Current Mortgage Rates

Sunday, November 22, 2009



The cost of PMI can be anywhere from - of 1% to almost 6% of the principal amount of the loan depending upon the down payment, the type of loan (fixed or adjustable interest rate), and term of the loan, as well as borrower's credit score(s). PMI rates are calculated using two main factors, the loan type and the amount of the down payment. The loan type relates to how much PMI you need to pay in a given term. In other words the PMI rates will be quite different for a 10 year loan and a 30 year loan. Your down payment gives the lender a specific figure in relation to the loan to value ratio of your home. They will subtract the mortgage from the fair market value of the home and that helps them determine the rate they should charge.

Mortgage insurance costs vary with the percentage of down payment, the loan amount, and the type of loan selected. Lower down payments and higher loan amounts increase the cost of premiums. In addition, adjustable rate loan products will result in higher premiums than fixed rate mortgage loans. While the factors cited above affect mortgage insurance costs for a borrower, there is little variation in costs from insurance company to insurance company. Pricing among competitors is nearly identical.




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed4.75%
30-yr. fixed jumbo5.25%
15-yr. fixed4.25%
15-yr. fixed jumbo4.75%
7/1 ARM4.38%
5/1 ARM4.00%
3/1 ARM4.00%
1-yr. ARM3.75%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/21/2009