Weekly Mortgage Rates: June 1, 2009

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weekly-mortgage-rates-June-1-2009Mortgage rates rose considerably this past week. The rise in average mortgage rates was across the board, longer term mortgage rates rose a lot more than shorter term mortgage rates.

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The most pronounced uptick was for 30-year conforming fixed rate mortgages which rose above five percent to 5.34 percent, up from 4.90 percent. The average rate for Jumbo 30-year mortgage rates is now nearing 6.50 percent, rates rose .30 percent to 6.48 percent.

Average 15-year conforming mortgage rates rose to 4.84 percent, up from 4.53 percent. Average rates for Jumbo 15-year mortgage rates rose above six percent this past week, the average rate is now at 6.15 percent, up from 5.87 percent the previous week. 

Adjustable rate mortgages were also up smartly from last week with one exception on the shorter end. The average rate for a 10/1 conforming adjustable rate mortgage is now at 5.61 percent, up from 5.30 percent. The average rate for a Jumbo 10/1 ARM is 6.65 percent his week, up from last week's average of 6.30 percent. The average rate for a 7/1 conforming ARM is now 5.29 percent, up from 4.95 percent. Jumbo 7/1 ARMs are now averaging 6.54 percent, up from 6.16 percent.

5/1 conforming ARMs are averaging 4.79 percent this week, up from last week's average of 4.50 percent. Jumbo 5/1 ARMs are averaging 5.66 percent this week, up from 5.48 percent last week. 3/1 conforming ARMs averaged 4.89 percent, up from 4.77 percent. Jumbo 3/1 ARMs are averaging 5.67 percent, up from 5.58 percent. The average rate for a one year conforming ARM stayed the same at 4.80 percent. Jumbo one year ARM rates averaged 5.92 up from 5.64 percent.

Interest only adjustable rate mortgages also went up last week. 3/1 conforming ARM rates rose back above five percent at 5.03 percent, up from 4.90 percent. Jumbo 3/1 ARMs averaged 5.81 percent, up from last week's average of 5.73 percent. The average rate for 5/1 conforming ARMs rose to 4.95 percent, up from 4.59 percent. Jumbo 5/1 ARMS averaged 6.00 percent, up from 5.83 percent. 7/1 conforming ARMs averaged 5.58 percent this week, up from last week's average of 5.22 percent. Jumbo 7/1 ARMs averaged 6.77 percent, up from 6.34 percent.

The average rate for a home equity line of credit (HELOC) is unchanged this week at 4.74 percent. The average rate for 10-year home equity loan decreased last week to 7.65 percent, down from 7.68 percent the following week. The average rate for 15-year home equity loan declined to 7.78 percent this week, up from last week's average of 7.80 percent.
 
Author: Brian McKay
June 1st, 2009