Long Term Mortgage Rates Head Lower in Mortgage Survey

Mortgage rates are down again in the latest mortgage survey released by Freddie Mac. Both long term mortgage rates and short term mortgage rates headed higher at the end of 2010 but since then rates have paused and started to come back down. In Freddie Mac's Primary Mortgage Market Survey both long term mortgage rates and short term mortgage rates are lower for the week ending January, 13, 2011.

Fixed long term 30 year mortgage rates are averaging 4.71 percent with 0.8 mortgage discount points for the week ending January 13, 2011. 30 year rates are down from the previous weeks average of 4.77 percent. 30 year mortgage rates were close to hitting 5.00 percent several weeks aga and have since come down. The big question is will we see 5.00 percent 30 year rates or will rates head back down to the 4.50 percent range.



Current 15 year fixed term mortgage rates are averaging 4.08 percent with 0.7 mortgage discount points for the week ending January 13, 2011. This rate is down from last week's average 15 year mortgage loan rate of 4.13 percent.  A few week's ago 15 year rates were poised to hit 4.50 percent, now it looks as rates will hit 4.00 percent in the coming weeks.

Adjustable mortgage rates are also lower this week. Current 5 year adjustable mortgage rates are averaging 3.72 percent with 0.7 mortgage discount points, down from the prior week's average of 3.75 percent. A year ago at this time rates on 5 year adjustable mortgages were averaging 4.32 percent.

1 year adjustable rate mortgages are averaging 3.23 percent for the week ending January 13, 2011. 1 year adjustable rates are down slightly from the previous week's average of 3.24 percent. A year ago at this time 1 year adjustable rates were also above 4.00 percent at 4.39 percent.
Author: Monica Harris
January 14th, 2011