Mortgage Rates Today May 15, 2011: Don’t Worry, 30 Year Fixed Rate Mortgages are Here to Stay

Mortgage rates are stable today, there are no big changes in average rates. 30 year conforming mortgage rates are averaging 4.60% and 30 year jumbo mortgage rates are averaging 5.14%. 30 year fixed rate mortgages are still the preferred home loan for most homes buyers and always will be.

I just read that many "housing proponents" say 30 year mortgage rates will no longer be offered by lenders if the government dismantles the government sponsored entities (GSEs) Freddie Mac and Fannie Mae (both are buyers of 30 year conforming home loans").

First of all, the government won't dismantle Freddie and Fannie but probably will reorganize both GSEs and stop supporting them. If that happens mortgage rates will go higher but lenders will still make 30 year loans. Why? If lenders didn't make 30 year loans the housing market would collapse.

Loan Type

State

FICO Score

Loan Amount

Points

LTV

Loan Term 15-Year Fixed 20-Year Fixed 30-Year Fixed 5-Year ARM 7-Year ARM 10-Year ARM

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Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

4.938%

15-Year Fixed

4.750%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$3,112 /mo

Next >

NMLS #2578474

5.305%

15-Year Fixed

5.125%

$4,750

Includes 0.925 points for $3,700

Lender Fees: $1,050

$3,190 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.338%

15-Year Fixed

5.125%

$5,793

Includes 0.960 points for $3,840

Lender Fees: $1,953

$3,190 /mo

Next >

NMLS #1689962

License: 02053435

5.376%

15-Year Fixed

5.250%

$3,308

Includes 0.827 points for $3,308

Lender Fees: $0

$3,216 /mo

Next >

NMLS #401822

5.409%

15-Year Fixed

5.125%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,190 /mo

Next >

NMLS #2006915

License: 60DBO-149268

5.438%

15-Year Fixed

5.250%

$4,945

Includes 0.750 points for $3,000

Lender Fees: $1,945

$3,216 /mo

Next >

NMLS #1025894

5.532%

15-Year Fixed

5.375%

$4,104

Includes 0.851 points for $3,404

Lender Fees: $700

$3,242 /mo

Next >

NMLS #1835285

5.842%

30-Year Fixed

5.750%

$4,000

Includes 0.500 points for $2,000

Lender Fees: $2,000

$2,335 /mo

Next >

NMLS #1835285

5.886%

5-Year ARM

5.750%

$5,960

Includes 0.990 points for $3,960

Lender Fees: $2,000

$2,335 /mo

Next >

NMLS #2578474

6.099%

30-Year Fixed

6.000%

$4,250

Includes 0.800 points for $3,200

Lender Fees: $1,050

$2,399 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.138%

30-Year Fixed

6.000%

$5,945

Includes 1.000 points for $4,000

Lender Fees: $1,945

$2,399 /mo

Next >

NMLS #1689962

License: 02053435

6.213%

30-Year Fixed

6.125%

$3,756

Includes 0.939 points for $3,756

Lender Fees: $0

$2,431 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.234%

30-Year Fixed

6.125%

$4,833

Includes 0.720 points for $2,880

Lender Fees: $1,953

$2,431 /mo

Next >

NMLS #401822

6.265%

30-Year Fixed

6.125%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,431 /mo

Next >

NMLS #3030

6.281%

15-Year Fixed

6.125%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,403 /mo

Next >

6.326%

30-Year Fixed

6.250%

$3,228

Includes 0.625 points for $2,500

Lender Fees: $728

$2,463 /mo

Next >

NMLS #1025894

6.456%

30-Year Fixed

6.375%

$3,400

Includes 0.675 points for $2,700

Lender Fees: $700

$2,496 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.882%

5-Year ARM

6.750%

$5,621

Includes 0.917 points for $3,668

Lender Fees: $1,953

$2,595 /mo

Next >

NMLS #3030

6.973%

30-Year Fixed

6.875%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,628 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

The majority of the middle class has been squeezed hard by the financial crises and recession and can't afford monthly mortgage payments on anything other than a 30 year mortgage.

Now back to today's mortgage rates. Both 15 year conforming and jumbo average rates are lower today. Current mortgage rates on 15 year loans are averaging 3.87% and 15 year jumbo loan rates are averaging 4.47%.

You can find the lowest mortgage rates and refinance rates in your state by searching our rate tables at MortgageRates.MonitorBankRates.com.

Author: Brian McKay

May 15th, 2011

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