Mortgage Rates Decrease in the Latest Mortgage Survey

Mortgage rates decreased in the latest mortgage survey released yesterday released by Freddie Mac. Fixed conforming 30 year mortgage rates decreased to 4.93 percent for the week ending February 18, 2010. The average mortgage discount points on 30 year mortgages stayed the same at 0.7 points.

30 year mortgage rates have been just above or just below 5.00 percent for about a month now. We did see a quick run up in mortgage rates in December to 2009 but rates have declined and stayed around the current range since then.

15 year conforming fixed mortgage rates decreased to 4.33 percent for the week ending February 11, 2010, down slightly from the average mortgage rate of 4.34 percent the week before. Average mortgage discount points remained unchanged at 0.6 points.

The average 5 year Treasury indexed adjustable mortgage rate decreased to 4.12 percent this week, down from the prior week's average mortgage rate of 4.19 percent. We might see 5 year adjustable mortgage rates breaking 4.00 percent sometime over the next couple of weeks. Average mortgage points on 5 year ARMs was 0.5 points.

1 year Treasury indexed adjustable mortgage rates are at 4.23 percent this week, down from last week’s average mortgage interest rate of 4.33 percent. Mortgage discount points remained the same at 0.6 points.

For a more extensive report on current mortgage rates, released its Weekly Mortgage Report on Monday, which follows:

Current Mortgage Rates

30 year mortgage rates are back under 5.00 percent at 4.95, down from last week’s average home loan rate of 5.01 percent.

The average 15 year conforming home loan rate is at 4.34 percent this week, down from the previous week’s average mortgage interest rate of 4.35 percent.

Jumbo Mortgage Rates

The average 30 year jumbo home mortgage loan is at 5.64% this week, down from the previous week’s average mortgage home loan rate of 5.65%. You can find mortgage refinance rates for jumbo loans also around 5.645.

The average 15 year jumbo mortgage rates is at 5.05% this week, down from last week’s average jumbo loan rate of 5.11%. You can also find 15 year mortgage refinance rates are around 5.00%.

Adjustable Mortgage Rates

The average conforming 1 year adjustable mortgage rate is at 4.67% this week, up from last week’s average 1 year home loan rate of 4.25%. 1 year refinance rates are at 4.67%.

Current 3 year adjustable mortgage rates are averaging 4.59%, up from last week’s average mortgage interest rate of 4.40%. 3 year mortgage refinance rates are also at 4.59% this week.

Conforming 5 year ARMs are averaging 4.05%, down from the  average rate of 4.16%. The average 5 year mortgage refinance rate is also at 4.05 this week%.

Conforming 7 year ARMs are averaging 4.47%, up from the previous week’s average loan rate of 4.40%. The average 7 year mortgage refinance rate is also at 4.47 this week%.

10 year bank mortgage rates are averaging 4.90%, up from last week’s average mortgage interest rate of 4.88%. Home loan refinance rates are also around 4.90 percent.

Jumbo Adjustable Mortgage Rates

The average 1 year jumbo ARM is at 5.59% this week, down from the previous week’s average home mortgage loan rate.5.65%. You can also get a 1 year home refinance rate 5.59% currently.

Jumbo 3-year ARMs are at 5.27% this week, an increase from last week’s average adjustable home loan interest rate of 5.05%. 3 year home refinance rates are also averaging 5.27% this week.

The average 5 year jumbo ARM is at 4.69% this week,  a decrease from the prior week’s average home mortgage rate 0f 4.76%. The average 5 year refinance loan rate is also at 4.69% but probably header higher next week.

The 7 year jumbo ARMs are averaging 5.61% this week, up from last week’s average loan mortgage rate of 5.50%. 7 year loan refinance rates are also averaging 5.61% this week.

10 year jumbo mortgage rates are averaging 5.92% this week, up from the prior week’s average 10 year mortgage rate of 5.83%.  You can also find 10 year refinance loan rates at 5.92% this week.

Interest Only Mortgage Rates

The average 3 year interest only mortgage rate is at 4.74% this week, up from last week’s average mortgage interest rate of 4.60%. 3 year home loan refinance rates are averaging 4.74% this week.

The average 5 year interest only home loan is at 4.32% this week, up from the prior week’s average five year interest rate of 4.27%. The average 5 year home mortgage refinance rate is currently at 4.32%.

Conforming 7 year interest only home mortgage loans are averaging 4.67% this week, an increase from last week’s average rate of 4.62%.  The average 7 year refinance home loan rate is also at 4.67%.

Interest Only Mortgage Rates – Jumbo

The average 3 year jumbo interest only mortgage rate is at 5.57% this week, an increase from last week’s average jumbo mortgage rate of 5.55%. You can find the average 3 year jumbo refinance interest rate is at 5.57%.

5 year jumbo loan rates are averaging 5.28%, a decrease from last week’s average mortgage rate of 5.32%.  You can find 5 year jumbo refinance interest rates are also at 5.28% this week.

Jumbo 7 year IO loan mortgage rates are averaging 6.08%, up from the previous week’s average jumbo rate of 6.05%. Some of the best refinance rates can be found on jumbo 7 year IO loans.

Home Equity Loans Rates

10 year home equity loan rates are at 7.357% this week, unchanged from last week’s average equity home loan rate.

The average 15 year home equity rate is down to 7.479% this week, down from last week’s average home equity rate of 7.512%.

Home Equity Line of Credit Rates

The average home equity line of credit rate was unchanged this week over last. The average HELOC rate is at 4.669%, unchanged from last week’s average rate
Author: Robert Till
February 19th, 2010
Posted in: Mortgage Rates