Fixed Mortgage Rates Down, ARM’s Up

Now would be a good time to seal that loan when it comes to getting a fixed mortgage. The average rate for 30 year fixed mortgage and refinance rates are down at 4.77%, comparing to last week’s 4.81%. 15 year mortgages are averaging this week at 4.08%, down from last week’s 4.11%.

30 year jumbo rates are going low at 5.29%, with last week at 5.35%. 15 year jumbo rates are averaging at 4.71%, .07 points down from the prior week’s average of 4.78%.

If fixed mortgage rate borrowers are rejoicing at the drop of rates, those who already have an adjustable rate mortgage can’t say the same.

Current refinancing and mortgage rate on 1 year ARM’s are at an average of 3.14 %, just a tiny bit higher from last week’s rate of 3.13%.

3 year ARM’s are experiencing a higher jump, going at 3.47%, compared to last week’s 3.37%.

5 year ARM’s are now at 3.18%, the only ARM rate that’s down this week, compared to last week’s 3.24%. 10 year ARM’s are also going down with 4.18%, with the previous week at 4.22%.

Interest only adjustable mortgage loan rates trend is variable with the loan term. 3 year interest only rates are up from 3.51% to 3.57% this week, while 5 year interest only ARM’s are significantly down from 3.48% to 3.29%. 7 year interest only ARM’s are also down from 3.95% to 3.75% this week.

Fixed rate mortgages are good to go this week with a consistent drop in rates. ARM’s and interest only ARM’s are seeing a peak with short term mortgages such as 1-3 year loans, whereas longer terms are seeing a drop in rates.