Mortgage Rates: Current Mortgage Rates July 6, 2009

Mortgage rates declined again this week, the third consecutive week of declines. Current mortgage rates are down from the recent high set last month. The average rate on a  fixed 30-year mortgage rate is currently at 5.40 percent, down from the high of 5.70 percent set June 15, 2009.

Housing price declines have slowed recently because of lower rates on mortgage loans and the decline in home prices over the past couple of years. Home prices in some states have declined over 40 percent from the housing peak. Home values fell at a monthly rate of 0.6 percent in April 2009. This is the smallest decrease since June 2008, according to the S&P/Case-Shiller® 20-city composite index. Home prices actually increased in eight cities in the index.

Current Mortgage Rates

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 #401822

5.642%

15-Year Fixed

5.375%

$7,000

Includes 0.750 points for $3,000

Lender Fees: $4,000

$3,242 /mo

Next >

NMLS #1025894

5.667%

15-Year Fixed

5.490%

$4,612

Includes 0.978 points for $3,912

Lender Fees: $700

$3,267 /mo

Next >

NMLS #2059741

5.751%

15-Year Fixed

5.625%

$3,272

Includes 0.818 points for $3,272

Lender Fees: $0

$3,295 /mo

Next >

NMLS #6606

5.890%

15-Year Fixed

5.740%

$3,876

Includes 0.969 points for $3,876

Lender Fees: $0

$3,320 /mo

Next >

NMLS #2059741

6.583%

30-Year Fixed

6.490%

$3,896

Includes 0.974 points for $3,896

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.713%

30-Year Fixed

6.625%

$3,656

Includes 0.739 points for $2,956

Lender Fees: $700

$2,562 /mo

Next >

NMLS #401822

6.770%

30-Year Fixed

6.625%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #6606

6.834%

30-Year Fixed

6.740%

$3,888

Includes 0.972 points for $3,888

Lender Fees: $0

$2,592 /mo

Next >

NMLS #3030

6.909%

15-Year Fixed

6.750%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,540 /mo

Next >

NMLS #3030

7.602%

30-Year Fixed

7.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,797 /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.

The average mortgage rate on 30-year fixed rate mortgages fell to 5.40 percent this week, down from the prior week's average rate of 5.48 percent. 15-year fixed rate mortgage interest rates also declined this week, the average mortgage interest rate is at 4.87 percent, down from the previous week's average rate of 4.93 percent. 

Refinance Rates

Refinance rates are also down this week, you can find current refinance rates in your area by using our mortgage rate search engine:

Find Refinance Rates

Jumbo Mortgage

Jumbo mortgage rates were also down by a wider margin than conforming mortgages this past week.  Fixed 30-year jumbo mortgage rates are currently at 6.33 percent, down from the prior week's average mortgage rate of 6.51 percent. Fixed 15-year jumbo mortgage rates are back down under 6.00 percent at 5.92 percent, down from last week's average rate of 6.05 percent.

Adjustable Rate Mortgage 

Adjustable rate mortgages fell this week with jumbo adjustable mortgage rates down more than conforming mortgage rates. The average rate on a conforming one year ARM is at 4.59 percent, down from 4.61 percent the prior week. Average rates on jumbo one year ARMs is at 5.53 percent, down from 5.71 percent the previous week.

Average rates on a conforming 3/1 ARM is currently at 4.86 percent, lower than the prior week's average rate of 4.92 percent. Jumbo 3/1 ARMs averaged 5.56 percent, down from last week's average rate of 5.65 percent. Average rates on a conforming 5/1 ARM is at 4.78 percent, down from last week's average rate of 4.86 percent. The average rate on a jumbo 5/1 AMR is at 5.54 percent, down from 5.67 percent.

The average mortgage loan rate on a 7/1 ARM is currently at 5.39 percent, down from the previous week's average mortgage rate of 5.52 percent. Jumbo mortgage loan rates for a 7/1 ARM is at 6.22 percent, down from 6.30 percent. Average home mortgage rates on a conforming 10/1 ARM is at  5.62 percent, down from last week's average rate of 5.78 percent. The average rate on a 10/1 jumbo home mortgage is at 6.57 percent, down from 5.73 percent the prior week.

Interest Only Mortgage

Interest only mortgage rates declined this week. Average rates on a conforming IO 3/1 ARM fell to 4.94 percent, down from 4.99 percent. Jumbo IO 3/1 ARMs fell to 5.65 percent, down from the prior week's average rate of 5.70 percent.

Average rates on conforming IO 5/1 ARMs fell to 4.85 percent, down from 4.92 percent. Jumbo IO 5/1 ARMs fell to 5.79 percent, down from 5.96 percent the prior week. Conforming 7/1 IO ARMs fell to 5.61 percent, down from 5.73 percent. Jumbo 7/1 IO ARMs are at 6.39 percent this week, down from last week's average rate of 6.44 percent.

Home Equity Loans

Average rates on Home equity loans fell this week. 10-year home equity loan rates are at 7.62 percent, down from the prior week's average rate of 7.66 percent. 15-year home equity loans fell to 7.75 percent, down from the previous week's average rate of 7.79 percent. 

Home Equity Line of Credit

Home equity line of credit rates are a lot lower than home equity loan rates. This week's average rate on a home equity line of credit is currently at 4.80 percent, unchanged from last week's average home equity line of credit rate.

Currently searching for a mortgage to purchase a home or to refinance a current mortgage? You can find today's mortgage rates right here by using our mortgage rate tables. Just enter in the mortgage loan type, zip code and dollar amount of loan to find current mortgage rates in your area.

Today's Mortgage Rates