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Mortgage Rates Lower as Housing Market Recovers

Low mortgage rates and home prices are helping the housing market recover. The National Association of Realtors (NAR) reported existing home sales rose 8.3% to a seasonally adjusted annual rate of 5.14 million in the first quarter of 2011. Another positive sign the median existing single-family home price rose in 34 out of 153 metropolitan statistical areas (MSAs) according to the NAR.

The average 30 year mortgage rate as reported by MonitorBankRates is at 4.62% today. You can get rates lower than the averages. Right now on our mortgage rate tables, Aurora Bank is offering 30 year rates at 4.625%. First Internet Bank is offering fixed 30 year  FHA mortgage rates at 4.25% with zero mortgage points.



Conventional 15 year mortgage rates today are averaging 3.88%. 15 year conventional mortgage rates have been under 4.00 percent for over 2.00 weeks now.

Jumbo mortgage rates are also near lows for 2011. 30 year jumbo mortgage rates today are averaging 5.15% and 15 year jumbo mortgage rates are averaging 4.45%.
 
Author: Brian McKay
May 10th, 2011