Mortgage Rates Mixed Freddie Says
Longer term mortgage rates were up in the latest mortgage rate survey released yesterday. Fixed rate conforming 30-year mortgages and fixed rate conforming 15-year mortgages were up.
Adjustable rate mortgages were mixed, five-year adjustable rate mortgages were also up slightly and one-year adjustable mortgage rates were down.
The uptick in current mortgage rates for the week ending August 13, 2009, reported in the Primary Mortgage Market Survey released weekly by Freddie Mac is keeping with the direction of mortgage rates reported earlier this week in the MonitorBankRates.com mortgage survey and the Mortgage Bankers Association’s survey.
Find today's mortgage rates in your zip code by searching our mortgage interest rate tables.
Mortgage Rate Tables
Current Mortgage Rates
Today's current fixed rate mortgages were up for the week ending August 13, 2009. Conventional fixed 30-year mortgage rates averaged 5.29 percent this week, up from the prior week's average 30-year rate of 5.22 percent with an average 0.7 points. Last year at this time 30-year mortgage rates averaged 6.52 percent. The increase in recent mortgage rates has slowed down the mini mortgage refinancing boom we had the past couple of months when rates declined to near record lows.
The average rate on a 15-year conforming fixed rate mortgage is at 4.68 percent this week, up from the previous week's average rate of 4.63 percent with 0.7 discount points. A year ago at this time 15-year fixed mortgage rates were much higher, at 6.07 percent. Today’s mortgage rates, the decline in home prices and the $8,000 tax credit for first time home buyers are reviving the housing market.
Adjustable Mortgage Interest Rates
The average interest rate on a five-year adjustable mortgage is at 4.75 percent this week with an average 0.6 discount points, up slightly from last week's average rate of 4.73 percent. A year ago, the average rate on a five-year adjustable rate mortgage averaged 6.02 percent. Since the FOMC decided to keep interest rates low for now I don't anticipate short term mortgage rates increasing by much until later this year for early next year.
One-year adjustable mortgage rates are at 4.72 percent this week with an average discount points of 0.6 point, up from the prior week’s average rate of 4.78 percent. Last year this time one-year mortgage rates were over 5.00 percent at 5.18 percent.
Jumbo Rate Mortgages
Freddie Mac’s weekly PMMS survey does have jumbo mortgage rates because Freddie Mac only reports on conforming mortgages it purchases from banks. MonitorBankRates.com has free jumbo mortgage rate tables and conforming mortgage rate tables in your zip code.
Find Jumbo Mortgage Rates
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