In this week's Mortgage Rate Survey released by MonitorBankRates, today's 30 year conforming mortgage rates are averaging 4.60% for the week ending May 16, 2011, a decline from last week's average 30 year mortgage rate of 4.70%.

Low current mortgage rates hasn't helped the housing market for newly built single family homes. The National Association of Home Builders released their National Association of Home Builders/Wells Fargo Housing Market Index (HMI) showing builders are still pessimistic about the future. The index remained at a low level of 16, and has remained at this level for six out of the past seven months.

The amount of existing homes for sale, foreclosures and short sales is putting tremendous pressure on home prices in general and especially for newly built homes. Comparable new homes sell for a premium over existing homes but unless it's in the perfect location, why should anyone buy a new home when they can get an existing home for thousands or tens of thousands of dollars less?

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 #1105497

License: 603L227

5.007%

15-Year Fixed

4.875%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,138 /mo

Next >

NMLS #1835285

5.007%

15-Year Fixed

4.875%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,138 /mo

Next >

NMLS #2473786

5.020%

15-Year Fixed

4.875%

$3,847

Includes 0.688 points for $2,752

Lender Fees: $1,095

$3,138 /mo

Next >

NMLS #324599

License: 324599

5.063%

15-Year Fixed

4.875%

$5,070

Includes 1.000 points for $4,000

Lender Fees: $1,070

$3,138 /mo

Next >

NMLS #757416

5.119%

15-Year Fixed

4.990%

$3,412

Includes 0.853 points for $3,412

Lender Fees: $0

$3,162 /mo

Next >

NMLS #1312186

5.277%

15-Year Fixed

5.125%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,190 /mo

Next >

NMLS #1954591

License: 60DBO-113383

5.302%

15-Year Fixed

5.125%

$4,731

Includes 0.906 points for $3,624

Lender Fees: $1,107

$3,190 /mo

Next >

NMLS #2473786

5.357%

5-Year ARM

5.250%

$4,835

Includes 0.935 points for $3,740

Lender Fees: $1,095

$2,209 /mo

Next >

NMLS #6606

5.383%

15-Year Fixed

5.240%

$3,756

Includes 0.939 points for $3,756

Lender Fees: $0

$3,214 /mo

Next >

NMLS #1025894

5.425%

15-Year Fixed

5.250%

$4,596

Includes 0.974 points for $3,896

Lender Fees: $700

$3,216 /mo

Next >

NMLS #1835285

5.460%

5-Year ARM

5.375%

$3,783

Includes 0.821 points for $3,284

Lender Fees: $499

$2,240 /mo

Next >

NMLS #1835285

5.839%

30-Year Fixed

5.750%

$3,867

Includes 0.842 points for $3,368

Lender Fees: $499

$2,335 /mo

Next >

NMLS #1312186

5.840%

5-Year ARM

5.750%

$3,928

Includes 0.982 points for $3,928

Lender Fees: $0

$2,335 /mo

Next >

NMLS #2473786

5.852%

30-Year Fixed

5.750%

$4,459

Includes 0.841 points for $3,364

Lender Fees: $1,095

$2,335 /mo

Next >

NMLS #1105497

License: 603L227

5.921%

30-Year Fixed

5.875%

$2,000

Includes 0.500 points for $2,000

Lender Fees: $0

$2,367 /mo

Next >

NMLS #757416

5.953%

30-Year Fixed

5.875%

$3,388

Includes 0.847 points for $3,388

Lender Fees: $0

$2,367 /mo

Next >

NMLS #324599

License: 324599

5.956%

30-Year Fixed

5.875%

$3,570

Includes 0.625 points for $2,500

Lender Fees: $1,070

$2,367 /mo

Next >

NMLS #1105497

License: 603L227

6.067%

5-Year ARM

5.990%

$3,300

Includes 0.825 points for $3,300

Lender Fees: $0

$2,396 /mo

Next >

NMLS #1312186

6.070%

30-Year Fixed

6.000%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$2,399 /mo

Next >

NMLS #6606

6.082%

30-Year Fixed

5.990%

$3,944

Includes 0.986 points for $3,944

Lender Fees: $0

$2,396 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.091%

5-Year ARM

5.990%

$4,407

Includes 0.825 points for $3,300

Lender Fees: $1,107

$2,396 /mo

Next >

NMLS #1025894

6.093%

30-Year Fixed

5.990%

$4,420

Includes 0.930 points for $3,720

Lender Fees: $700

$2,396 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.094%

30-Year Fixed

5.990%

$4,511

Includes 0.851 points for $3,404

Lender Fees: $1,107

$2,396 /mo

Next >

NMLS #399799

6.098%

30-Year Fixed

6.000%

$4,364

Includes 0.759 points for $3,036

Lender Fees: $1,328

$2,399 /mo

Next >

NMLS #324599

License: 324599

6.101%

5-Year ARM

5.990%

$4,870

Includes 0.950 points for $3,800

Lender Fees: $1,070

$2,396 /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.

Average 15 year mortgage rates are at 3.87% for the week ending May 16, 2011, down from the previous week's average of 3.92%.

Jumbo mortgage rates are also lower this week. The average 30 year jumbo mortgage rate is at 5.14%, down from the previous week's average of 5.19%.

15 year jumbo mortgage rates bucked the trend and headed higher this week. The current average 15 year jumbo mortgage rate is at 4.47%, an increase from last week's average of 4.36%.

Average Mortgage Rates May 16

Description This Week Last Week

Home Equity Line of Credit 4.952% 4.952%

Home Equity Loan - 10 Years 6.806% 6.771%

Home Equity Loan - 15 Years 6.868% 6.868%

15 Year Fixed Conforming 3.873% 3.920%

15 Year fixed Jumbo 4.472% 4.363%

30 Year Fixed Conforming 4.603% 4.708%

30 Year Fixed Jumbo 5.142% 5.192%

1 Year ARM Conforming 6.167% 6.167%

1 Year ARM Jumbo 4.050% 4.050%

3/1 Year ARM Conforming 3.083% 3.151%

3/1 Year ARM Jumbo 3.898% 3.677%

5/1 Year ARM Conforming 3.127% 3.128%

5/1 Year ARM Jumbo 3.509% 3.524%

7/1 Year ARM Conforming 3.514% 3.561%

7/1 Year ARM Jumbo 4.094% 4.167%

10/1 Year ARM Conforming 4.095% 4.093%

10/1 Year ARM Jumbo 4.517% 4.573%

Interest Only: 3/1 Year ARM Conforming 3.160% 3.169%

Interest Only: 3/1 Year ARM Jumbo 4.078% 3.867%

Interest Only: 5/1 Year ARM Conforming 3.255% 3.260%

Interest Only: 5/1 Year ARM Jumbo 3.897% 3.854%

Interest Only: 7/1 Year ARM Conforming 3.680% 3.721%

Interest Only: 7/1 Year ARM Jumbo 4.314% 4.350%

Find the best mortgage rates and refinance rates in your state by using our interest rate tables at MortgageRates.MonitorBankRates.com.