Mortgage Rates 5/17: 30 Year Jumbo Mortgage Rates at 5.10% as New Home Construction Tumbles
Mortgage rates today are stable, no big changes in rates. The current average 30 year conforming mortgage rate is at 4.62%, a slight increase from yesterday's average 30 year rate of 4.60%. This morning the Commerce Department said new home construction and permits for future building both declined in April. Housing starts dropped 10.6 percent to a seasonally adjusted annual rate of 523,000 units. In a normal housing market the annual rate would be more than a million.
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The biggest drag on the 10.6 percent drop was a larger drop in multi-family construction which had a 24 percent decline. New single family home construction was down by 5 percent.
A glut of existing homes for sale, foreclosures and short sales are competing with new home sales and are dragging down home prices. New home builder sentiment is stuck at a low level of 16 six out of the past seven months in a report released yesterday by the National Association of Home Builders.
Today's 30 year jumbo mortgage rates are averaging 5.10%, down from yesterday's average jumbo rate of 5.14% as reported by monitorbankrates. If weak economic data continues to be released over the next couple of weeks we could see 30 year jumbo mortgage rates below 5.00%.
15 year mortgage rates currently are averaging 3.87%, unchanged from yesterday's average 15 year rate. 15 year jumbo mortgage rates are averaging 4.45%, down from yesterday's average 15 year jumbo rate of 4.47%.
Mortgage Rates: Average Rates 5/17
Average Fixed Mortgage Rates
30 Year Fixed Conforming Rate 4.63%
Average Adjustable Mortgage Rates
1 Year ARM Conforming Rate 6.17%
Average Interest Only Mortgage Rates
Interest Only: 3/1 Year ARM Conforming Rate 3.27%
Home Equity & HELOC Rates
Home Equity Line of Credit Rate 4.95%
Home Equity Loan - 10 Years Rate 6.85%
Home Equity Loan - 15 Years Rate 6.87%
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Average Mortgage Rates