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Mortgage Rates up Slightly in This Week’s PMMS Survey

mortgage-rates-up-slightly-in-this-weeks-pmms-surveyMortgage rates were up slightly in this week's Primary Mortgage Market Survey released by Freddie Mac. For the first ten months of 2009 the average 30 year mortgage rate was just under 5.00 percent, the lowest 10 month average mortgage rate since the survey started in 1971.

Even with low current mortgage rates the Mortgage Bankers Association reported a seasonally adjusted 12.3 decline in mortgage applications for the week ending October 23, 2009.  New home sales also declined in September, yesterday the Commerce Department reported a 3.6 percent decline in new home sales for the month of September.



Looking for today's mortgage rates, including jumbo mortgage rates? Use our bank mortgage rate tables to find the best mortgage rates.

Best Mortgage Rates

Current Mortgage Rates


30 year fixed rate mortgages averaged 5.03 percent for the week ending October 29, 2009, up from the prior week's average rate of 5.00 percent. Average mortgage discount points remained the same at 0.7 points. A year ago 30 year mortgage rates averaged 6.46 percent.

The average rate on 15 year fixed rate mortgages is at 4.46 percent this week, up from the previous week's average mortgage interest rate of 4.43 percent. Average discount points were 0.6 points. A year ago 15 year mortgage rates were averaging 6.19 percent.

Five year Treasury indexed adjustable rate mortgages are averaging 4.42 percent, up from last week's average rate of 4.40 percent. Average discount points were 0.6 points. A year ago 5 year adjustable mortgage rates averaged 6.36 percent.

One year Treasury indexed adjustable mortgage rates averaged 4.57 percent this week, with average discount points at 0.6 points. Last week's average one year ARM was 4.54 percent. A year ago at this time, one year ARMs averaged 5.38 percent.

Jumbo Home Mortgage Rates


Freddie Mac only reports on conforming mortgage rates in the PMMS survey. MonitorBankRates.com reported on jumbo mortgage rates earlier this week, here is the report.
Average rates on a 30 year jumbo home mortgage is currently at 5.85 percent, up from last week’s average jumbo interest rate of 5.80 percent. 15 year jumbo interest mortgage rates are averaging 5.30 percent this week, up from last week’s average mortgage rate of 5.23 percent.
 
Author: Brian McKay
October 29th, 2009