Lower Mortgage Rates Drive Existing Homes Sales Higher

Mortgage rates have hit a three month low this past week, breaking the see-saw trend of mortgage rates going higher one week than falling lower the next week. The low current mortgage rates have also driven home sales to their higher point since November 2005 according to the National Association of Realtors.

Looking for Current Mortgage Rates in your Area? Find Today's Mortgage Rates here:

Mortgage Rates in Your Zip Code Here

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 MRC'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 #2473786

4.894%

15-Year Fixed

4.750%

$3,839

Includes 0.686 points for $2,744

Lender Fees: $1,095

$3,112 /mo

Next >

NMLS #757416

5.005%

15-Year Fixed

4.875%

$3,436

Includes 0.859 points for $3,436

Lender Fees: $0

$3,138 /mo

Next >

NMLS #2473786

5.104%

5-Year ARM

5.000%

$4,755

Includes 0.915 points for $3,660

Lender Fees: $1,095

$2,148 /mo

Next >

NMLS #1928741

5.106%

15-Year Fixed

4.990%

$3,052

Includes 0.763 points for $3,052

Lender Fees: $0

$3,162 /mo

Next >

NMLS #6606

5.398%

15-Year Fixed

5.250%

$3,884

Includes 0.971 points for $3,884

Lender Fees: $0

$3,216 /mo

Next >

NMLS #2473786

5.719%

30-Year Fixed

5.625%

$4,127

Includes 0.758 points for $3,032

Lender Fees: $1,095

$2,303 /mo

Next >

NMLS #757416

5.828%

30-Year Fixed

5.750%

$3,404

Includes 0.851 points for $3,404

Lender Fees: $0

$2,335 /mo

Next >

NMLS #1928741

5.923%

30-Year Fixed

5.875%

$2,092

Includes 0.523 points for $2,092

Lender Fees: $0

$2,367 /mo

Next >

NMLS #399799

6.086%

30-Year Fixed

6.000%

$3,831

Includes 0.626 points for $2,504

Lender Fees: $1,327

$2,399 /mo

Next >

NMLS #6606

6.091%

30-Year Fixed

6.000%

$3,904

Includes 0.976 points for $3,904

Lender Fees: $0

$2,399 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by 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.

The three month low in mortgage rates has been brought on by a decline in U.S. Treasury prices and lower longer term interest rates.  Freddie's Primary Mortgage Market Survey reported mortgage rates on 30-year and 15-year fixed-rate mortgages fell to the lowest level since the end of May 2009. Home mortgage rates on 5/1 hybrid ARMs fell to levels not seen since January 2005.

Today's mortgage rates are helping the housing market recover. The NAR's monthly sales gain was the largest on record for existing home sales dating back to 1999.

Current Mortgage Rates

The average rate on a fixed 30-year conventional mortgage is nearing 5.00 percent at 5.12 percent for the week ending yesterday, with an average of 0.7 discount points, down from the prior week's average rate of 5.29 percent.

Average mortgage rates on 15-year fixed rate mortgages are coming back down to 4.50 percent, today's mortgage rate for a 15-year mortgage is at 4.56 percent for the week ending August 20, 2009 with average discount points of 0.7. The previous week's average mortgage rate for a 15-year mortgage was 4.68 percent.

Adjustable Rate Mortgages

The average a 5-year adjustable mortgage rate is at 4.57 percent for the week ending yesterday, down from last week's average 5-year adjustable rate of 4.75 percent. Last year that this time 5-year adjustable mortgage rates were around 6.00 percent. Average discount points are 0.6.

One-year adjustable rate mortgages also fell this week to 4.69 percent, down from the prior week's average rate of 4.72 percent with average discount points of 0.5 percent.

Jumbo Rate Mortgages

Freddie Mac’s weekly PMMS survey doesn't include jumbo mortgage rates because Freddie Mac only reports on conforming mortgages it purchases from banks. MonitorBankRates.com has free jumbo mortgage rate tables and conforming mortgage rate tables in your zip code.

Find Jumbo Mortgage Rates