Freddie Mac – 30 Year Mortgage Rates Still Below 5.00

Freddie Mac, the government controlled agency that buys mortgages from lenders, just released its weekly Primary Mortgage Market Survey (PMMS) that shows mortgage rates increasing for the week ending October 15, 2009. The increase in mortgage interest rates was in all four mortgage products that Freddie reports on in the survey.

Mortgage Rates

The average 30 year mortgage rate increased to 4.92 percent with an average discount point of 0.7, up from the prior week's average 30 year rate of 4.87 percent. Even with this week's increase, 30 year mortgage rates have been below 5.00 percent for three consecutive weeks. A year ago this time 30 year mortgage interest rates were averaging 6.46 percent.

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

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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 #2059741

5.606%

15-Year Fixed

5.490%

$3,032

Includes 0.758 points for $3,032

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.650%

15-Year Fixed

5.490%

$4,172

Includes 0.868 points for $3,472

Lender Fees: $700

$3,267 /mo

Next >

NMLS #1312186

5.652%

15-Year Fixed

5.500%

$3,968

Includes 0.992 points for $3,968

Lender Fees: $0

$3,269 /mo

Next >

NMLS #324599

License: 324599

5.673%

15-Year Fixed

5.500%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$3,269 /mo

Next >

NMLS #6606

5.773%

15-Year Fixed

5.625%

$3,848

Includes 0.962 points for $3,848

Lender Fees: $0

$3,295 /mo

Next >

NMLS #1835285

6.262%

5-Year ARM

6.125%

$5,860

Includes 0.965 points for $3,860

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.356%

30-Year Fixed

6.250%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #324599

License: 324599

6.494%

30-Year Fixed

6.375%

$5,070

Includes 1.000 points for $4,000

Lender Fees: $1,070

$2,496 /mo

Next >

NMLS #2059741

6.569%

30-Year Fixed

6.490%

$3,292

Includes 0.823 points for $3,292

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1312186

6.596%

30-Year Fixed

6.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,529 /mo

Next >

NMLS #1025894

6.600%

30-Year Fixed

6.490%

$4,592

Includes 0.973 points for $3,892

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.714%

30-Year Fixed

6.625%

$3,684

Includes 0.921 points for $3,684

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.734%

30-Year Fixed

6.625%

$4,495

Includes 0.625 points for $2,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #324599

License: 324599

6.743%

5-Year ARM

6.625%

$4,954

Includes 0.971 points for $3,884

Lender Fees: $1,070

$2,562 /mo

Next >

NMLS #1312186

6.968%

5-Year ARM

6.875%

$3,804

Includes 0.951 points for $3,804

Lender Fees: $0

$2,628 /mo

Next >

NMLS #401822

7.698%

15-Year Fixed

7.375%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,680 /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.

15 year mortgage rates are averaging 4.37 percent with average discount points at 0.7,  up from the previous week's average 15 year mortgage rate of 4.33 percent. Last week's 4.33 percent was a record low for 15 year rates since Freddie started tracking it in 1991. A year ago, 15 year interest rates were over 6.00 percent at 6.14 percent.

5/1 Treasury indexed adjustable mortgage rates increased to 4.38 percent this week, with an average discount points of 0.6, up from last week's average 5/1 adjustable mortgage rate of 4.35 percent. The prior week's rate of 4.35 percent was the lowest since Freddie started tracking it in 2005.

One year Treasury indexed adjustable rate mortgages increased to 4.60 percent, with average discount points at 0.5, up from the prior week's average mortgage rate of 4.53 percent. Last year at this time rates on a one year ARM were at 5.16 percent.

Frank Nothaft, Freddie Mac's vice president and chief economist had the following comments in this week's PMMS.

Mortgage rates rose slightly over the week, but rates on 30-year fixed mortgages remained below 5 percent for the third consecutive week.  Homeowners are taking advantage of these low rates to refinance their current balances.  Over the past five weeks ending October 9, more than 3 out 5 mortgage applications were for refinancing, according the Mortgage Bankers Association.

The outlook on economic growth in the second half of this year has improved over the past few months.  At its September 22-23 monetary policy meetings, the Federal Reserve increased its forecast for real GDP growth from the last meeting in mid-August.  They noted that data from the housing sector indicated that a gradual recovery in activity was under way. The modest strengthening came about, in part, to improvements in housing affordability stemming from low interest rates for conforming loans and a lower level of house prices.

Freddie Mac's survey only reports on conforming mortgage rates, mortgages it buys from lenders. Monitorbankrates.com reported on jumbo rate mortgages earlier this week.  Following is that report:

Jumbo Mortgage Rates

• 30-year jumbo mortgage rates were down slightly this week over last.  Current jumbo mortgage rates are at 5.83%, down from last week’s average rate of 5.84%.
• Average 15 year jumbo rate mortgages are at 5.44% this week, down from the previous week’s rate of 5.50 percent.

Looking for today's mortgage rates? Current rates can be found by using our mortgage rate tables. Find the Best Mortgage Rates