Mortgage Rates at lowest Level This Year: 30 Year Mortgage Rates at 4.93%

Mortgage rates were down again in the latest Primary Mortgage Market Survey released by Freddie Mac. Fixed conforming 30 year mortgage rates are down to 4.93 percent for the week ending May 13, 2010. Mortgage rates have gone lower for five consecutive weeks. Mortgage discount points on 30 year mortgages averaged 0.7 points.

Looking for today's mortgage rates and mortgage refinance rates? Use our mortgage rate tables at  MortgageRates.MonitorBankRates.com to find current mortgage rates and refinance rates.




Right now Bank of America is offering 30 year mortgage refinance rates at 4.875 percent with 1.625 points on our mortgage rate tables.

Fixed conforming 15 year mortgage rates are down to 4.30 percent for the week ending May 13, 2010, down from the previous week's average 15 year mortgage rate of 4.36 percent. Mortgage discount points were unchanged at 0.7 points.

5 year U.S. Treasury indexed adjustable mortgage rates were down to 3.95 percent for the week ending May 13, 2010, a decline from last week's average 5 year adjustable mortgage rate of 3.97 percent. Mortgage discount points averaged 0.6 points.

1 year adjustable mortgage rates were down to 4.02 percent for the week ending May 13, 2010, down from the previous week's average rate of 4.07 percent.  Mortgage points averaged o.6 points.

The following is a more extensive current mortgage rate report released by MonitorBankRates.com on Monday:

Current Mortgage Rates


Current 30 year jumbo mortgage rates are averaging  5.52 percent this week, down from the previous week’s average jumbo mortgage rate of 5.54 percent. Today’s jumbo mortgage refinance rates are also averaging 5.52 percent this week.

Today’s 15 year jumbo mortgage rates are back under 5.00 percent at 4.95 percent, down from the prior week’s average jumbo loan rate of 5.03 percent. Current 15 year jumbo mortgage refinance rates are also averaging 4.95 percent this week.

Adjustable Mortgage Rates, Current


Current 1 year conforming adjustable mortgage rates are averaging 3.85 percent, unchanged from the prior week’s average 1 year adjustable mortgage rate. Two weeks ago 1 year adjustable rate mortgages were averaging 4.67 percent.

Current 3 year conforming adjustable mortgage rates are averaging 4.54 percent, up from last week’s average home loan rate of 4.47 percent. 3 year refinance mortgage rates are also averaging 4.54 percent this week.

Today’s 5 year conforming adjustable mortgage interest rates are averaging 3.67 percent, down slightly from last week’s average home loan rate of 3.68 percent. 5 year mortgage refinance rates are currently averaging 3.67 percent this week.

7 year conforming adjustable rates are averaging 4.16 percent this week, down from an average 7 year loan interest rate of 4.31 percent. Today, 7 year refinance mortgage loan rates are also averaging 4.16 percent this week.

Current conforming 10 year adjustable loan rates are averaging 4.52 percent, down from last week’s average mortgage interest rate of 4.55 percent. 10 year home loan refinance rates are currently averaging 4.52 percent.

Today’s Jumbo Adjustable Mortgage Rates


Current 1 year jumbo ARMs are averaging in at 5.95 percent, unchanged from the prior week’s average 1 year jumbo loan rate of 5.59 percent. Current 1 year jumbo refinance rates are also unchanged at 5.95 percent.

Current 3 year jumbo adjustable loans are averaging 5.10 percent, down from last week’s average jumbo home loan rate of 5.14 percent. 3 year home jumbo refinance rates are also averaging 5.10 percent.

5 year jumbo ARMs are averaging 4.46 percent, down from an average mortgage rate of 4.51 percent. Current 5 year jumbo refinance loan rates are averaging 4.46 percent.

7 year jumbo ARMs are averaging 5.26 percent, down from the prior week’s average loan mortgage rate of 5.48 percent.7 year jumbo refinance rates are also averaging 5.26 percent this week.

Average 10 year jumbo mortgage interest rates are at 5.72 percent, down from the previous week’s average 10 year jumbo mortgage rate of 5.76 percent. 10 year jumbo loan refinance rates are also down to 5.72 percent this week.

Interest Only Mortgage Rates, Current


Conforming 3 year interest only mortgage rates are averaging 4.78 percent this week, up from last week’s average mortgage interest rate of 4.69%.

Current 5 year interest only home loans are averaging 3.85 percent this week, unchanged from last week’s average five year interest only mortgage rate.

7 year IO home loans are averaging 4.34 percent, down from an average interest rate of 4.49 percent last week.

3 year jumbo IO loans are averaging 5.43 percent this week, unchanged from last week’s average jumbo interest mortgage rate.

Today’s average 5 year jumbo IO loan rate is at 5.14 percent, down from the prior week’s average IO mortgage rate of 5.29 percent.

The average 7 year jumbo IO loan is averaging 5.65 percent this week, down from last week’s average jumbo 7 year rate of 5.84 percent.

Home Equity Loan Rates


10 year home equity loan rates are averaging 7.297 percent, up from last week’s average home equity loan rate of 7.125. 15 year home equity rates are averaging 7.418 percent this week, down from last week’s average home equity rate of 7.431 percent.

Home Equity Line of Credit Rates (HELOC)


Average home equity line of credit rates are averaging 4.777 percent this week, down from last week’s average HELOC rate of 4.806.
 
 
Author: Brian McKay
May 14th, 2010
Posted in: Mortgage Rates