30 Year Mortgage Rates Down to 4.88%, 15 Year Mortgage Rates at 4.30%

Mortgage rates continued to decline since the beginning of the week.  Conforming fixed 30 year mortgage rates were over 5.00 percent last week but fell over 25 basis points this week. The current average 30 year rate for home purchases and refinances is at 4.88 percent.

Conforming fixed 15 year rates are also down this week. The average 15 year rate for a home purchase or refinancing an existing loan is at 4.30 percent, a decrease from the prior week's average rate of 4.398 percent.

Today's 5 year conforming adjustable mortgage rate is averaging 3.84 percent, down from last week's average rate of 4.01 percent.

Jumbo mortgage rates have also declined this week. The average 30 year jumbo rate for refinances and home purchases is at 5.54 percent, down from a rate of 5.73 percent this past Monday.

Looking for mortgage rates and refinance rates? Use our mortgage rate tables: MortgageRates.MonitorBankRates.com

Current Mortgage Rates

The average conforming 30 year mortgage rate/refinance rate is down to 4.88 percent today, down from the prior week’s average 30 year interest rate of 5.07 percent.

15 year conforming home loan refinance rates are averaging is 4.30 percent this week, down from last week’s average mortgage rate of 4.395 percent.

15 Year Jumbo Mortgage Rates

The average 15 year jumbo mortgage interest rate is under 5.00 percent at 4.94 percent this week, down from last week’s average jumbo loan mortgage rate of 5.131 percent.

For a more extensive report on mortgage rates and refinance rates, MonitorBankRates.com released its Weekly Mortgage Rate Report on Monday, which follows:

Conforming Adjustable Mortgage Rates

The average conforming 1 year adjustable rate mortgage is at 4.40 percent this week, a decrease from the prior week’s average 1 year home loan rate of 4.67 percent.

3 year conforming adjustable mortgage interest rates are averaging 4.55 percent this week, down from the previous week when 3 year home mortgage interest rates averaged 4.63 percent.

The average 5 year conforming ARM is averaging 3.86 percent this week, down from last week’s average home loan rate of 4.01 percent. The average 5 year mortgage refinance is also under 4.00 percent this week at 3.86 percent.

The average 7 year conforming ARM is at 4.41 percent, a decrease from the prior week’s average mortgage loan rate of 4.50 percent. 7 year mortgage refinance rates are also averaging at 4.41 percent this week.

The average 10 year adjustable bank mortgage rate is at  4.76 percent this week, down from last week’s average mortgage interest rate of 4.80 percent. 10 year home loan refinance rates are also at 4.80 percent this week.

Jumbo Adjustable Mortgage Rates

The average 1 year jumbo ARM is at 5.59 percent this week, unchanged from last week’s average home loan interest rate.

The average 3 year jumbo ARM is at 5.29 percent this week, a decrease from the prior week’s average home loan rate of 5.36 percent. 3 year home refinance rates are down to 5.29 percent this week.

The average 5 year jumbo ARM is at 4.70% this week, up from the previous week’s average mortgage rate of 4.69%. The average 5 year refinance loan is also at 4.70 percent this week.

7 year jumbo ARMs are averaging 5.44 percent this week,  down from last week’s average loan mortgage rate of 5.75 percent. 7 year loan refinance rates are also averaging 5.44 percent, down from the prior week’s average refinance rate.

10 year jumbo mortgage interest rates are averaging 5.86 percent this week, down from last week’s average 10 year rate of 5.96 percent. 10 year jumbo refinance loan rates are also lower this week, the average rate is 5.86 percent.

Interest Only Mortgage Rates

The average 3 year interest only mortgage rate is at 4.79% this week, down from the prior week’s average mortgage interest rate of 4.89%.

The average 5 year interest only home loan is at 3.98% this week, a decrease from last week’s average five year home interest only mortgage rate of 4.18%.

7 year IO home loans are averaging 4.59% this week, down from last week’s average interest rate of 4.68%.  The average 7 year IO refinance home loan rate is also at 4.59% this week.

Jumbo Interest Only Mortgage Rates

3 year jumbo IO loans are averaging 5.63 percent this week, down from last week’s jumbo interest mortgage rate of 5.71 percent. 3 year jumbo refinance interest rates are averaging 5.63 percent.

The average 5 year jumbo IO loan rate is at 5.30 percent, down from the prior week’s average IO mortgage rate of 5.39 percent. 5 year jumbo IO refinance interest rates are averaging 5.30 percent this week.

7 year jumo IO loans are averagingt 5.82 percent, down from the prior week’s average jumbo 7 year rate of 6.21 percent.

Home Equity Loan Rates

The average home equity loan rate was up this week over last. 10 year home equity loan rates are at 7.481 percent this week, up from last week’s average equity home loan rate of 7.447 percent. 15 year home equity rates increased to 7.805 percent, up from last week’s average home equity rate of 7.707 percent.

Home Equity Line of Credit Rates (HELOC)

Average home equity line of credit rate was down to 4.777 percent this week, down from last week’s average HELOC rate of 4.899 percent.
Author: Brian McKay
March 11th, 2010
Posted in: Bank Mortgage Rates