MEQUON, Wis., Jan. 27, 2011 /PRNewswire/ -- Mortgage Marvel Rate Trends™, a daily survey of over 950 lenders, reflects interest rates for 30-year, fixed rate mortgages remained relatively flat, marking a slight increase to 4.96% from 4.94% over the past week.
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30-Year Fixed Rate – Weekly Change
Current Rate |
7 Days Ago |
Change |
|
4.96% |
4.94% |
0.02% |
|
While the weekly change is minimal, mortgage rates are approaching the 5% mark. Current mortgage rates reflect a substantial 0.21% decrease from the 6-month high of 5.17% reached on December 16, 2010 and a significant 0.76% increase from the historic, all-time low of 4.20% achieved on October 11, 2010.
30-Year Fixed Rate – Highs & Lows
Period |
High |
Low |
|||||
Rate |
Change* |
Date |
Rate |
Change* |
Date |
||
3 Months |
5.17% |
-0.21% |
12/16/2010 |
4.23% |
+0.73% |
11/4/2010 |
|
6 Months |
5.17% |
-0.21% |
12/16/2010 |
4.20% |
+0.76% |
10/11/2010 |
|
*Change based on difference from current rate
Other popular products
The 15-year, fixed rate mortgage was relatively flat over the past week, increasing slightly to 4.26% from 4.25%. Rates for 5/1 ARMs were also flat, reflecting just a 0.01% increase to 4.07%. Rates for 30-year, fixed rate jumbo loans (typically loans over $417,000) remained the same at 5.73%.
All other rates were stable over the past week, with one minor exception. The rate for 30-year, fixed rate FHA loans dropped by 0.09% from 4.85% last week to 4.76% this week.
For comparisons sake, displayed rates feature 0 discount points unless otherwise indicated. The assumed loan amount and loan-to-value ratio are $500,000 and 66% for jumbo loans and $187,500 and 75% for all other programs.
For more detailed information, including an interactive graph and state-level detail, go to http://www.mortgagemarvel.com/mortgageratetrends/.
For specific rates and closing costs in your area, go to http://www.mortgagemarvel.com/Pages/AdvancedSearch.aspx.
About Mortgage Marvel Rate Trends
Mortgage Marvel Rate Trends pulls rates every day directly from the live product and pricing database of 950 national, regional, and local banks and credit unions across the country. Mortgage Marvel Rate Trends includes average rates for conforming (i.e. loans below $417,000) and jumbo loan programs across all common fixed and adjustable rate products. Mortgage Marvel Rate Trends also separately tracks rates for purchase, rate & term refinance, and cash-out refinance transactions for every product and program, and for every state and region in the U.S.
About Mortgage Marvel and Mortgagebot
Mortgage Marvel (www.MortgageMarvel.com) presents free, accurate, up-to-date mortgage quotes from multiple lenders in an easy-to-understand display. It further enables borrowers to link directly to their preferred lender—where they can complete a mortgage application and get approved with full disclosures, all in about 20 minutes or less.
Mortgage Marvel is operated by Mortgagebot LLC (www.Mortgagebot.com), the industry-leading, Inc. 5000 company that provides the unique, award-winning PowerSite family of integrated point-of-sale (IPOS) solutions. Mortgagebot blends deep mortgage experience with innovative "cloud-computing" technology to create scalable and affordable Web sites for nearly 1,000 banks and credit unions nationwide.
SOURCE Mortgage Marvel Rate Trends
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