Current Mortgage Rates: June 22, 2009

Mortgage rates retreated from their recent highs this week, brought on by lower inflation data and lower U.S. Treasury prices. Current mortgage rates were down almost across the board on all mortgage products compared to the prior week.

Shorter term mortgage rates were down more than longer term rates.  Shorter term jumbo adjustable rate mortgages were down the most, probably because of an easing of the credit crises that started last fall. Banks are getting more comfortable lending funds to each other, London Interbank Offered Rates are down on all maturities. The spread between the three month LIBOR and the Fed's overnight rate, a gauge of how banks assess risk lending to each other is down to a level seen before the crises.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

Show Advertiser Disclosure

The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

5.440%

15-Year Fixed

5.250%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$3,216 /mo

Next >

NMLS #401822

5.535%

15-Year Fixed

5.250%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #1025894

5.762%

15-Year Fixed

5.625%

$3,544

Includes 0.711 points for $2,844

Lender Fees: $700

$3,295 /mo

Next >

NMLS #1835285

6.128%

30-Year Fixed

6.000%

$5,500

Includes 0.875 points for $3,500

Lender Fees: $2,000

$2,399 /mo

Next >

NMLS #3030

6.407%

15-Year Fixed

6.250%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,430 /mo

Next >

NMLS #1025894

6.590%

30-Year Fixed

6.490%

$4,168

Includes 0.867 points for $3,468

Lender Fees: $700

$2,526 /mo

Next >

NMLS #401822

6.758%

30-Year Fixed

6.625%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #1835285

6.764%

5-Year ARM

6.625%

$5,780

Includes 0.945 points for $3,780

Lender Fees: $2,000

$2,562 /mo

Next >

NMLS #3030

7.187%

30-Year Fixed

7.125%

$2,500

Includes 0.625 points for $2,500

Lender Fees: $0

$2,695 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

Find Current Mortgage Rates in your area by using our Mortgage Rate Search Engine: Mortgage Rate Seach Engine

The rate difference between Jumbo mortgage rates and conforming mortgage rates has been a lot higher than the historical average recently because of the credit crises. Since the crises is easing, jumbo rates are shifting back to a historical norm over conforming rates. Getting a better rate on a jumbo mortgage loan is easier than it has been recently.

Current Mortgage Rates:

30 year conforming mortgage rates were down this week, the current mortgage rate on a 30 year mortgage is 5.65 percent, down from last week's average mortgage rate of 5.70 percent. Jumbo 30-year mortgage rates at 6.58 percent, down from last week's average of 6.64 percent.

The average rate on a 15 year mortgage (conforming) is at 5.14 percent, down from last week when the average rate was 5.20 percent. Average rates on a 15 year jumbo mortgage is at 6.39 percent, down from last week's average rate of 6.44 percent.

The average adjustable rate mortgage was mixed this week. One year conforming mortgage rate decreased from 4.92 percent to 4.84 percent this week. The average one year jumbo mortgage rate also decreased to 5.87 percent, down from last week's average jumbo mortgage rate of 6.07 percent.

The average rate on a conforming 3/1 adjustable mortgage was down this week to 5.09 percent, down from last week's average rate of 5.11 percent. The average Jumbo 3/1 adjustable mortgage rate decreased to 5.75 percent, down from last week's average rate of 5.88 percent. A 3/1 conforming interest only mortgage is now at 5.19 percent, down from last week's average rate of 5.20 percent. A Jumbo 3/1 interest only loan is now at 5.84 percent, down from 5.97 percent.

Average rates on conforming 5/1 adjustable rate mortgages increased to 5.20 percent from the prior week's average rate of 5.16 percent. 5/1 jumbo mortgage rates decreased to 5.79 percent, down from the prior week's average rate of 5.93 percent. 5/1 conforming interest only mortgage loan is now at 5.39 percent, up from last week's average rate of 5.34 percent. A Jumbo 5/1 interest only is now at 6.03 percent, down from 6.24 percent.

Conforming 7/1 adjustable rate mortgages also increased this week, the average rate is now 5.75 percent, up from last week's average rate of 5.70 percent. While jumbo 7/1 adjustable rate mortgages had a dramatic decrease to 6.37 percent, down from the prior week's average rate of 6.67 percent. A conforming interest only 7/1 ARM is now at 6.04 percent, up from the prior week's average rate of 5.95 percent. Jumbo 7/1 interest only ARM is now at 6.55 percent, down from last week's average rate of 6.90 percent.

10/1 conforming mortgage rates were down this week to 5.99 percent, down from last week's average rate of 6.05 percent. 10/1 jumbo rates decreased to 6.86 percent, down from last week's average rate of 6.96 percent.

Home equity line of credit rates (HELOC) were up fractionally this week, the average rate is at 4.779 percent, up from last week's average rate of 4.775 percent. Average rates on home equity loans was unchanged this week, the average rate on a 10 year home equity loan is at 7.657 percent, unchanged from the prior week. 15 year home equity loan rates averaged 7.79 percent, unchanged from the prior week's average rate.

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