With the 30 year fixed rate mortgage, the interest rate remains the same from day one, meaning borrowers can depend on the same bill amount from month to month and year to year. For the 30-year term, borrowers pay down the principal, or actual loan amount, along with unchanging interest amount on the mortgage. Homeowners gradually increase equity in the home over time. A 30 year fixed-rate mortgage is often perfect for budgeting homeowners who wish to stay in the same house for a long time, but does have the drawback of paying more interest over the length of the loan compared with shorter-term loans.

Mortgage bottom drops again

by Broderick Perkins
DeadlineNews.Com

(5/15/2012) - The average rate on fixed rate mortgages (FRMs) for 30-year conforming loans for the week ending May 15, slipped considerably to 3.97 percent, down from 4.05 percent last week, according to the Santa Clara, CA-based "Erate Interest Rate Update."

A year ago, the average 30-year conforming FRM rate was 4.81 percent.

For the week ending May 15, Erate reported 30-year rates as low as 3.56 percent and as high as 6.49 percent.

The average rate for the 15-year FRM, fell too, down to 3.23 percent this week, compared to 3.26 percent last week. The rate was 4.05 percent a year ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.68 percent, respectively, with the low end falling from last week.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On May 15, the average interest rate for the 5/1 adjustable rate mortgage (ARM) rose slightly to 3.15 percent after being unchanged at 3.14 percent for most of the past six months. A year ago the 5/1 ARM was lower, at 3.13 percent. The lowest rate this week was 2.46 percent and the high 4.17 percent, both unchanged from last week.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.43 percent, down from 4.48 percent last week and 5.36 percent a year ago. The rate ranged from a low of 3.72 percent, to a high of 6.70 percent.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

Home equity rates mixed

The average variable rate on home equity lines of credit (HELOC) was down slightly to 4.64 percent, compared to 4.65 percent last week. A year ago at this time, the rate averaged 4.99 percent. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent, both unchanged from previous weeks.

The average FRM rate on 15-year home equity loans for the week ending May 15 was 6.34 percent, little changed from 6.35 percent last week. The rate was 6.89 percent a year ago. Rates on 15-year home equity loans ranged from an even 3 percent to an even 9 percent, also unchanged from previous weeks.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates at record lows for second week

by Hayley Perkins
DeadlineNews

(5/10/2012) - The average interest rate on 30-year fixed rate mortgages (FRMs) was 3.83 percent the week ending May 10, with an average 0.7 point, down from 3.84 percent last week, the previous all-time low.

Last year at this time, the average 30-year FRM interest rate was 4.63 percent, according to Freddie Mac's weekly "Primary Mortgage Market Survey."

The average rate on the 15-year FRM was 3.05 percent, with an average 0.7 point, another record low, down from the previous record low of 3.07 percent last week.

A year ago at this time, the 15-year FRM averaged 3.82 percent.

The 5-year Treasury-indexed hybrid adjustable rate (ARM) averaged 2.81 percent this week, with an average 0.5 point, down from last week, when it averaged 2.85 percent. The 5-year ARM averaged 3.41 percent a year ago.

Finally, for the week ending May 10, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.73 percent this week, with an average 0.5 point, up from last week's 2.70, but down from 3.11 percent a year ago.

Record-level mortgage rates continue slide

(5/8/2012) - The average rate on fixed rate mortgages (FRMs) for 30-year conforming loans for the week ending May 8, slipped to 4.05 percent, down from 4.07 percent last week, according to the Santa Clara, CA-based Erate Interest Rate Update.

A year ago, the average 30-year conforming FRM rate was 4.83 percent.

For the week ending May 8, Erate reported the lowest 30-year rate as 3.57 percent, the highest, 6.49 percent.

The average rate for the 15-year FRM, slid further, down to 3.26 percent this week, compared to 3.31 percent last week. The rate was 4.06 percent a year ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.70 percent, respectively.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On May 8, the average interest rate for the 5/1 adjustable rate mortgage (ARM) remained unchanged for weeks, coming in at 3.14 percent again this week. A year ago the 5/1 ARM was 3.13 percent. The lowest rate this week was 2.46 percent and the high 4.17 percent.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.48 percent, unchanged from last week. The rate was 5.37 percent a year ago, and ranged from a low of 3.67 percent, to a high of 6.70 percent.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

Home equity rates mixed

The average variable rate on home equity lines of credit (HELOC) was unchanged at 4.65 percent. A year ago at this time, the rate averaged 4.99 percent. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent, both unchanged from previous weeks.

The average FRM rate on 15-year home equity loans for the week ending May 8 was 6.35 percent, unchanged from a week ago. The rate was 6.90 percent a year ago. Rates on 15-year home equity loans ranged from 3 percent to 9 percent, also unchanged from last week.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Fixed mortgage rates rack up new record lows

by Hayley Perkins
DeadlineNews

(5/3/2012) - The average interest rate on 30-year fixed rate mortgages (FRMs) was 3.84 percent the week ending May 3, with an average 0.8 point, down from 3.88 percent last week.

The last record low of 3.87 percent was set back on Feb. 7 this year.

Last year at this time, the average 30-year FRM interest rate was 4.71 percent, according to Freddie Mac's weekly "Primary Mortgage Market Survey."

The average rate on the 15-year FRM was 3.07 percent this week, with an average 0.7 point, also a new all-time low.

The last record low, 3.11 percent, was set less than a month ago, on April 11. Last week's 15-year FRM average was 3.12 percent. The average was 3.89 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable rate (ARM) averaged 2.85 percent this week, with an average 0.7 point, unchanged from last week. The 5-year ARM averaged 3.47 percent a year ago.

Finally, for the week ending May 3, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.70 percent this week, with an average 0.6 point, down from last week's 2.74, and down from

Market yields mortgage rate lock in

(5/1/2012) - The average rate on fixed rate mortgages (FRMs) for 30-year conforming loans for the week ending May 1, remained at 4.07 percent and unchanged from last week, according to the Santa Clara, CA-based Erate Interest Rate Update.

A year ago, the average 30-year conforming FRM rate was 4.89 percent.

For the week ending May 1, Erate reported the lowest 30-year rate as 3.61 percent, the highest, 6.49 percent.

The average rate for the 15-year FRM, also remained unchanged, coming in at 3.31 percent. The rate was 4.16 percent a year ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.71 percent, respectively.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On May 1, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was also unchanged for the second week, at 3.14 percent. A year ago the 5/1 ARM was 3.16 percent. The lowest rate this week was 2.47 percent and the high 4.10 percent.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.48, a notch off last week's 4.51 percent. Down from 5.46 percent a year ago, the jumbo rate has been falling every week for the past month.

Jumbo rates ranged from a low of 3.79 percent, to a high of 6.96 percent.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

Home equity rates mixed

The average variable rate on home equity lines of credit (HELOC) has remained nearly the same for more than a month, coming in this week at 4.65 percent, down from 4.66 percent last week. The rate was down from 4.99 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent, unchanged from previous weeks.

The average FRM rate on 15-year home equity loans for the week ending May 1 was 6.35 percent, down from 6.36 percent a week ago. The rate was 6.87 percent a year ago. Rates on 15-year home equity loans ranged from 3.00 percent to 9 percent, unchanged from last week.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Fixed mortgage rates near record lows

by Hayley Perkins
DeadlineNews

(4/26/2012) - The average interest rate on 30-year fixed rate mortgages (FRMs) was 3.88 percent the week ending April 26, with an average 0.7 point, down from 3.90 percent last week.

Last year at this time, the average 30-year FRM interest rate was 4.78 percent, according to Freddie Mac's weekly "Primary Mortgage Market Survey."

The average rate on the 15-year FRM was 3.12 percent this week, with an average 0.6 point. It was down from last week's average 3.13 percent rate, and down from 3.97 percent a year ago.

"Fixed mortgage rates held near record lows this week as the markets waited for the Federal Reserve's April 25th monetary policy announcement following two days of deliberations. The Fed stated that it expects economic growth to remain moderate and then pick up gradually," says Frank Nothaft, vice president and chief economist of Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable rate (ARM) averaged 2.85 percent this week, with an average 0.6 point, up from 2.78 percent last week. The 5-year ARM averaged 3.51 percent a year ago.

Finally, for the week ending April 26, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.74 percent this week, with an average 0.6 point, down from last week's 2.81, and down from 3.15 percent a year ago.

Mortgage rates continue sliding

(4/24/2012) - The average rate on fixed rate mortgages (FRMs) for 30-year conforming loans fell for the sixth week in a row to 4.07 percent, the week ending April 24, down from 4.09 percent last week, and the lowest in the past six months, according to the Santa Clara, CA-based "Erate Interest Rate Update."

A year ago, the average 30-year conforming FRM rate was 4.98 percent.

For the week ending April 24, Erate reported the lowest 30-year rate as 3.63 percent, the highest, 6.49 percent.

The average rate for the 15-year FRM, also trending down for the past six months, slipped to 3.31 percent, down from 3.32 percent last week. The rate was 4.24 percent a year ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.79 percent, higher on the low end than last week.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On April 24, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was unchanged at 3.14 percent. A year ago the 5/1 ARM was 3.19 percent. The lowest rate this week was 2.44 percent and the high 4.10 percent.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.50, a notch off last week's 4.51 percent, and down from 5.53 percent a year ago.

Jumbo rates ranged from a low of 3.79 percent, to a high of 6.96 percent, also higher on the low end than last week.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

Home equity rates remain flat

The average variable rate on home equity lines of credit (HELOC) has remained nearly the same for more than a month, coming in this week again at 4.66 percent, unchanged from last week. The rate was down from 5.01 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent, unchanged from previous weeks.

The average FRM rate on 15-year home equity loans for the week ending April 24 was 6.36 percent, down from 6.38 percent a week ago. The rate was 6.88 percent a year ago. Rates on 15-year home equity loans ranged from 3.00 percent to 9 percent.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Fixed mortgage rates edge back up

(4/19/2012) - The average interest rate on the30-year fixed rate mortgages (FRMs) rose slightly to 3.90 percent the week ending April 19, with an average 0.8 point, up from 3.88 percent last week.

Last year at this time, the average 30-year FRM interest rate was 4.80 percent, according to Freddie Mac's weekly "Primary Mortgage Market Survey."

The average rate on the 15-year FRM was 3.13 percent this week, with an average 0.7 point, up from last week's record low average of 3.11 percent, and down from 4.02 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM)averaged 2.78 percent this week, with an average 0.7 point, down from 2.85 percent last week. The 5-year ARM averaged 3.61 percent a year ago.

Finally, for the week ending April 19, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.81 percent this week, with an average 0.6 point, up from last week's 2.80, but down from 3.16 percent a year ago.

Mortgage rates down to lowest levels in six months

(4/17/2012) - The average rate on fixed rate mortgages (FRMs) for 30-year conforming loans fell for the fifth week in a row to 4.09 percent, the week ending April 17, down from 4.13 percent last week, and the lowest in the past six months, according to the Santa Clara, CA-based Erate Interest Rate Update.

A year ago, the average 30-year conforming FRM rate was 5.01 percent.

For the week ending April 17, Erate reported the lowest 30-year rate as 3.63 percent, the highest, 6.49 percent.

The average rate for the 15-year FRM, also trending down for the past six months, dropped to 3.32 percent, down from 3.36 percent last week. The rate was 4.27 percent a year ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.68 percent, unchanged from last week.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On April 17, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was also down to 3.14 percent, from 3.16 percent last week. A year ago the 5/1 ARM was 3.20 percent. The lowest rate this week was 2.42 percent and the high 4.17 percent.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.51 percent, off last week's 4.57 percent, and down from 5.56 percent a year ago.

Jumbo rates ranged from a low of 3.77 percent, to a high of 6.96 percent.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

Home equity rates remain flat

The average variable rate on home equity lines of credit (HELOC) notched up a bit to 4.66 percent this week, compared to 4.65 percent last week. The rate was down from 5.01 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent, unchanged from previous weeks.

The average FRM rate on 15-year home equity loans for the week ending April 17 was 6.38 percent and unchanged. The rate was 6.88 percent a year ago. Rates on 15-year home equity loans ranged from 3.00 percent to 11.25 percent, also unchanged.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

15-year fixed-rate falls to record low

(4/12/2012) - The average interest rate on the30-year fixed rate mortgages (FRMs) was 3.88 percent the week ending April 12, with an average 0.7 point, down from 3.98 percent last week and a notch off the 3.87 percent record low.

Last year at this time, the average 30-year FRM interest rate was 4.91 percent, according to Freddie Mac's weekly "Primary Mortgage Market Survey."

The average rate on the 15-year FRM was 3.11 percent this week, a record low, with an average 0.7 point. It was down from last week's average 3.21 percent rate, and down from 4.13 percent a year ago.

"Fixed mortgage rates eased for the third consecutive week following long-term Treasury bond yields lower after a weaker than expected employment report for March," says Frank Nothaft, vice president and chief economist of Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM)averaged 2.85 percent this week, with an average 0.7 point, down from 2.86 percent last week. The 5-year ARM averaged 3.78 percent a year ago.

Finally, for the week ending April 12, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.80 percent this week, with an average 0.6 point, up from last week's 2.78, but down from 3.25 percent a year ago.

Mortgage rates down four consecutive weeks

(4/10/2012) - The average rate on fixed rate mortgages (FRMs) for 30-year conforming loans for the fourth week in a row to 4.13 percent, the week ending April 10, down from 4.19 percent last week, according to the Santa Clara, CA-based Erate Interest Rate Update.

A year ago, the average 30-year conforming FRM rate was 5.09 percent.

For the week ending April 10, Erate reported the lowest 30-year rate dropped below 3 percent to 2.92 percent. The highest was 6.49 percent.

The average rate for the 15-year FRM, 3.36 percent, was down to its lowest point in months, from 3.45 percent last week. The rate was 4.36 percent a year ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.68 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On April 10, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was also down to 3.16 percent, from 3.18 percent last week. A year ago the 5/1 ARM was 3.25 percent. The lowest rate this week was 2.47 percent and the high 4.17 percent.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.57 percent, well off last week's 4.74 percent, and down from 5.70 percent a year ago.

Jumbo rates ranged from a low of 3.78 percent, to a high of 6.96 percent.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

Flat home equity rates

The average variable rate on home equity lines of credit (HELOC) finally slipped a bit to 4.65 percent this week, after sticking at 4.66 percent for three weeks. The rate was down from 5.02 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent, unchanged from previous weeks.

The average FRM rate on 15-year home equity loans for the week ending April 10 was 6.38 percent, also down a tab from 6.39 percent last week and 6.89 percent a year ago. Rates on 15-year home equity loans ranged from 3.00 percent to 11.25 percent, unchanged from previous weeks.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates slip further below 4 percent

(4/5/2012) - The average interest rate on 30-year fixed rate mortgages (FRMs) was 3.98 percent this week, with an average 0.7 point, down from 3.99 percent last week.

Last year at this time, the average 30-year FRM interest rate was 4.87 percent, according to Freddie Mac's weekly "Primary Mortgage Market Survey."

The average rate on the 15-year FRM was 3.21 percent this week, with an average 0.7 point. It was down from last week's average 3.23 percent rate, and down from 4.10 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.86 percent this week, with an average 0.8 point, down from 2.90 percent last week. The 5-year ARM averaged 3.72 percent a year ago.

Finally, for the week ending April 5, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.78 percent this week, with an average 0.6 point, unchanged from last week's 2.78, but down from 3.22 percent a year ago.

"Average weekly mortgage rates were little changed this week amid mixed signals on the health of the economy. The final estimate of 2011 fourth quarter growth remained unchanged at 3 percent, representing the strongest pace since the second quarter of 2010," said Frank Nothaft, vice president and chief economist of Freddie Mac.

See-saw on mortgage rates remains on the down low

(4/3/2012) - The average rate on fixed rate mortgages (FRMs) for 30-year conforming loans dropped more to 4.19 percent, the week ending April 3, down from 4.22 percent last week, according to the Santa Clara, CA-based "Erate Interest Rate Update."

A year ago, the average 30-year conforming FRM rate was 5.06 percent.

For the week ending April 3, Erate reported the lowest 30-year rate was 3.42 percent, the highest, 6.49 percent.

The average rate for the 15-year FRM, 3.45 percent, rose a bit, up from 3.44 percent from a week ago. The rate was 4.33 percent a year ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.80 percent, unchanged from a week ago.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On April 3, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was also down to 3.18 percent, from 3.19 percent last week. A year ago the 5/1 ARM was 3.24 percent. The lowest rate this week was 2.50 percent and the high 4.17 percent.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.74 percent, up from last week's 4.73 percent, but down from 5.67 percent a year ago.

Jumbo rates ranged from a low of 3.38 percent, to a high of 6.83 percent.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

Flat home equity rates

The average variable rate on home equity lines of credit (HELOC) was flat at 4.66 percent this week, unchanged from the last three weeks, and down from 5.02 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent, also unchanged from previous weeks.

The average FRM rate on 15-year home equity loans for the week ending April 3 was 6.39 percent, virtually unchanged from last week, when it was 4.9 percent and but down from 6.90 percent a year ago. Rates on 15-year home equity loans ranged from 3.00 percent to 11.25 percent, unchanged from previous weeks.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

30-year fixed-rate mortgage dips back below 4 percent

(3/29/2012) - The average interest rate on 30-year fixed rate mortgages (FRMs) was 3.99 percent, with an average 0.7 point, for the week ending March 29, down from 4.08 percent last week.

Last year at this time, the average 30-year FRM interest rate was 4.86 percent, according to Freddie Mac's weekly "Primary Mortgage Market Survey."

The average rate on the 15-year FRM was 3.23 percent this week, with an average 0.8 point, also down from last week's average 3.30 percent rate, and down from 4.09 percent a year ago.

"Mortgage rates slid this week amid weaker housing economic indicators. The S&P/Case Shiller 20-City Composite home price index slid in January to its lowest reading since December 2002," says Frank Nothaft, vice president and chief economist of Freddie Mac.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.90 percent this week, with an average 0.8 point, down from 2.96 percent last week. The 5-year ARM averaged 3.70 percent a year ago.

Finally, for the week ending March 29, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.78 percent this week, with an average 0.6 point, was also down from last week's 2.84, and down from 3.26 percent a year ago.

Most mortgage rates see-sawing this month

(3/27/2012) - The average rate on fixed rate mortgages (FRMs) for 30-year conforming loans dropped slightly to 4.22 percent, the week ending March 27, down from 4.23 percent last week, according to the Santa Clara, CA-based Erate Interest Rate Update.

A year ago, the average 30-year conforming FRM rate was 5.04 percent.

For the week ending March 27, Erate reported the lowest 30-year rate was 3.63 percent, the highest, 6.49 percent, both unchanged.

The average rate for the 15-year FRM, 3.44 percent, fell more, down from 3.38 percent a week ago. The rate was 4.34 percent a year ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.80 percent, also unchanged.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On March 27, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was also down to 3.19 percent, from 3.22 percent last week. A year ago 5/1 ARM was 3.23 percent. The lowest rate this week was 2.49 percent and the high 4.17 percent.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.73 percent, unchanged from last week and down from 5.67 percent a year ago.

The jumbo rates range was unchanged from a low of 3.43 percent, to a high of 6.83 percent.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

The average variable rate on home equity lines of credit (HELOC) was flat at 4.66 percent this week, unchanged from the last two weeks, and down from 5.02 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent, also unchanged from previous weeks.

The average FRM rate on 15-year home equity loans for the week ending March 27 was 6.40 percent, unchanged from last week, but down from 6.92 percent a year ago. Rates on 15-year home equity loans ranged from 3.00 percent to 11.25 percent, also unchanged from previous weeks.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.

Mortgage rates rise above 4 percent to late 2011 levels

(3/22/2012) - The average interest rate on 30-year fixed rate mortgages (FRMs) 4.08 percent, with an average 0.8 point, for the week ending March 22, up from 3.92 percent last week.

Last year at this time, the average 30-year FRM interest rate was 4.81 percent, according to Freddie Mac's weekly "Primary Mortgage Market Survey."

"Mortgage rates are catching up with increases in U.S. Treasury bond yields placing the average 30-year fixed mortgage rate above 4 percent for the first time since the end of October 2011," according to Frank Nothaft, vice president and chief economist of Freddie Mac.

The average rate on the 15-year FRM was 3.30 percent this week, with an average 0.8 point. That was up from last week's average 3.16 percent rate and down from 4.04 percent a year ago.

The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.7 point, up from 2.83 percent last week. The 5-year ARM averaged 3.62 percent a year ago.

Finally, for the week ending March 22, Freddie Mac reported the 1-year Treasury-indexed ARM at 2.84 percent this week, with an average 0.6 point, up from last week's 2.79, and down from 3.21 percent a year ago.

Most mortgage rates rise on weakened confidence in economy

(3/20/2012) - The average rate on fixed rate mortgages (FRMs) for 30-year conforming loans rose to 4.23 the week ending March 20, up from 4.14 percent last week, according to the Santa Clara, CA-based "Erate Interest Rate Update."

A year ago, the average 30-year conforming FRM rate was 4.99 percent.

For the week ending March 20, Erate reported the lowest 30-year rate was 3.63 percent, the highest, 6.49 percent.

A week of weakened confidence in the economy gets some of the blame, according to the Gallup Economic Confidence Index, which came in at -21 the week ending March 18, down from -18 the prior week.

Gallup said exactly why confidence fell is uncertain, but one cause could be continually increasing gas prices at the pump. Gas prices are expected to exceed $5 a gallon in some areas in the months ahead, Gallup reported.

The average rate for the 15-year FRM, 3.47 percent, was also up from 3.38 percent a week ago. The rate was 4.27 percent a year ago, according to Erate.com, a financial information publisher and interest rate tracker since 1999.

The high and low 15-year FRM rates were 6.20 percent and 2.80 percent.

Erate's National APR (annual percentage rates) numbers are tallied from the interest rates of some 200 mortgage originators.

On March 20, the average interest rate for the 5/1 adjustable rate mortgage (ARM) was also up to 3.22 percent, from 3.17 percent last week. A year ago 5/1 ARM was 3.21 percent. The lowest rate this week was 2.50 percent and the high 3.90 percent.

The FRM rates for 15- and 30-year mortgages and the 5/1 ARM rates are all based on a $200,000 purchase loan, with an 80 percent loan-to-value ratio, for an owner-occupied, single-family residence.

Erate reported the average rate for 30-year, non-conforming jumbo loans, came in at 4.73 percent, up from 4.64 percent a week ago and down from 5.61 percent a year ago.

Jumbo rates ranged from a low of 3.43 percent, to a high of 6.83 percent.

The jumbo averages are based on a $450,000 purchase loan with an 80 percent loan-to-value ratio for an owner-occupied, single-family residence.

The average variable rate on home equity lines of credit (HELOC) was flat at 4.66 percent this week, unchanged from last week, down only slightly from 4.68 percent a year ago. The lowest HELOC rate was 2.25 percent and the high, 8.5 percent, also unchanged from previous weeks.

The average FRM rate on 15-year home equity loans for the week ending March 20 was 6.40 percent, down from 6.42 percent a week ago and down from 6.92 percent a year ago. Rates on 15-year home equity loans ranged from 3.00 percent to 11.25 percent, unchanged from previous weeks.

Home equity loan rates are based on a $50,000, 80 percent loan-to-value note.