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Mortgage Rates May 16-30 Year Mortgage Rates at 4.60% as Home Builder Confidence Remains Low

In this week's Mortgage Rate Survey released by MonitorBankRates, today's 30 year conforming mortgage rates are averaging 4.60% for the week ending May 16, 2011, a decline from last week's average 30 year mortgage rate of 4.70%.

Low current mortgage rates hasn't helped the housing market for newly built single family homes. The National Association of Home Builders released their National Association of Home Builders/Wells Fargo Housing Market Index (HMI) showing builders are still pessimistic about the future. The index remained at a low level of 16, and has remained at this level for six out of the past seven months.



The amount of existing homes for sale, foreclosures and short sales is putting tremendous pressure on home prices in general and especially for newly built homes. Comparable new homes sell for a premium over existing homes but unless it's in the perfect location, why should anyone buy a new home when they can get an existing home for thousands or tens of thousands of dollars less?

Average 15 year mortgage rates are at 3.87% for the week ending May 16, 2011, down from the previous week's average of 3.92%.

Jumbo mortgage rates are also lower this week. The average 30 year jumbo mortgage rate is at 5.14%, down from the previous week's average of 5.19%.

15 year jumbo mortgage rates bucked the trend and headed higher this week. The current average 15 year jumbo mortgage rate is at 4.47%, an increase from last week's average of 4.36%.

Average Mortgage Rates May 16


Description This Week Last Week
Home Equity Line of Credit 4.952% 4.952%
Home Equity Loan - 10 Years 6.806% 6.771%
Home Equity Loan - 15 Years 6.868% 6.868%
15 Year Fixed Conforming 3.873% 3.920%
15 Year fixed Jumbo 4.472% 4.363%
30 Year Fixed Conforming 4.603% 4.708%
30 Year Fixed Jumbo 5.142% 5.192%
1 Year ARM Conforming 6.167% 6.167%
1 Year ARM Jumbo 4.050% 4.050%
3/1 Year ARM Conforming 3.083% 3.151%
3/1 Year ARM Jumbo 3.898% 3.677%
5/1 Year ARM Conforming 3.127% 3.128%
5/1 Year ARM Jumbo 3.509% 3.524%
7/1 Year ARM Conforming 3.514% 3.561%
7/1 Year ARM Jumbo 4.094% 4.167%
10/1 Year ARM Conforming 4.095% 4.093%
10/1 Year ARM Jumbo 4.517% 4.573%
Interest Only: 3/1 Year ARM Conforming 3.160% 3.169%
Interest Only: 3/1 Year ARM Jumbo 4.078% 3.867%
Interest Only: 5/1 Year ARM Conforming 3.255% 3.260%
Interest Only: 5/1 Year ARM Jumbo 3.897% 3.854%
Interest Only: 7/1 Year ARM Conforming 3.680% 3.721%
Interest Only: 7/1 Year ARM Jumbo 4.314% 4.350%


Find the best mortgage rates and refinance rates in your state by using our interest rate tables at MortgageRates.MonitorBankRates.com.
 
Author: Brian McKay
May 16th, 2011