Weekly Mortgage Rates: June 1, 2009

Mortgage rates rose considerably this past week. The rise in average mortgage rates was across the board, longer term mortgage rates rose a lot more than shorter term mortgage rates.

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The most pronounced uptick was for 30-year conforming fixed rate mortgages which rose above five percent to 5.34 percent, up from 4.90 percent. The average rate for Jumbo 30-year mortgage rates is now nearing 6.50 percent, rates rose .30 percent to 6.48 percent.

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 #2578474

5.666%

15-Year Fixed

5.500%

$4,334

Includes 0.821 points for $3,284

Lender Fees: $1,050

$3,269 /mo

Next >

NMLS #1661781

5.760%

15-Year Fixed

5.625%

$3,673

Includes 0.625 points for $2,500

Lender Fees: $1,173

$3,295 /mo

Next >

NMLS #757416

5.868%

15-Year Fixed

5.750%

$3,060

Includes 0.765 points for $3,060

Lender Fees: $0

$3,322 /mo

Next >

NMLS #1025894

5.886%

15-Year Fixed

5.750%

$3,512

Includes 0.703 points for $2,812

Lender Fees: $700

$3,322 /mo

Next >

NMLS #1067

5.891%

15-Year Fixed

5.750%

$3,652

Includes 0.913 points for $3,652

Lender Fees: $0

$3,322 /mo

Next >

NMLS #3030

6.532%

15-Year Fixed

6.375%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,458 /mo

Next >

NMLS #2578474

6.616%

30-Year Fixed

6.500%

$4,850

Includes 0.950 points for $3,800

Lender Fees: $1,050

$2,529 /mo

Next >

NMLS #1661781

6.620%

30-Year Fixed

6.500%

$5,173

Includes 1.000 points for $4,000

Lender Fees: $1,173

$2,529 /mo

Next >

NMLS #1025894

6.735%

30-Year Fixed

6.625%

$4,564

Includes 0.966 points for $3,864

Lender Fees: $700

$2,562 /mo

Next >

NMLS #757416

6.822%

30-Year Fixed

6.750%

$2,968

Includes 0.742 points for $2,968

Lender Fees: $0

$2,595 /mo

Next >

NMLS #1067

6.838%

30-Year Fixed

6.750%

$3,620

Includes 0.905 points for $3,620

Lender Fees: $0

$2,595 /mo

Next >

NMLS #1661781

7.244%

5-Year ARM

7.125%

$4,977

Includes 0.951 points for $3,804

Lender Fees: $1,173

$2,695 /mo

Next >

NMLS #3030

7.338%

30-Year Fixed

7.250%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$2,729 /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 conforming mortgage rates rose to 4.84 percent, up from 4.53 percent. Average rates for Jumbo 15-year mortgage rates rose above six percent this past week, the average rate is now at 6.15 percent, up from 5.87 percent the previous week. 

Adjustable rate mortgages were also up smartly from last week with one exception on the shorter end. The average rate for a 10/1 conforming adjustable rate mortgage is now at 5.61 percent, up from 5.30 percent. The average rate for a Jumbo 10/1 ARM is 6.65 percent his week, up from last week's average of 6.30 percent. The average rate for a 7/1 conforming ARM is now 5.29 percent, up from 4.95 percent. Jumbo 7/1 ARMs are now averaging 6.54 percent, up from 6.16 percent.

5/1 conforming ARMs are averaging 4.79 percent this week, up from last week's average of 4.50 percent. Jumbo 5/1 ARMs are averaging 5.66 percent this week, up from 5.48 percent last week. 3/1 conforming ARMs averaged 4.89 percent, up from 4.77 percent. Jumbo 3/1 ARMs are averaging 5.67 percent, up from 5.58 percent. The average rate for a one year conforming ARM stayed the same at 4.80 percent. Jumbo one year ARM rates averaged 5.92 up from 5.64 percent.

Interest only adjustable rate mortgages also went up last week. 3/1 conforming ARM rates rose back above five percent at 5.03 percent, up from 4.90 percent. Jumbo 3/1 ARMs averaged 5.81 percent, up from last week's average of 5.73 percent. The average rate for 5/1 conforming ARMs rose to 4.95 percent, up from 4.59 percent. Jumbo 5/1 ARMS averaged 6.00 percent, up from 5.83 percent. 7/1 conforming ARMs averaged 5.58 percent this week, up from last week's average of 5.22 percent. Jumbo 7/1 ARMs averaged 6.77 percent, up from 6.34 percent.

The average rate for a home equity line of credit (HELOC) is unchanged this week at 4.74 percent. The average rate for 10-year home equity loan decreased last week to 7.65 percent, down from 7.68 percent the following week. The average rate for 15-year home equity loan declined to 7.78 percent this week, up from last week's average of 7.80 percent.