Mortgage Rates: Finding the Best Mortgage Rates

Mortgage Rates are near historic lows, housing prices are more affordable than they have been over the past several years and there is a $8,000 tax credit for first time home buyers who purchase a home before December 1, 2009. That being said, now is a good time to take the plunge and purchase a home or refinance your existing mortgage.

Finding the best mortgage rates available has become a lot easier than it used to be. In the past one had to either use a mortgage broker or stop at several brick and mortar banks. Now you can search for home mortgage rates online, get current mortgage rates and compare different mortgage types with ease.

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 #1689962

License: 02053435

5.524%

15-Year Fixed

5.375%

$3,904

Includes 0.976 points for $3,904

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1835285

5.604%

15-Year Fixed

5.375%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$3,242 /mo

Next >

NMLS #2578474

5.662%

15-Year Fixed

5.500%

$4,218

Includes 0.792 points for $3,168

Lender Fees: $1,050

$3,269 /mo

Next >

NMLS #1025894

5.794%

15-Year Fixed

5.625%

$4,392

Includes 0.923 points for $3,692

Lender Fees: $700

$3,295 /mo

Next >

NMLS #6606

6.132%

15-Year Fixed

5.990%

$3,644

Includes 0.911 points for $3,644

Lender Fees: $0

$3,374 /mo

Next >

NMLS #2578474

6.479%

30-Year Fixed

6.375%

$4,350

Includes 0.825 points for $3,300

Lender Fees: $1,050

$2,496 /mo

Next >

NMLS #1835285

6.482%

30-Year Fixed

6.375%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$2,496 /mo

Next >

NMLS #1689962

License: 02053435

6.545%

30-Year Fixed

6.490%

$2,296

Includes 0.574 points for $2,296

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.706%

30-Year Fixed

6.625%

$3,332

Includes 0.658 points for $2,632

Lender Fees: $700

$2,562 /mo

Next >

NMLS #6606

6.833%

30-Year Fixed

6.740%

$3,828

Includes 0.957 points for $3,828

Lender Fees: $0

$2,592 /mo

Next >

NMLS #3030

7.035%

15-Year Fixed

6.875%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,568 /mo

Next >

NMLS #1835285

7.143%

5-Year ARM

7.000%

$5,804

Includes 0.951 points for $3,804

Lender Fees: $2,000

$2,662 /mo

Next >

NMLS #3030

7.200%

30-Year Fixed

7.125%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$2,695 /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.

Today's mortgage rates are very low compared to historical averages. A conforming fixed rate 30-year mortgage can be found for around 5.00 percent. Fixed conforming 15-year mortgage rates are under 5.00 percent at around 4.75 percent.

These low mortgage rates are expected to remain in this range until the Federal Reserve starts to raise interest rates again when the economy picks up. This probably won't happen until the beginning of 2010.

Jumbo Mortgage Rates

Current jumbo mortgage rates are also low compared to historical averages. During the credit crises late last year jumbo mortgage rates were a lot higher than conforming mortgage rates because most banks and lending institutions were leery of making jumbo loans.

There wasn't a market for selling the loans and banks would have to hold onto them unlike conforming mortgages are bought by Freddie Mac and Fannie Mae. Jumbo rates are now only between three quarters to one percent higher than conforming mortgage loan rates.

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