Mortgage Rates for August 2, 2010

Interest rates on fixed-ratehome loans have continued to remain at all-time record lows for the sixth straight week. Thecurrent interest rates being offered today have encouraged many prospective new home buyers to seek their purchase.

Today the thirty-year fixed rate mortgage (FRM) averaged at 4.50%, unchanged from last week’s average, but much lower than this time last year when it stood at 5.25%.

The average interest rate currently being offered for a fifteen-year FRM is 3.875%, down a significant amount from this time last year when it averaged 4.69%.

The thirty-year jumbo FRM is also at extremely low levels with week. Today you will find many servicers offering rates as low as 5.125% for this type of loan, far lower than a few weeks ago when it averaged 5.50%.

elow are common home loan types and the average rates many servicers are offering:

30-Yr Fixed               4.500%
15-Yr Fixed                3.875%
5-Yr ARM                    3.125%

Jumbo Loans:

30-Yr Fixed                5.125%
5-Yr ARM                    4.125%