Mortgage Rates Today May 15, 2011: Don’t Worry, 30 Year Fixed Rate Mortgages are Here to Stay

Mortgage rates are stable today, there are no big changes in average rates. 30 year conforming mortgage rates are averaging 4.60% and 30 year jumbo mortgage rates are averaging 5.14%. 30 year fixed rate mortgages are still the preferred home loan for most homes buyers and always will be.

I just read that many "housing proponents" say 30 year mortgage rates will no longer be offered by lenders if the government dismantles the government sponsored entities (GSEs) Freddie Mac and Fannie Mae (both are buyers of 30 year conforming home loans").

First of all, the government won't dismantle Freddie and Fannie but probably will reorganize both GSEs and stop supporting them. If that happens mortgage rates will go higher but lenders will still make 30 year loans. Why? If lenders didn't make 30 year loans the housing market would collapse.

Loan Term
Show Advertiser Disclosure
Lender
APR / Rate
Fees / Points
Payment
Home Simply
NMLS #2473786
4.934%
15-Year Fixed
4.750%
$4,887
Includes 0.948 points for $3,792
Lender Fees: $1,095
$3,112 /mo
Next >
District Lending
NMLS #1835285
5.026%
15-Year Fixed
4.875%
$4,000
Includes 1.000 points for $4,000
Lender Fees: $0
$3,138 /mo
Next >
Farmers Bank of Kansas City
NMLS #613839
5.192%
15-Year Fixed
4.990%
$5,351
Includes 0.866 points for $3,464
Lender Fees: $1,887
$3,162 /mo
Next >
Bison State Bank
NMLS #757416
5.226%
15-Year Fixed
5.125%
$2,652
Includes 0.663 points for $2,652
Lender Fees: $0
$3,190 /mo
Next >
Allied Mortgage Group, Inc.
NMLS #1067
5.241%
15-Year Fixed
5.125%
$3,044
Includes 0.761 points for $3,044
Lender Fees: $0
$3,190 /mo
Next >
Zoom Loans
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 >
Home Simply
NMLS #2473786
5.354%
5-Year ARM
5.250%
$4,671
Includes 0.894 points for $3,576
Lender Fees: $1,095
$2,209 /mo
Next >
District Lending
NMLS #1835285
5.459%
5-Year ARM
5.375%
$3,767
Includes 0.817 points for $3,268
Lender Fees: $499
$2,240 /mo
Next >
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
5.535%
15-Year Fixed
5.375%
$4,176
Includes 0.869 points for $3,476
Lender Fees: $700
$3,242 /mo
Next >
DECO Mortgage
NMLS #2561451
5.840%
30-Year Fixed
5.750%
$3,926
Includes 0.794 points for $3,176
Lender Fees: $750
$2,335 /mo
Next >
District Lending
NMLS #1835285
5.842%
30-Year Fixed
5.750%
$4,000
Includes 1.000 points for $4,000
Lender Fees: $0
$2,335 /mo
Next >
Home Simply
NMLS #2473786
5.858%
30-Year Fixed
5.750%
$4,731
Includes 0.909 points for $3,636
Lender Fees: $1,095
$2,335 /mo
Next >
Allied Mortgage Group, Inc.
NMLS #1067
5.931%
30-Year Fixed
5.875%
$2,420
Includes 0.605 points for $2,420
Lender Fees: $0
$2,367 /mo
Next >
Bison State Bank
NMLS #757416
5.949%
30-Year Fixed
5.875%
$3,220
Includes 0.805 points for $3,220
Lender Fees: $0
$2,367 /mo
Next >
Zoom Loans
NMLS #1312186
5.955%
5-Year ARM
5.875%
$3,480
Includes 0.870 points for $3,480
Lender Fees: $0
$2,367 /mo
Next >
Farmers Bank of Kansas City
NMLS #613839
6.009%
30-Year Fixed
5.875%
$5,827
Includes 0.985 points for $3,940
Lender Fees: $1,887
$2,367 /mo
Next >
Zoom Loans
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 >
HSBC Bank USA, N.A.
NMLS #399799
6.099%
30-Year Fixed
6.000%
$4,396
Includes 0.767 points for $3,068
Lender Fees: $1,328
$2,399 /mo
Next >
Mutual of Omaha Mortgage, Inc.
NMLS #1025894
6.099%
30-Year Fixed
5.990%
$4,700
Includes 1.000 points for $4,000
Lender Fees: $700
$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.

The majority of the middle class has been squeezed hard by the financial crises and recession and can't afford monthly mortgage payments on anything other than a 30 year mortgage.

Now back to today's mortgage rates. Both 15 year conforming and jumbo average rates are lower today. Current mortgage rates on 15 year loans are averaging 3.87% and 15 year jumbo loan rates are averaging 4.47%.

You can find the lowest mortgage rates and refinance rates in your state by searching our rate tables at MortgageRates.MonitorBankRates.com.

 
Author: Brian McKay
May 15th, 2011

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