For the week ended February 9, the average rate for a 15-year FRM was 3.39%, down from 3.41% the previous week.
30 year fixed rate mortgage interest rates at Suntrust Banks (NYSE:STI) are coming out at 4.400% with an April of 4.4870%. Total mortgage applications increased as a result of the rates dropping. 5/1 ARMs at Chase Bank are coming out at 3.250%. with an April of 3.493%. The 30-year fixed mortgage has an average of 0.26 discount and origination points.
The average fee for a 30-year mortgage fell this week to 0.4 point from 0.5 point. The 7/1 ARM loans are on the books at 3.500% today with a starting April of 3.581%. 20 year fixed rate loan interest rates can be had for 4.220% at the bank carrying an April of 4.367%.
Heading over to government loans, the 30-year FHA-backed loan comes with lower down payment condition that standard conventional loans, therefore this type of mortgage can be an attractive option for some borrowers. It was 2.83 percent a year ago.
Rates on adjustable five-year loans eased to 3.21 percent from 3.23 percent.
Applications to purchase a home are less sensitive to the weekly move of rates.
A statement from the broker says: "While this is great news for landlords who favour shorter term products, those wishing to lock into record low rates for the longer term must act quickly".
The larger jumbo 30-year fixed also settled at 4.27 percent, while the average 15-year fixed mortgage rate was down to 3.49 percent.
"Rates are at about the same level at which they started the year and have stayed within a 2-basis-point range over the past three weeks".