Mortgage rates soared higher in the latest mortgage survey released this morning. The average contract 30 year mortgage rate is now at 5.31 percent, up considerably from last week's average mortgage rate of 5.04 percent. Average mortgage discount points decreased to 0.64 points from 1.07 points according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.
Mortgage rates jumped higher last week because the Federal Reserve completed their purchases of mortgage-backed securities. The Fed's purchases have been keeping conforming mortgage rates low since the credit crisis.
Looking for current mortgage rates and refinance rates? Search our mortgage rate tables for the best rates: MortgageRates.MonitorBankRates.com.
The average contract 15 year mortgage rate increased to 4.54% for the week ending April 2, 2010, up from the prior week’s average 15 year mortgage rate of 4.34%. Mortgage discount points decreased to 0.92 points, down from 0.98 points the prior week.
The average contract rate for 1 year adjustable mortgages increased to 7.03 percent for the week ending April 2, 2010, up from the prior week’s average adjustable mortgage rate of 6.88 percent. Mortgage discount points decreased to 0.29 points from 0.31 points.
For a more extensive report on today’s mortgage rates and refinance rates, MonitorBankRates.com released its Weekly Mortgage Rate Report earlier this week, which follows:
Current Mortgage Rates
Jumbo Rate Mortgages
30 year jumbo bank mortgage rates are averaging 5.61 percent this week, up from the previous week’s average jumbo home loan rate of 5.59 percent. Jumbo refinance rates were also up this week to 5.61 percent.
The average 15 year jumbo mortgage rate is at 5.05 percent this week, down from last week’s average jumbo rate of 5.07. 15 year jumbo refinance rates were also lower this week. 15 year jumbo refi rates are averaging 5.05.
Conforming Adjustable Mortgage Rates
1 year conforming adjustable mortgage interest rates are averaging 4.63 percent this week, up from last week’s average 1 year home loan rate of 4.48 percent. 1 year mortgage refinance rates are also averaging 4.63 percent.
3 year conforming adjustable home loan mortgage rates are averaing 4.66 percent this week, unchanged from the previous week’s average home mortgage rate. 3 year refinance rates are currently averaging 4.66 percent.
5 year conforming adjustable mortgages are averaging 3.98 percent this week, down from last week’s average home loan rate of 4.04 percent. The current average 5 year mortgage refinance rate this week was also down to 3.98 percent.
The average 7 year conforming ARM is at 4.61 percent this week, up from last week’s average mortgage loan interest rate of 4.55 percent. 7 year mortgage refinance rates are also higher at 4.61 percent this week.
10 year adjustable mortgage rates are averaging 4.89 percent this week, an increase from last week’s average mortgage interest rate of 4.86 percent. 10 year home loan refinance rates are also averaging 4.89 percent.
Jumbo Adjustable Mortgage Rates
The average 1 year jumbo ARM is at 5.59 percent this week, unchanged from last week’s average mortgage interest rate. The average 3 year jumbo ARM is at 5.15 percent this week, down 20 basis points from the prior week’s average home loan rate of 5.35 percent.
3 year home refinance rates are also down to 5.15 percent this week. The average 5 year jumbo ARM is at 4.65 percent this week, a decrease from last week’s average mortgage rate of 4.69 percent.
Current 5 year refinance loan rates are averaging 4.65 percent. 7 year jumbo ARMs are averaging 5.50 percent this week, up from last week’s average loan mortgage rate of 5.45 percent.7 year loan refinance rates are also averaging 5.50 percent this week.
10 year jumbo mortgage interest rates are averaging 5.91 percent this week, down from last week’s average 10 year rate of 5.97 percent. 10 year jumbo refinance loan rates are also averaging 5.91 percent this week.
Conforming Interest Only Mortgage Rates
The average 3 year interest only mortgage rate is at 4.92% this week, up from the previous week’s average mortgage interest rate of 4.91%.
The average 5 year interest only home loan is at 4.16% this week, a decreaes from last week’s average five year interest only mortgage rate of 4.23%.
7 year IO home loans are averaging 4.61% this week, down from last week’s average interest rate of 4.73%.
Interest Only Jumbo Mortgage Rates
3 year jumbo IO loans are averaging 5.63 percent this week, down from last week’s jumbo interest mortgage rate of 5.76 percent.
The average 5 year jumbo IO loan rate is at 5.29 percent, up from the prior week’s average IO mortgage rate of 5.23 percent.
The average 7 year jumbo IO loan is at 5.88 percent, up from the prior week’s average jumbo 7 year rate of 5.85 percent.
Home Equity Loan Rates
The average home equity loan rate is down this week over last. 10 year home equity loan rates are averaging 7.281 percent this week, down from last week’s average equity home loan rate of 7.364. 15 year home equity rates averaged 7.557 percent, down from last week’s average home equity rate of 7.562.
Home Equity Line of Credit Rates (HELOC)
Average home equity line of credit rates are at 4.675 percent this week, down from last week’s average HELOC rate of 4.777 percent.
Mortgage rates soared higher in the latest mortgage survey released this morning. The average contract 30 year mortgage rate is now at 5.31 percent, up considerably from last week's average mortgage rate of 5.04 percent. Average mortgage discount points decreased to 0.64 points from 1.07 points according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.
