MEQUON, Wis., March 1, 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 10 basis point decrease to 5.05% from 5.15% over the past week.
Today's rates reflect a significant decrease of 0.17% from the 6-month high of 5.22% reached on February 10, 2011. More significantly, current rates represent a dramatic 0.85% increase in comparison to the industry's historic, all-time low of 4.20% achieved on October 12, 2010.
30-Year Fixed Rate – Highs & Lows
*Change based on difference from current rate
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The 15-year fixed rate mortgage experienced a modest decrease from 4.42% last week to 4.32% this week for a total decline of 0.10%. Rates for 5/1 ARMs had a modest decrease to 4.14% this week from 4.21% last week. Thirty-year, fixed rate jumbo loan rates (typically loans over $417,000) also decreased, showing a small drop from 5.83% last week to 5.79% this week.
For the sake 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.
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.