Current Mortgage Rates: Mortgage Rates Decline to Five Week Low

current-mortgage-rates-mortgage-rates-decline-to-five-week-lowCurrent mortgage rates declined to a five week low for the week ending November 12, 2009 according to the most recent mortgage rate survey released by Freddie Mac. 30 year mortgage rates stayed below 5.00 percent for the fifth time in the past seven weeks.

In this week's Primary Mortgage Market Survey conforming 30 year mortgage interest rates declined to 4.91 percent, down from the previous week's average mortgage rate of 4.98 percent. Mortgage discount points stayed the same at 0.7 points. A year ago at this time 30 year mortgage interest rates were over 6.00 percent at 6.14 percent.

Looking for today’s mortgage interest rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Best Mortgage Rates

15 year mortgage interest rates also declined in this week's mortgage survey. The current 15 year home loan interest rate is averaging 4.36 percent, down from the prior week's average mortgage rate of 4.40 percent, which is a lot lower from a year ago when 15 year mortgage home loans averaged 5.81 percent. Mortgage points averaged 0.6 points.

Adjustable mortgage rates were also lower in this week's survey - 5 year Treasury indexed home loan rates averaged 4.29 percent, down from last week's average home loan rate of 4.35 percent. A year ago, 5 year home loan interest rates averaged 5.98 percent. Discount points averaged 0.6 points.

One year adjustable rate mortgages averaged 4.46 percent, down slightly from the previous week's average home mortgage loan rate of 4.47 percent. Mortgage discount points averaged 0.6 points. A year ago the average home loan interest rate on a one year ARM was 5.53 percent.

Jumbo mortgage rates currently are higher this week over last. MonitorBankRates.com reported on jumbo rate mortgages on Monday. Following is the report:

Jumbo Rate Mortgages

  • 30 year jumbo mortgage interest rates are at 5.78 percent this week, up slightly from last week’s average mortgage rate of 5.77 percent.
  • 15 year jumbo rate mortgages are at 5.29%, up from the previous week’s average loan rate of 5.27%.

Find current mortgage rates in your state by searching our mortgage rate tables: Mortgage Rates Current

 
Author: Brian McKay
November 13th, 2009

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