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Weekly Mortgage Rates

weekly-mortgage-ratesMortgage rates rose again this past week, driven higher the rise in bond yields. Investors have become worried that all the government programs to stimulate the economy is fanning inflation, as a result yields on 10-year Treasury notes jumped this past week to over 3.75 percent.

The rise in mortgage rates is threatening the housing recovery. 30 year conforming mortgage rates averaged 4.849 percent the week of May 18th, the rate is week is now 5.401 percent, a sharp three week rise in rates. Jumbo mortgage rates have fared a little better in during the same period, 30 year Jumbo mortgage rates averaged 6.346 percent this week, up from the May 18th low of 6.120 percent. Jumbo mortgage rates didn't come down as much as conforming mortgage recently because banks were reluctant to offer products that Fannie Mae and Freddie Mac wouldn't purchase.



Average home mortgage rates for 15 year fixed rate mortgages are 4.933 percent this week, up from last week's average of 4.839 percent. Jumbo 15 year mortgages averaged 6.209 percent this week, last week's average rate was 6.151 percent. Some of the best mortgage rates these days are for 15 year mortgages.

HELOC rates have remained relatively steady this week. HELOC rates are at 4.758 percent, up from last week when HELOC rates averaged 4.748 percent. A 1o year home equity loan averaged 7.642 percent this week, down from last week's average rate of 7.659 percent. 15 year home equity loans averaged 7.766 percent, last week's average was 7.785 percent.

Adjustable rate mortgages were also up this week, with one exception, a one year conforming ARM averaged 4.6885 percent this week, down from last week's average of 4.805 percent. One year jumbo ARMs averaged 5.947 percent, up from 5.927 percent.

The average rate for a 3/1 ARM (conforming) is 4.897 percent this week, down from last week's average of 4.898 percent. Jumbo 3/1 ARMs averaged 5.831 percent, last week's average rate was 5.671 percent. 5/1 ARMs (conforming) averaged 4.839 percent, up from last week's average of 4.790 percent. Jumbo 5/1 ARMs averaged 5.755 percent this week, up from 5.667 percent. Average rates for 7/1 ARMs and 10/1 ARMs  were also up this week.

MonitorBankRates.com has free mortgage rate tables you can search for today's mortgage rates. Search Mortgage Rates
 
Author: Brian McKay
June 8th, 2009