Current Mortgage Rate
PRODUCT +/- Rate Last week
30 year fixed Graph Icon Arrow 4.09% 4.16%
15 year fixed Graph Icon Arrow 3.25% 3.30%
5/1 ARM Graph Icon Arrow 3.28% 3.36%

 Rate disclaimer

PRODUCT +/- Rate Last week
30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Graph Icon Arrow 3.20% 3.20%
48 month used car loan Graph Icon Arrow 3.18% 3.19%
60 month new car loan Graph Icon Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Graph Icon Arrow 0.75% 0.71%
1 Year CD Graph Icon Arrow 1.24% 1.24%
2 Year CD Graph Icon Arrow 1.41% 1.41%
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%
Compare Mortgage Rates
Type of Loan:
Home Description:
Your Credit Profile:

Mortgage Brokers & Lenders Directory

You can search our directory or Mortage Brokers & Lenders and get a current quote on 30 year fixed mortgage rates as well as current mortgage interest rate for other loan programs.

Mortgage Brokers:

Jobs Report Helps Push Mortgage Interest Rates Lower

Written By:
July 10, 2012 at 2:18 AM

According to the latest Freddie Mac survey, mortgage rates continue on a downward track unimaginable several months ago. The 30-year-fixed rate mortgage decreased to 3.62 percent from 3.66 percent the prior week. For 10 out of the last 11 weeks, interest rates have declined to equal or hit record lows. The 15-year fixed-rate mortgage product dropped to an average of 2.89 percent from 2.94 percent the previous week.

Frank Nothaft, the chief economist for Freddie Mac states that reports of a decline in consumer spending and a drop in manufacturing production push interest rates down on the 10-year U.S. Treasury note. The low interest rates represent good news for potential homebuyers and individuals refinancing their mortgages, but do not fare so well for the general economy.

What a Difference a Year Makes

Currently, a homeowner receiving a 30-year fixed rate of 3.62 percent and a balance of $165,000 would have a monthly mortgage payment of $752.02 and pay $105,727 in interest for the term of the loan. About a year ago, with the average interest rate for 30-year fixed-rate mortgage at around 4.79 percent, the same homebuyer would have a monthly payment of $864.70 and pay $146,292 in interest.

The 15-year fixed-rate mortgage has gain popularity with homeowners seeking to reduce the amount of time to pay off their obligation and borrowers refinancing their mortgages. Financing a balance of $165,000, at the average interest rate of 2.89 percent, results in a payment of $1130.75 per month. Borrowers would pay a total of $38,535 in interest over the term of the loan.

Other Mortgage Products

The 5-year hybrid adjustable-rate mortgage (ARM) felled to an average of 2.79 percent. At this time last year, the 5-year ARM averaged around 3.30 percent. The 1-year ARM dropped to an average of 2.68 percent from 2.74 percent. Last year, the 1-year ARM averaged 3.01 percent.

Mortgage Interest Rates Affected by Unemployment Rate

Falling mortgage rates have a direct correlation with negative data contained in job report. According to the Labor Department, employers have not increased the rate of hiring in the last three months—8.1 percent in April and 8.2 percent in May. The unemployment rate remains at 8.2 percent for June with 80,000 new workers hired.

For the 1st quarter of 2012, employers created about 450,000 new jobs-- an average of 150,000 jobs each month. In comparison, companies hired 225,000 new workers for all of the second quarter 2012.

Homeowners looking to refinance or potential home buyers can use the Mortgage mortgage calculator to determine the amount of their monthly mortgage payment as well as how much they can afford to pay for a mortgage each month. Remember, the average interest rates released by Freddie Mac represent an average for borrowers with the best credit profiles The final mortgage interest rate also depends on the term of the loan and the amount of the down payment.





More About Mortgage Rates
Please sign-in with Facebook.

Mortgage Refinance by State
Alabama Mortgage Refinance Illinois Mortgage Refinance Montana Mortgage Refinance Rhode Island Mortgage Refinance
Alaska Mortgage Refinance Indiana Mortgage Refinance Nebraska Mortgage Refinance South Carolina Mortgage Refinance
Arizona Mortgage Refinance Iowa Mortgage Refinance Nevada Mortgage Refinance South Dakota Mortgage Refinance
Arkansas Mortgage Refinance Kansas Mortgage Refinance New Hampshire Mortgage Refinance Tennessee Mortgage Refinance
California Mortgage Refinance Kentucky Mortgage Refinance New Jersey Mortgage Refinance Texas Mortgage Refinance
Colorado Mortgage Refinance Louisiana Mortgage Refinance New Mexico Mortgage Refinance Utah Mortgage Refinance
Connecticut Mortgage Refinance Maine Mortgage Refinance New York Mortgage Refinance Vermont Mortgage Refinance
Delaware Mortgage Refinance Maryland Mortgage Refinance North Carolina Mortgage Refinance Virginia Mortgage Refinance
District of Columbia Mortgage Refinance Massachusetts Mortgage Refinance North Dakota Mortgage Refinance Washington Mortgage Refinance
Florida Mortgage Refinance Michigan Mortgage Refinance Ohio Mortgage Refinance West Virginia Mortgage Refinance
Georgia Mortgage Refinance Minnesota Mortgage Refinance Oklahoma Mortgage Refinance Wisconsin Mortgage Refinance
Hawaii Mortgage Refinance Mississippi Mortgage Refinance Oregon Mortgage Refinance Wyoming Mortgage Refinance
Idaho Mortgage Refinance Missouri Mortgage Refinance Pennsylvania Mortgage Refinance