Low mortgage rates over the past week have increased applications for mortgages for both buyers and current home owners looking to refinance. In fact 30 year mortgage rates touched a record low of 4.00% last week in MonitorBankRates' average mortgage rates survey. In this week's Mortgage Application Survey released by the Mortgage Bankers Association applications for mortgages increased 9.3% for the week ending September 23, 2011. Current 30 year mortgage rates on MBR's rate index are slightly higher the record low averaging 4.07%.
Compare refinance rates and mortgage rates from several lenders by using our rate table here: Refinance Rates. Unlike most websites, no personal information is needed to view a list of mortgage rates.
The MBA's Refinance Index which is a gauge of applications for refinancing a home loan increased 11.2% for the week ending September 23, 2011. Many homeowners are taking advantage of near record low refinance rates and refinancing to a 15 year loan from a 30 year loan. Average 15 year mortgage rates are at 3.31% on MBR's average national mortgage rates index. Refinancing from a 30 year loan to a 15 year loan can save you tens of thousands or even hundreds of thousands of dollars in interest depending on the loan amount.
Following is a more in-depth mortgage rate report released by MonitorBankRates.com this past Monday:
Mortgage Rates
Conforming Adjustable Mortgage Rates Today
1 year adjustable bank mortgage rates today are averaging 3.62%, unchanged from last week’s average 1 year adjustable jumbo mortgage rate.
3 year adjustable mortgage rates today are averaging 3.18%, up from last week’s average 3 year adjustable mortgage rate of 2.93%.
5 year adjustable mortgage rates are averaging 3.25%, up from the prior week’s average 5 year adjustable rate of 2.96%.
Current 7 year adjustable mortgage rates are averaging 3.24%, unchanged from the previous week’s average 7 year adjustable mortgage rate.
10 year adjustable mortgage rates currently are averaging 3.55%, down from last week’s average 10 year adjustable rate of 3.66%.
Adjustable Jumbo Mortgage Rates Today
Current 1 year jumbo adjustable mortgage rates are averaging 4.05%, unchanged from last week’s average adjustable jumbo mortgage rate.
3 year adjustable jumbo rates today are averaging lower at 3.39%, up from last week’s average 3 year jumbo adjustable rate of 3.35%.
5 year adjustable jumbo mortgage rates currently are averaging 3.10%, down from last week’s average jumbo adjustable rate of 3.12%.
7 year jumbo adjustable mortgage loan rates are averaging 3.42%, down from last week’s average 7 year adjustable home loan rate of 3.52%.
10 year jumbo loan rates are averaging 3.94%, up from the prior week’s average 10 year jumbo home mortgage loan rate of 3.93%.
Conforming Interest Only Adjustable Mortgage Rates Current
3 year interest only adjustable mortgage loan rates are averaging 3.14%, up from last week’s average interest only mortgage loan rate of 3.13%.
5 year IO adjustable loan mortgage rates are averaging 3.18%, up from last week’s average five year interest only mortgage rate of 3.14%.
7 year interest only adjustable mortgage loan rates are averaging 3.36%, up from last week’s average 7 year interest-only mortgage interest rate of 3.35%.
Current Interest Only Jumbo Mortgage Rates
Today’s 3 year jumbo interest only adjustable loan rates are averaging 3.54%, up from last week’s average jumbo adjustable interest only rate of 3.44%.
Current 5 year adjustable jumbo interest only rates are averaging 3.47%, up from last week’s average IO home mortgage interest rate of 3.39%.
Today’s 7 year jumbo interest only adjustable rates are averaging 3.67%, down from last week’s average jumbo 7 year home mortgage loan rate of 3.72%.
Today's Home Equity Loan Rates
10 year home equity loan rates are averaging 6.66%, down from last week’s average home equity loan rate of 6.68%.
15 year home equity rates are averaging 6.64%, down from last week’s average home equity loan rate of 6.72%.
HELOC Rates Today
Home equity line of credit rates currently are averaging 5.03%, unchanged from last week’s average rate HELOC rate.