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Weekly Mortgage Rates: June 15 2009

weekly-mortgage-rates-june-15-2009Mortgage rates continued to rise last week, rising quicker than most mortgage brokers and analysts anticipated. The quick upturn in home mortgage rates is being driving by the quick rise in U.S. Treasury rates.

Treasury rates are rising because many believe that the economic situation will improve by the end of 2009. Some economists believe the U.S. economy will start expanding again by the end of the year.

As a result of the sudden increase in rates, mortgage refinancing has taken a nose dive. With rates rising so fast and the large supply of homes for sale economists are concerned that the housing market will take a longer time to recover.

Compare mortgage rates in your area by using our mortgage rate search tool. Search for mortgage rates here

Today's Mortgage Rates:

Mortgage loan rates for both fixed mortgage rates and adjustable mortgage rates rose last week. 30-year mortgages (conforming fixed rate mortgages) rose to 5.70 percent, up from 5.40 percent. The average mortgage rate increase this week was larger than the prior week over week increase in average mortgage rate increase.

15 year mortgage rates (conforming fixed rate mortgages) rose over five percent to 5.20 percent this week, up from the prior week's average mortgage rate of 4.93 percent. 15 year mortgage rates are still some of the lowest mortgage rates available today.

If you compare mortgage rates this week over the average rate at the end of last month, you can see how much rates have increased in a short period of time. 15-year conforming average mortgage rates were in the 4.50 percent range at the end of May, now rate at nearing 5.25 percent.

Jumbo mortgage rates also rose last week. The average rate for 30-year jumbo mortgage rates increased to 6.64 percent, up from last week's average rate of 6.34 percent. The average rate for a 15-year jumbo mortgage rose to 6.44 percent up from the prior week's average mortgage rate of 6.20 percent.  Jumbo home mortgage interest rates have been a lot higher than conforming mortgage rates recently.

Adjustable mortgage rates (ARMs) increased last week. The average 1 year adjustable mortgage rate rose to 4.92 percent, up from 4.68 percent. Average rates for a 1 year jumbo ARM rose to 6.07 percent, up from 5.94 percent the prior week.

The average mortgage rate for a 3/1 conforming ARM is now over five percent at 5.11 percent, up from the prior week's average of 4.89 percent. Jumbo 3/1 ARMS are now at 5.87 percent, up from 5.83 percent. The average mortgage rate for a 5/1 ARM is 5.16 percent, up from 4.83 percent.

The average rate for a jumbo 5/1 ARM is 5.93 percent, up from 5.75 percent. Conforming 7/1 ARMs are now at 5.70 percent this week, up from the prior week's average rate of 5.40 percent. Jumbo 7/1 ARMs are averaging 6.67 percent, up from 6.61 percent. The average rate for a 10/1 conforming ARM is at 6.05 percent, up from 5.70 percent. Jumbo 10/1 ARMs are averaging 6.96 percent, up from 6.72 percent.

Home equity line of credit rates barely rose this past week, the average HELOC rate this week is 4.77 percent, up from 4.75 percent. Home equity loans rose this week, the average rate for a 10 year home equity loan is now at 7.65 percent, up from 7.64 percent. 15 year home equity loan rates averaged 7.79 percent, up from the prior week's average of 7.76 percent.

You can find some of the best mortgage rates by using's mortgage rate tool. Search for mortgage rates in your zip code.

Author: Brian McKay
June 15th, 2009