Mortgage rates continue to remain extremely low and some mortgage servicers have even lowered the average rates from last week. Today, the average rate for a traditional thirty-year fixed rate mortgage dropped down to 4.75%, down from last weeks average of 4.79%. The current interest rate for this type of mortgage is much lower than it was the same time last year when it stood at about 5.29%.
Last week, the average interest rate for a fifteen-year fixed rate mortgage was at 4.20%. Today, we are seeing most servicers offering 4.25% for this type of loan.
According to Fannie Mae’s Economic Outlook report, the average interest rate for a conforming thirty-year fixed mortgage could climb as high as 5.8% by the end of 2011. Anyone looking to make a purchase or possibly refinance their current loan should take advantage of these low rates while they are still available.
Below you will find common home loan types and the average interest rates being offered today:
30-Yr Fixed 4.750% 4.939%
30-Yr Fixed FHA 4.750% 5.497%
15-Yr Fixed 4.250% 4.573%
5-Yr ARM 3.500% 3.594%
5-Yr ARM FHA 3.375% 3.208%
Jumbo Mortgage Loans:
30-Yr Fixed 5.500% 5.643%
5-Yr ARM 4.625% 3.954%