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20 Jul 09 Current Mortgage Rates

Current mortgage interest rates are up this past week brought on by higher Treasury rates, 10-year U.S. Treasury rates rose from about 3.30 % to 3.65 % this week. Today’s mortgage interest rates remain historically low.  The low rates home mortgages are slowly starting to resurrect the home purchase market.  Home-buyers are being lured back to the housing market slowly, but surly with the Federal Reserve looking to end the nationwide housing crisis. Low rate mortgage loans are also igniting home refinancing activity. Last week, the Mortgage Bankers Association reported that the Refinance Index rose 17.7% from the previous week on a seasonally adjusted basis.

Another index released this past week further supports the fading of housing and subprime mortgage crisis. The National Association of Realtors released their Pending Home Sales Index which showed a slight increase in May 2009. The increase was only 0.1% but it was the fourth consecutive monthly increase which hasn’t happened since October 2004.  Mortgage Related News continues to refer visitors to mortgage brokers and lenders offering free mortgage rate tables based on your state and neighborhood lending postings.

Adjustable Mortgage Rates
Adjustable mortgage rates were mixed this week. The average rate for a one-year conforming ARM decreased to 4.51 % from 4.55 % the prior week. Jumbo one-year ARMs increased to 5.24%, up from the prior week’s average rate of 5.20 %.

Three-year ARM mortgage rates (conforming) decreased to 4.64% this week, down from last week’s average rate of 4.66%. The average mortgage loan rate for a jumbo three-year ARM is at 5.32%, up from the prior week’s average home mortgage loan rate of 5.30%.

Five-year Adjustable Rate Home Loans (conforming) were all over the map this week from several lending sources like Freddie Mac, MBA, Bank Rate and Bloomberg. Five-year ARMs are averaging 4.53%, down from last week’s rate of 4.57%. The average (jumbo) 5-year mortgage rate rose to 5.42% from the previous week’s average rate of 5.34%.

The average interest rate on a seven-year adjustable rate mortgages rose. Conforming seven-year ARMs are averaging 5.14 %, up from 5.00% the prior week. Jumbo seven-year adjustable mortgage rates increased to 5.95, up from last week’s rate of 5.90%.

10-year adjustable rate home mortgages were mixed. Conforming 10-year ARMs are at 5.47 % this week, up from the prior week’s average mortgage rate of 5.30%. Jumbo 10-year ARMs averaged 6.26%, down slightly from 6.28%.

Smart Home Equity reported interest rates for home equity loans and home equity lines of credit remain unchanged.  Slight increases and decreases were reported from Lenders offering HELOC’s and fixed rate equity mortgages.


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18 May 09 Low Mortgage Rates Continue

Mortgage rates were lowered slightly today for conventional and fixed rate FHA mortgage loans.  Mortgage interest rates continued their trend with 30-year fixed rate home loans being reported under 5%.

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

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

Watch the Analysis and discussion reported by Bloomberg News with Mahesh Swaminathan of Credit Suisse talking about the mortgage interest rates, home loans, loan modifications and mortgage market in general.


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