Today’s Mortgage Interest Rates – October 19, 2009

Todays-Mortgage-Interest-Rates-October-19-2009Mortgage interest rates were mixed this past week, 30 year mortgage rates stayed above 5.00 percent this week and are slightly higher than last week's average mortgage rate.

Fifteen year mortgage rates were lower this week over last and 10 year U.S. Treasury yields rose during the holiday shortened week, as of last Friday yields were at 3.43 percent.

Current mortgage rates are expected to remain low for now but will start heading up when strong economic data is reported by the government and inflation becomes a real concern. Another factor that will drive mortgage rates higher is the completion of the Fed program to buy $1.25 billion of mortgage-backed securities. The Fed has already started slowing down the purchases and will complete the program in the first quarter of 2009.

Loan Term
Lender
APR / Rate
Fees / Points
Payment
PenFed Credit Union
NMLS #401822
4.924%
15-Year Fixed
4.625%
$8,000
Includes 1.000 points for $4,000
Lender Fees: $4,000
$3,086 /mo
District Lending
NMLS #1835285
5.459%
15-Year Fixed
5.250%
$5,500
Includes 0.875 points for $3,500
Lender Fees: $2,000
$3,216 /mo
Watermark Capital
NMLS #1838
5.905%
15-Year Fixed
5.750%
$4,015
Includes 0.629 points for $2,516
Lender Fees: $1,499
$3,322 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
5.920%
15-Year Fixed
5.750%
$4,396
Includes 0.924 points for $3,696
Lender Fees: $700
$3,322 /mo
Solidify Mortgage Advisors
NMLS #1283930
License: 01970483
5.925%
15-Year Fixed
5.750%
$4,541
Includes 0.854 points for $3,416
Lender Fees: $1,125
$3,322 /mo
District Lending
NMLS #1835285
6.344%
30-Year Fixed
6.250%
$4,000
Includes 0.500 points for $2,000
Lender Fees: $2,000
$2,463 /mo
Rocket Mortgage
NMLS #3030
6.407%
15-Year Fixed
6.250%
$4,000
Includes 1.000 points for $4,000
Lender Fees: $0
$3,430 /mo
Watermark Capital
NMLS #1838
6.618%
30-Year Fixed
6.500%
$4,939
Includes 0.860 points for $3,440
Lender Fees: $1,499
$2,529 /mo
PenFed Credit Union
NMLS #401822
6.692%
30-Year Fixed
6.500%
$8,000
Includes 1.000 points for $4,000
Lender Fees: $4,000
$2,529 /mo
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
6.726%
30-Year Fixed
6.625%
$4,172
Includes 0.868 points for $3,472
Lender Fees: $700
$2,562 /mo
Solidify Mortgage Advisors
NMLS #1283930
License: 01970483
6.737%
30-Year Fixed
6.625%
$4,625
Includes 0.875 points for $3,500
Lender Fees: $1,125
$2,562 /mo
District Lending
NMLS #1835285
7.020%
5-Year ARM
6.875%
$5,900
Includes 0.975 points for $3,900
Lender Fees: $2,000
$2,628 /mo
Rocket Mortgage
NMLS #3030
7.225%
30-Year Fixed
7.125%
$4,000
Includes 1.000 points for $4,000
Lender Fees: $0
$2,695 /mo
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.

Looking for mortgage rates? The best mortgage rates can be found by using our mortgage rate tables:

Best Mortgage Rates

Current Mortgage Interest Rates

Today's average mortgage rates on conforming fixed rate 30 year mortgages are at 5.08%, up from last week's average 30 year rate of 5.02%. Conforming fixed 15 year mortgage interest rates were down this week over last, current mortgage rates are at 4.50%, down from the prior week's average mortgage rate of 4.60%.

Jumbo Mortgage Rates

The average fixed rate 30 year jumbo mortgage is at 5.80% this week, down from the previous week's average interest rate of 5.86%. Fixed 15 year jumbo mortgage rates were down slightly to 5.35% from 5.36%  the prior week.

Adjustable Mortgage Interest Rates

Conforming one-year adjustable mortgage rates are at 4.38% this week, up from last week's average interest rate of 4.12%. One year jumbo mortgage rates were down considerably this week, current mortgage rates are at 5.49%, down from the prior week's rate of 5.81%.

Conforming 3/1 adjustable rate mortgages are averaging 4.38% this week, down from last week's average rate of 4.45%. The average rate on a  jumbo 3/1 ARM is at 5.53%, down from 5.59%.

The average rate on a 5/1 conforming ARM is at 4.16%, up from last week's average rate of 4.05%. Jumbo 5/1 ARMs are averaging 4.89%, up from the prior week's average rate of 4.86%.

7/1 conforming ARMs are averaging 4.51%, down from the previous week's average home loan rate of 4.57%. The average rate for a jumbo 7/1 ARM is at 5.70%, down from 5.71% the prior week.

10/1 conforming ARMs are averaging 4.92% this week, up from last week's average mortgage interest rate of 4.77%. Jumbo 10/1 ARMs are averaging 6.07%, up from 5.96%

Interest-Only (IO) Mortgage Rates

The average conforming 3/1 interest only mortgage rate is at 4.48%, down from the prior week's average of 4.52 percent. Jumbo 3/1 IO loans are averaging 5.81%, up from 5.62%.

5/1 conforming IO home loan rates averaging 4.22% this week, up from 4.20% the prior week. Jumbo 5/1 IO home loans are averaging 5.31% this week, up from last week's average rate of 5.29%.

Conforming 7/1 IO loans are averaging 4.69%, down from last week's average interest rate of 4.72%. Jumbo 7/1 IO mortgages are averaging 6.18%, down from 6.26%.

Home Equity Loans

The average rate on a 10 year home equity loan is at back under 7.50% at 7.47%, down from the previous week's average loan rate of 7.65%. 15 year home equity loans are averaging 7.60 percent this week.

Home Equity Line of Credit (HELOC)

Average home equity line of credit rates are at 4.87 percent this week, down considerably from last week's average HELOC rate of 5.10 percent.

 
Author: Brian McKay
October 19th, 2009

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