Mortgage Rates: Current Mortgage Rates August 3, 2009

Current Mortgage Rates: Longer term mortgage rates were down this past week, the declines were brought on by signs that the economy is recovering but the recovery will be slow unlike previous rebounds.

Shorter term jumbo mortgages were higher and conforming adjustable rate mortgages were lower. 10-year U.S. Treasury prices are hovering around 3.50 percent this week, not much changed from last week.

Looking for Today's Mortgage Rates? MonitorBankRates.com has free mortgage rate tables where you can search for current mortgage rates in your zip code Search for MortgageRates 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

5.019%

15-Year Fixed

4.875%

$3,811

Includes 0.679 points for $2,716

Lender Fees: $1,095

$3,138 /mo

Next >

NMLS #757416

5.118%

15-Year Fixed

4.990%

$3,372

Includes 0.843 points for $3,372

Lender Fees: $0

$3,162 /mo

Next >

NMLS #1025894

5.184%

15-Year Fixed

4.990%

$5,136

Includes 0.784 points for $3,136

Lender Fees: $2,000

$3,162 /mo

Next >

NMLS #2473786

5.225%

5-Year ARM

5.125%

$4,519

Includes 0.856 points for $3,424

Lender Fees: $1,095

$2,178 /mo

Next >

NMLS #1954591

License: 60DBO-113383

5.427%

15-Year Fixed

5.250%

$4,707

Includes 0.900 points for $3,600

Lender Fees: $1,107

$3,216 /mo

Next >

NMLS #757416

5.828%

30-Year Fixed

5.750%

$3,408

Includes 0.852 points for $3,408

Lender Fees: $0

$2,335 /mo

Next >

NMLS #2473786

5.841%

30-Year Fixed

5.750%

$3,955

Includes 0.715 points for $2,860

Lender Fees: $1,095

$2,335 /mo

Next >

NMLS #2561451

5.866%

30-Year Fixed

5.750%

$5,202

Includes 0.855 points for $3,420

Lender Fees: $1,782

$2,335 /mo

Next >

NMLS #1025894

5.960%

30-Year Fixed

5.875%

$3,696

Includes 0.424 points for $1,696

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #399799

6.097%

30-Year Fixed

6.000%

$4,344

Includes 0.754 points for $3,016

Lender Fees: $1,328

$2,399 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.103%

5-Year ARM

5.990%

$4,915

Includes 0.952 points for $3,808

Lender Fees: $1,107

$2,396 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.105%

30-Year Fixed

5.990%

$5,007

Includes 0.975 points for $3,900

Lender Fees: $1,107

$2,396 /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.

Low mortgage rates are bringing home buyers back to the market and helping to put an end to the housing crisis. Home prices were up 0.9 percent in May, the fifth increase in a row as reported by The Federal Housing Finance Agency’s Home Price Index. Low mortgage loan rates are also spurring mortgage refinance activity.

Current Mortgage Rates

The average rate on a conforming fixed 30-year mortgage decreased this week to 5.25 percent, down from the previous week’s average mortgage rate of 5.39 percent. Less than one percent higher than the recent low of 4.84 percent set on May 18, 2009. This week's average rate for a conforming fixed 15-year mortgage is at 4.70 percent, down from the prior week’s average rate of 4.84 percent.

Jumbo Mortgage Rates

The average rate on a fixed 30-year jumbo mortgage was down slightly to 6.16 percent this week, down from last week’s average mortgage rate of 6.18 percent. Also lower than the recent high of 6.65 percent set on June 15, 2009. The average rate on a fixed 15-year jumbo mortgage loan is at 5.80 percent this week, down ever so slightly from the previous week's average rate of 5.81 percent.

Adjustable Rate Mortgages

Adjustable mortgage rates were mixed this week, for the most part conforming ARMs were down and jumbo ARMs were mixed. The average rate for a one-year conforming ARM was unchanged at  4.41 percent. Jumbo one-year ARMs decreased to 5.16 percent, down from last week’s average rate of 5.20 percent.

Three-year conforming adjustable mortgage rates decreased to 4.67 percent this week, down from last week’s average rate of 4.69 percent. The average mortgage loan rate for a jumbo three-year ARM is at 5.56 percent, an increase from the prior week’s average home mortgage loan rate of 5.41 percent.

Five-year adjustable mortgage loans were down this week. Conforming five-year ARMs are averaging 4.53 percent, down from the prior week’s average home loan rate of 4.59 percent. The average jumbo five-year mortgage loan rate was down to 5.43 percent from the last week’s average rate of 5.52 percent.

The average rate on a conforming seven-year adjustable home mortgage loan was down to 4.97, down from last week's average rate of 5.09 percent. Jumbo seven-year adjustable mortgage rates increased to 6.35 percent, up from the prior week's average rate of 6.17 percent.

10-year adjustable rate mortgages were mixed. The average rate on a conforming 10-year ARMs are at 5.42 percent this week, down from last week's average mortgage rate of 5.57 percent. Jumbo 10-year ARMs jumped considerably, the average rate is at 6.72 percent this week, up from 6.45 percent last week.

Interest Only Mortgages

Interest only mortgage rates were also mixed this week. Average rates on three-year interest only ARMs decreased to 4.74 percent, down from the prior week’s average rate of 4.76 percent. Jumbo three-year IO ARMs are averaging 5.80 percent this week, a big jump up from last week's average rate of 5.56 percent.

Five-year conforming interest only loans decreased to 4.61 percent this week, down from last week’s average rate of 4.69 percent. Jumbo five-year interest only ARMs decreased to 5.74 percent this week, down from last week's average rate of 5.84 percent.

Conforming seven-year interest only adjustable rate mortgages decreased to 5.14 percent, down from last week's average rate of 5.28 percent. The average rate for jumbo IO ARMs is at 6.65 percent this week, up from the previous week's average rate of 6.40 percent.

Home Equity Loans

Home equity loan rates were up this week. The average rate for a 10-year home equity loan was down to 7.637 percent, last week's average 10-year home equity rate was 7.613 percent. The average rate on a 15-year home equity decreased to 7.761 percent, down from the prior week’s average rate of 7.74o percent.

Home Equity Line of Credit

Home equity line of credit rates increased to 4.818 percent this week, up from last week’s average home equity line rate of 4.808 percent. The average rate on a HELOC is almost three percentage points lower than a home equity loan.

MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. Search Mortgage Rates