Mortgage Rates Lower as Commodity Prices Plunged Last Week: 30 Year Mortgage Rates at 4.70%

In this week's Mortgage Rate Survey released by MonitorBankRates.com, current 30 year conforming mortgage rates are averaging 4.70% for the week ending May 9, 2011, up from last week's average 30 year mortgage rate of 4.69%. 30 year mortgage rates were as high as 4.92% last week but have retreated following interest rates lower on the plunge in commodity prices. Average 30 year mortgage rate in California are higher than the national average. Today's 30 year rates in California are averaging 4.75%.

Average mortgage rates were mostly lower this week thanks to lower Treasury yields. Yields were driven lower on the biggest drop in commodity prices since 2008. Shorter term adjustable mortgage rates had the biggest decline which was expected since those rates are more vulnerable to short term interest rate swings.

15 year mortgage rates today are averaging 3.92%, down from last week's average 15 year mortgage rate of 4.00%. Just two week's ago 15 year mortgage rates were averaging 4.25%. 15 year conforming mortgage rates in Virginia are also averaging 4.92% today.

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 #757416

5.521%

15-Year Fixed

5.375%

$3,812

Includes 0.953 points for $3,812

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1025894

5.546%

15-Year Fixed

5.375%

$4,476

Includes 0.944 points for $3,776

Lender Fees: $700

$3,242 /mo

Next >

NMLS #6606

5.765%

15-Year Fixed

5.625%

$3,628

Includes 0.907 points for $3,628

Lender Fees: $0

$3,295 /mo

Next >

NMLS #401822

6.194%

15-Year Fixed

6.000%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$3,376 /mo

Next >

NMLS #757416

6.562%

30-Year Fixed

6.490%

$2,988

Includes 0.747 points for $2,988

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.590%

30-Year Fixed

6.490%

$4,188

Includes 0.872 points for $3,488

Lender Fees: $700

$2,526 /mo

Next >

NMLS #401822

6.644%

30-Year Fixed

6.500%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,529 /mo

Next >

NMLS #6606

6.713%

30-Year Fixed

6.625%

$3,628

Includes 0.907 points for $3,628

Lender Fees: $0

$2,562 /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.

Jumbo mortgage rates also headed lower this week over last. Current 30 year jumbo mortgage rates are averaging 5.19%, down from last week's average 30 year jumbo rate of 5.26%. 30 year jumbo mortgage rates in New Jersey are lower than the national average rate.  30 year jumbo mortgage rates today in New Jersey are averaging 5.06%.

15 year jumbo mortgage loan rates are averaging 4.36%, down from the previous week's average 15 year rate of 4.57%. 15 year jumbo rates in Hawaii are lower than the national average rate. Today's 15 year jumbo mortgage rates today in Texas are averaging 4.22%.

Conventional Adjustable Mortgage Rates

The current average rate on 1 year adjustable mortgage loans is at 3.39%, unchanged from last week's average 1 year adjustable interest rate.

Current 3 year adjustable mortgage refinance rates and adjustable mortgage rates are averaging 3.15 percent, down from last week’s average 3 year rate of 3.27 percent.

Today's 5 year ARMs are averaging 3.12 percent, down  from the prior week’s average rate of 3.13 percent.

Current refinance rates and mortgage rates on 7 year adjustable mortgage loans are averaging 3.56 percent, down from the previous week’s average of 3.50 percent.

10 year adjustable loan rates are averaging 4.09 percent this week, up from last week’s average 10 year adjustable rate of 4.03 percent. Average refinance rates on 10 year home loans are also averaging 4.09 percent.

Adjustable Jumbo Mortgage Rates Today

Today’s 1 year jumbo adjustable mortgage rates are averaging 4.05 percent, unchanged from the prior week’s average 1 year jumbo adjustable rate. Jumbo refinance loan rates are also unchanged at 4.05 percent.

3 year adjustable jumbo rates are averaging 3.67 percent, down from last week’s average 3 year jumbo rate of 3.92 percent. Refinance rates today on 3 year jumbo loans are also lower, averaging 3.67 percent.

5 year adjustable jumbo interest rates today are averaging 3.52 percent, down from last week’s average jumbo adjustable rate of 3.57 percent. Today’s refinancing interest rates are also averaging 3.52 percent.

7 year jumbo adjustable loan rates are averaging 4.16 percent, up from last week’s average 7 year adjustable rate of 4.15 percent. 7 year jumbo refinance rates are also higher at 4.16 percent.

10 year jumbo loan rates are averaging 4.57 percent, down from the prior week’s average 10 year jumbo rate of 4.71 percent. 10 year jumbo refinance interest rates are also lower, averaging 4.57 percent.

Today's Conventional Interest Only Adjustable Mortgage Rates

Current 3 year interest only adjustable rates are averaging 3.16 percent, down from last week’s average loan rate of 3.17percent. 3 year interest only adjustable refi mortgage rates are also averaging 3.16 percent.

Today's 5 year interest only ARMs are averaging 3.26 percent, down from last week’s average 5 year rate of 3.27 percent. 5 year IO adjustable refinance mortgage loan rates are also averaging 3.26 percent.

7 year interest-only adjustable mortgage loan rates today are averaging 3.72 percent, down from last week’s average 7 year interest only mortgage rate of 3.73 percent. 7 year adjustable refi rates are averaging 3.72 percent.

Interest Only Jumbo Refinance Adjustable Mortgage Rates Today

3 year jumbo interest only loan rates are averaging 3.86 percent, down from last week’s average jumbo adjustable interest only rate of 4.29percent. 3 year interest only adjustable jumbo refi rates are also averaging 3.86 percent.

5 year adjustable jumbo interest only rates are averaging 3.85 percent, down from last week’s average IO home mortgage interest rate of 3.97 percent. 5 year jumbo adjustable IO loan rates are also averaging 3.85 percent.

7 year jumbo interest only adjustable rates are averaging 4.35 percent, down from last week’s average jumbo rate of 4.42percent. 7 year jumbo adjustable IO refi are also averaging 4.35 percent.

Home Equity Loan Rates

10 year home equity loan rates are averaging 6.77 percent, down from last week’s average home equity loan rate of 6.79%.

15 year home equity rates are averaging 6.86 percent, down from the prior week’s average home equity loan rate of 6.88 percent.

Current Home Equity Line of Credit Rates

Home equity line of credit rates are averaging 4.95 percent, down from last week’s average rate HELOC rate of 4.99%.