Mortgage Marvel Rate Trends Shows Slight Drop in 30-Year Fixed Rates

MEQUON, Wis., Feb. 17, 2011 /PRNewswire/ -- Mortgage Marvel Rate Trends™, a daily survey of over 950 lenders, shows that interest rates for 30-year fixed rate mortgages experienced a modest decrease to 5.16% from 5.22% over the past week.  

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Despite the modest decrease in rates over the past week, 30-year fixed rates are still up significantly from recent lows.  This week's rate is up 0.23% from the 30-day low of 4.93% and is a dramatic 0.96% higher than the industry's historic, all-time low of 4.20% reached on October 12, 2010.

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Rates on 15-year, fixed rate mortgages remained relatively stable over the week, decreasing to 4.44% from 4.48%. Rates for 5/1 ARMs were also flat, moving down just 0.01% to 4.24% this week.  For 30-year, fixed rate jumbo loans (typically loans over $417,000), rates increased to 5.86% from 5.81%, a modest 0.05% jump.

For ease of comparison, 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