30 year fixed mortgage rates went down slightly over the last week, according to the latest report from Freddie Mac.
Freddie said that the 30 year fixed mortgage rate averaged 3.90% with an average 0.4 point, a nice decrease from last week’s report when the 30 year was 3.94%. It was at a 3.57% average for the same time period last year.
Average rates for the 15-year mortgage was at 3.24%, a decrease from the previous week’s average of 3.27%. Last year’s average for the same time period was 2
5-year adjustable-rate mortgage (ARM) average rates were 3.22%, with an average 0.5 point, down from last week’s average 3.23%. A year ago, the 5-year ARM averaged 2.88%.
The current 1 year ARM is at a 2.68% average. The average 30-year fixed FHA loan rate is 3.60% and jumbo loan rate for the 30-year is 4.15%.
Freddie Mac’s Chief Economist, Sean Becketti, had said this about the latest report; “After holding steady last week, rates dipped slightly this week. The 10-year Treasury yield fell roughly 7 basis points, while the 30-year mortgage rate dropped 4 basis points to 3.90 percent.”
Here are today’s rates from some of the nation’s top lenders.
Bank of America’s 30-year fixed is 4.00% and the 15-year mortgage is lower as well to 3.25%. The 10/1 ARM is 3.50% and the 5/1 ARM is 3.125%.
Today at Wells Fargo, the 30-year fixed mortgage purchase rate is 4.00% and the 15-year fixed is 3.375%. The 30-year refinance rate is 4.125% and the 15-year mortgage is 3.50%.
Chase Mortgage is reporting its 30-year fixed rate for the purchase mortgage rate is 3.875% and the 15 year is 3.25%. 30-year fixed mortgage refinance rates are at 3.875% and the 15-year fixed is at 3.25%.
The rates quoted above are reported directly from the lender’s website. They can change at any time and are not guaranteed. If you would like a live rate quote and/or to lock in a great loan, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@PrimeLending.com.