Current Mortgage Rates – Higher Mortgage Rates Ahead

current-mortgage-rates-higher-mortgage-rates-aheadMortgage rates jumped higher at the end of last week with most of the increases in mortgage interest rates coming at the end of the week. The sudden increase in current mortgage rates was brought on by better unemployment numbers and the belief that the recession will end this quarter.

Most economists are now expecting growth in the 2% to 3% range in the second half of 2009 if consumers pick up there spending and the unemployment rate doesn't get much higher. As a result of the better economic outlook today's mortgage rates are expected to head even higher before the end of 2009 and into 2010.

MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates in your zip code. Search for MortgageRates Here

Home Mortgage Rates

The current mortgage rate on a conforming 30-year loan increased to 5.51 percent the week ending August 10, 2009, up from the prior week's average mortgage loan rate of 5.26 percent. The average mortgage rate on a conforming 15-year conforming home loan is up to 4.87 percent this week, an increase from the previous week's average mortgage rate of 4.70 percent.

Jumbo Mortgage

The average rate on a jumbo 30-year home mortgage loan increased to 6.31 percent for the week ending August 10, 2009, up from last week's average home loan rate of 6.15 percent. 15-year jumbo loan rates had a big increase week over week, 15-year rates increased to 6.15 percent, up from the prior week's average rate of 5.80 percent.

Adjustable Mortgage

Conventinal adjustable mortgage rates were mixed the week ending today. One-year conforming mortgage rates decreased to 4.33 percent, down from the prior week's average rate of 4.42 percent. Three-year adjustable rates decreased slightly to 4.66 percent, down from 4.67 percent. Five-year adjustable rates increased to 4.61 percent, up from last week's average mortgage rate of 4.53 percent.

Seven-year adjustable mortgages are back above 5.00 percent at 5.05 percent, up from the previous week's average rate of 4.97 percent. Ten-year adjustable mortgage rates were down to 5.37 percent this week, a decrease from last week's average rate of 5.42 percent.

Jumbo Adjustable Home Mortgage

Jumbo adjustable mortgage rates were up for the most part, except for the seven-year jumbo ARM. One-year jumbo adjustable rates are at 5.21 percent today, up from last week's average rate of 5.16 percent. Three-year jumbo ARMs increased to 5.80 percent, up from 5.56 percent.

The average rate for a five-year jumbo ARM increased to 5.61 percent this week, up from the prior week's average five-year mortgage home loan of 5.43 percent. Seven-year jumbo ARMs decreased to 6.30 percent this week, down from the prior week's average rate of 6.36 percent. Ten-year ARMs increased to 6.86 percent, up from 6.72 last week.

Interest Only

Interest only mortgages were up the week ending August 10, 2009, except for the seven-year jumbo interest only mortgage. Conventional three-year interest only mortgage rates increased fractional to 4.748, up from last week's average rate of 4.745 percent. Jumbo three-year interest only loans increased to 6.17 percent, up from 5.80 percent the prior week.

Five-year interest only mortgages increased to 4.70 percent, up from the prior week's average interest only loan rate of 4.61 percent. The average rate for a jumbo Five-year interest only mortgage increased to 5.90 percent, up from last week's average rate of 5.71 percent. Seven-year conforming interest only loans increased to 5.25 percent, up from last week's average rate of 5.14 percent. Jumbo seven-year interest only mortgage rates decreased to 6.61 percent, down from the previous week's average rate of 6.65 percent.

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Author: Brian McKay
August 10th, 2009

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