Mortgage interest rates stayed at their low levels as the depressed outlook after Hurricane Katrina brought on a slowdown to the economy. The current interest rate for a 30 year fixed rate home mortgage remained unchanged for a second week at 5.71 percent according to a survey of national lenders. Long term mortgage interest rates are at the lowest levels since mid-July when the interest rates topped 5.66 percent.
Last summer, the 30 year fixed interest rate mortgage loan was 5.83 percent. The 15 year mortgage interest rate is currently 5.30 percent, down from 5.32 percent last week. This time last summer the 15 year rate averaged 5.22 percent.
Five year adjustable rate mortgages (ARMs) are currently 5.24 percent, down from 5.30 percent. One year adjustable rate mortgages dropped to 4.45 percent; last week the one year ARM was 4.48 percent. This time last summer the one year ARM averaged 4 percent.
Refinance a Mortgage – Five Things You Need to Know