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Mortgage Rates Rise: 30 Year Mortgage Rates at 5.04%

mortgage-rates-rise-30-year-mortgage-rates-at-504Mortgage rates are higher in the most recent mortgage survey released this morning. The average contract interest rate on 30 year mortgages stayed above 5.00% for the second consecutive week.

The average 30 year mortgage rate increased to 5.04 percent for the week ending March 26, 2010, an increase from last week’s average mortgage rate of 5.01% according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Average mortgage discount points increased to 1.07 points, an increase from the previous week's average of 0.76 points.

Looking for today’s mortgage rates and refinance rates? Search our mortgage rate tables for the best rates:

The average contract 15 year mortgage rate increased to 4.34% for the week ending March 26, 2010, up from the prior week’s average 15 year mortgage rate of 4.33%. Mortgage discount points increased to 0.98 points, up from 0.77 points the prior week.

The average contract rate for 1 year adjustable mortgages increased to 6.88 percent for the week ending March 19, 2010, up from the prior week's average adjustable mortgage rate of 6.75 percent. Mortgage discount points decreased to 0.31 points from 0.32 points.

For a more extensive report on today’s mortgage rates and refinance rates, released its Weekly Mortgage Rate Report earlier this week, which follows:

Jumbo Rate Mortgages

30 year jumbo bank mortgage rates are averaging  in at 5.59 percent this week, up from the previous week’s average jumbo home loan rate of 5.56 percent. Jumbo refinance rates were also up this week to 5.56 percent. The average 15 year jumbo mortgage rate is at 5.07 percent this week, up from last week’s average jumbo rate of  5.04. This is the second consecutive week 15 year jumbo rates are above 5.00 percent. 15 year jumbo refinance rates are also averaging 5.07 percent this week.

Adjustable Conforming Mortgage Rates

1 year conforming adjustable mortgage interest rates are averaging 4.48 percent this week, unchanged from last week’s average 1 year home loan rate of 4.48 percent. 1 year mortgage refinance rates were also unchanged this week at 4.48 percent. 3 year conforming adjustable home loan mortgage rates are at 4.66 percent this week, up from last week when 3 year home mortgage rates averaged 4.58 percent. The current average 3 year refinance rate is also at 4.58 percent this week. 5 year conforming adjustable mortgages are averaging 4.04 percent this week, up from last week’s average home loan rate of 3.92 percent. The current average 5 year mortgage refinance rate this week is also up to 4.04 percent. The average 7 year conforming ARM is at 4.55 percent this week, up from last week’s average mortgage loan interest rate of 4.41 percent. 7 year mortgage refinance rates are also higher at 4.55 percent this week. 10 year adjustable mortgage rates are averaging 4.86 percent this week, an increase from last week’s average mortgage interest rate of 4.80 percent. 10 year home loan refinance rates are also averaging 4.86 percent.

Adjustable Jumbo Mortgage Rates

The average 1 year jumbo ARM is at 5.59 percent this week, unchanged from last week’s average home loan interest rate. The average 3 year jumbo ARM is at 5.35 percent this week, up from the prior week’s average home loan rate of 5.24 percent. 3 year home refinance rates are up to 5.35 percent this week. The average 5 year jumbo ARM is at 4.69 percent this week, an increase from last week’s average mortgage rate of 4.57 percent. Current 5 year refinance loan rates are also averaging 4.69 percent. 7 year jumbo ARMs are averaging 5.45 percent this week, up from last week’s average loan mortgage rate of 5.40 percent. 7 year loan refinance rates are also averaging 5.45 percent this week. 10 year jumbo mortgage interest rates are averaging 5.97 percent this week, an increase from last week’s average 10 year rate of 5.77 percent. 10 year jumbo refinance loan rates are also lower this week - the average rate is 5.97 percent.

Interest Only Conforming Mortgage Rates

The average 3 year interest only mortgage rate is at 4.91% this week, up from the prior week’s average mortgage interest rate of 4.84%. The average 5 year interest only home loan is at 4.23% this week, up from last week’s average five year home interest only mortgage rate of 4.11%. 7 year IO home loans are averaging 4.73% this week, an increase from last week’s average interest rate of 4.58%.

Interest Only Jumbo Mortgage Rates

3 year jumbo IO loans are averaging 5.76 percent this week, down from last week’s jumbo interest mortgage rate of 5.83 percent. The average 5 year jumbo IO loan rate is at 5.32 percent, up from the prior week’s average IO mortgage rate of 5.18 percent. The average 7 year jumbo IO loan is at 5.85 percent, up from the prior week’s average jumbo 7 year rate of 5.79 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 7.364 percent this week, down from last week’s average equity home loan rate of 7.457. 15 year home equity rates averaged 7.562 percent, down from last week’s average home equity rate of 7.780.

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 31st, 2010