percent, down from the prior week's average mortgage interest rate of 5.05 percent.  The average mortgage loan rate for a conforming 5-year ARM is under 4.50 percent at 4.48, down from the previous week's average rate of 4.61 percent.

3-year conventional adjustable mortgage rates are averaging 4.55 percent this week, down from last week's average mortgage rate of 4.66 percent. The average 1-year adjustable home mortgage rate is at 4.34 percent, up from last week's average rate of 4.33 percent.

Jumbo Adjustable Rate Mortgages

Jumbo adjustable rate mortgages were down in a big way this week over last. The average rate on a 10-year jumbo ARM was down almost .50 percent to 6.39 percent, down from the prior week's average rate of 6.86 percent. 7-year jumbo ARMs are down under 6.00 percent again at 5.91 percent, down from last week's average rate of 6.30 percent.

5-year jumbo ARMs are averaging 5.31 percent, down from last week's average mortgage rate of 5.62 percent. 3-year jumbo ARMs are back under 5.50 percent at 5.48 percent, down from the previous week's average rate of 5.81 percent.  The average rate on a 1-year jumbo ARM is at 4.99 percent today, down from last week's average rate of 5.21 percent.

Interest-Only Mortgage Rates

Interest only mortgage loan rates were down with the biggest declines in rates coming from jumbo mortgages. The average rate on a jumbo 7-1 interest only ARM is at 6.13 percent, down from last week's average rate of 6.61 percent.

5-1 IO ARMs declined to 5.56 percent, down from the prior week's average mortgage rate of 5.92 percent. The average home loan rate on a 3-1 jumbo IO is at 5.71 percent this week, down from last week's average rate of 6.17 percent.

HELOC Rates

Home equity line of credit rates were unchanged this week over last week. The average HELOC rate is currently at 4.82 percent.

Home Equity Loan Rates

Home equity loan rates were down slightly this week over last week. The average rate on a 10-year home equity loan is at 7.618 percent this week, down from last week's average loan rate of 7.623 percent. The average rate on a 15-year home equity loan is currently at 7.742 percent this week, down from the previous week's average rate of 7.744 percent.

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Current Mortgage Rates