Weekly Mortgage Rates: Updated May 18, 2009Mortgage rates were down this past week for the most part, jumbo fixed rate mortgage rates were down less than conforming fixed rate mortgages. Search for Mortgage Rates Here 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. Lender
APR / Rate
Fees / Points
Payment
$5,500
Includes 0.875 points for $3,500
Lender Fees: $2,000
$3,216 /mo
$7,000
Includes 0.750 points for $3,000
Lender Fees: $4,000
$3,242 /mo
$4,128
Includes 0.857 points for $3,428
Lender Fees: $700
$3,295 /mo
$5,000
Includes 0.750 points for $3,000
Lender Fees: $2,000
$2,463 /mo
$4,000
Includes 1.000 points for $4,000
Lender Fees: $0
$3,430 /mo
$4,676
Includes 0.994 points for $3,976
Lender Fees: $700
$2,529 /mo
$5,995
Includes 1.000 points for $4,000
Lender Fees: $1,995
$2,562 /mo
$5,908
Includes 0.977 points for $3,908
Lender Fees: $2,000
$2,628 /mo
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. Explore Other Mortgage and Refinance Offers
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