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Mortgage Rates Lower: 30 Year Mortgage Rates at 4.91%, 15 year Mortgage Rates at 4.24%

mortgage-rates-lower-30-year-mortgage-rates-at-491-15-year-mortgage-rates-at-424Mortgage rates are lower in the most recent mortgage survey released this morning. 30 year mortgage rates are back below 5.00% for the week ending March 12, 2010. 30 year mortgage rates have been seesawing above and below 5.00 percent for over a month now.

The average contract 30 year mortgage rate is at 4.91% for the week ending March 12, 2010, down from last week's average mortgage interest rate of 5.01% according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Average mortgage discount points increased to 1.30 points, up from last week's average of 0.82 points.

Looking for mortgage rates and refinance rates? Search our mortgage rate tables:

The average contract 15 year mortgage rate decreased to 4.24% for the week ending March 5, 2010, down from the prior week’s average 15 year mortgage rate of 4.32%. Average mortgage discount points increased to 1.47 points, up from  from 0.88 points the prior week.

The average contract rate for 1 year adjustable mortgages decreased to 6.75, down from the previous week’s average of 6.80 percent. Average mortgage points remained unchanged at 0.30 points.

For a more extensive report on today's mortgage rates and refinance rates, released its Weekly Mortgage Rate Report on Monday, which follows:

Jumbo Mortgage Rates

30 year jumbo mortgage rates are averaging 5.57 percent this week, a decrease from the last week’s average home loan rate of 5.73 percent. Jumbo refinance rates were also down 16 basis points this week to 5.57 percent.

The average 15 year jumbo mortgage interest rate is at 4.98 percent this week, a decline from last week’s average jumbo loan mortgage rate of 5.13 percent. The average 15 year jumbo mortgage refinance rate is also under 5.00 percent at 4.98 percent.

Adjustable Conforming Mortgage Rates

The average conforming 1 year adjustable rate mortgage is at 4.37 percent this week, down from the prior week’s average 1 year home loan rate of 4.40 percent.

The average 3 year conforming adjustable mortgage interest rate is at 4.49 percent this week, a decrease from the previous week when 3 year home mortgage interest rates averaged 4.55 percent.

5 year conforming adjustable mortgages are averaging 3.94 percent this week, a increase from last week’s average home loan rate of 3.86 percent. The average 5 year mortgage refinance is also up this week to 3.94 percent.

7 year conforming ARMs are averaging 4.47 percent, up from the prior week’s average mortgage loan interest rate of 4.41 percent. 7 year mortgage refinance rates are also averaging at 4.47 percent.

10 year adjustable bank mortgage rates are averaging 4.75 percent this week, down slightly from last week’s average mortgage interest rate of 4.76 percent. 10 year home loan refinance rates are also averaging 4.75 percent.

Adjustable Jumbo Mortgage Rates

The average 1 year jumbo ARM is at 5.59 percent this week, unchanged from the prior week’s average home loan interest rate.

The average 3 year jumbo ARM is at 5.14 percent this week, a decrease from the prior week’s average home loan rate of 5.29 percent. 3 year home refinance rates are down to 5.14 percent this week.

The average 5 year jumbo ARM is at 4.63% this week, down from the previous week’s average mortgage rate of 4.70%. The average 5 year refinance loan is averaging 4.63 percent this week.

7 year jumbo ARMs are averaging 5.38 percent this week, down from last week’s average loan mortgage rate of 5.44 percent. 7 year loan refinance rates are also averaging 5.38 percent, down from the prior week’s average refinance rate.

10 year jumbo mortgage interest rates are averaging 5.84 percent this week, down from last week’s average 10 year rate of 5.86 percent. 10 year jumbo refinance loan rates are also lower this week, the average rate is 5.84 percent.

Interest Only Mortgage Rates

The average 3 year interest only mortgage rate is at 4.74% this week, down from the prior week’s average mortgage interest rate of 4.79%.

The average 5 year interest only home loan is at 4.13% this week, up from last week’s average five year home interest only mortgage rate of 3.98%.

7 year IO home loans are averaging 4.65% this week, an increase from last week’s average interest rate of 4.59%.  The average 7 year IO refinance home loan rate is also at 4.65% this week.

Jumbo Interest Only Mortgage Rates

3 year jumbo IO loans are averaging 5.67 percent this week, up from last week’s jumbo interest mortgage rate of 5.63 percent. 3 year jumbo refinance interest rates are averaging 5.67 percent.

The average 5 year jumbo IO loan rate is at 5.28 percent, down from the prior week’s average IO mortgage rate of 5.30 percent. 5 year jumbo IO refinance interest rates are averaging 5.28 percent this week.

7 year jumbo IO loans are averaging 5.76 percent, down from the prior week’s average jumbo 7 year rate of 5.82 percent.

Home Equity Loan Rates

The average home equity loan rate was up this week over last. 10 year home equity loan rates are at 7.481 percent this week,unchanged from last week’s average equity home loan rate. 15 year home equity rates averaged 7.805 percent, unchanged from last week’s average home equity rate.

Home Equity Line of Credit Rates (HELOC)

Average home equity line of credit rates are at 4.777 percent this week, unchanged from last week’s average HELOC rate.
Author: Brian McKay
March 17th, 2010