Weekly Mortgage Rates: Updated May 18, 2009

Mortgage rates were down this past week for the most part, jumbo fixed rate mortgage rates were down less than conforming fixed rate mortgages.

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Adjustable rate mortgages were also down, conforming adjustable rate mortgages were down more than jumbo adjustable rate mortgages. Jumbo rate mortgages are still a lot higher historically than conforming mortgages. We expected to see jumbo rate mortgages to come down more than conforming mortgages but that hasn't happened yet.

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

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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 #1835285

5.459%

15-Year Fixed

5.250%

$5,500

Includes 0.875 points for $3,500

Lender Fees: $2,000

$3,216 /mo

Next >

NMLS #401822

5.642%

15-Year Fixed

5.375%

$7,000

Includes 0.750 points for $3,000

Lender Fees: $4,000

$3,242 /mo

Next >

NMLS #1025894

5.784%

15-Year Fixed

5.625%

$4,128

Includes 0.857 points for $3,428

Lender Fees: $700

$3,295 /mo

Next >

NMLS #1835285

6.368%

30-Year Fixed

6.250%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #3030

6.407%

15-Year Fixed

6.250%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,430 /mo

Next >

NMLS #1025894

6.612%

30-Year Fixed

6.500%

$4,676

Includes 0.994 points for $3,976

Lender Fees: $700

$2,529 /mo

Next >

NMLS #401822

6.770%

30-Year Fixed

6.625%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #1835285

7.020%

5-Year ARM

6.875%

$5,908

Includes 0.977 points for $3,908

Lender Fees: $2,000

$2,628 /mo

Next >

NMLS #3030

7.212%

30-Year Fixed

7.125%

$3,500

Includes 0.875 points for $3,500

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.

The average rates on 30-year conforming fixed rate mortgages came down to 4.84 percent from 4.95 percent. While jumbo 30-year fixed rate mortgages were only down 0.05 percent to 6.12 percent from 6.17 percent. 15-year conforming fixed rate mortgages came down to 4.55 percent from 4.62 percent. The average rate on 15-year jumbo mortgage rates was pretty much unchanged at 6.01 percent from 6.02 percent.

Average rates on 7/1 conforming adjustable rate mortgages is now at 4.84 percent down from 4.95 percent. The average rate on 7/1 jumbo ARMs is at 6.14 percent from 6.17 percent. Average rates on 5/1 conforming ARMs is now under 4.50 percent at 4.39 percent, a big drop from 4.52 percent. Average rates for jumbo 5/1 ARMs is 5.38 percent down from 5.43 percent. Conforming 1-year ARMs averaged 4.82 percent down from 4.88 percent. Average rates for jumbo 1-year ARMs is now at 5.74 percent up from 5.70 percent.

Interest only adjustable rate mortgages were also down this past week. The average rate on 5/1 conforming interest only ARMs is now under 4.50 percent at 4.45 percent.  Average rates on Jumbo interest only 5/1 ARMs are still a lot higher at 5.70 percent. Average rates on 3/1 interest only conforming loans is at 4.81 percent down from 4.92 percent. Jumbo 3/1 interest only loans now average 5.64 percent down from 5.70 percent.

Average rates on a home equity line of credit (HELOC) was unchanged at 4.74 percent. The average rate difference between a 10-year and 15-year home equity loan is still over 3 percent. Average rates on a 10-year home equity loan was also unchanged at 4.68 percent. The average rate on a 15-year home equity loan was also unchanged at 7.81 percent.