Jumbo, 15-year mortgage rates reach all-time lows
The average cost of 30-year, jumbo mortgages and 15-year, fixed-rate home loans fell to new all-time lows this week, according to Interest.com’s most recent survey of major lenders.
The typical rate for a jumbo loan -- one that exceeds $417,000 to $729,750, depending on the city -- fell to 5.02%. The previous record low was 5.04% reached in November 2010.
The new low for 15-year financing was 3.61%, down from the previous record of 3.68% set just last week.
The results of our new survey continue an incredible summer for mortgage rates.
Three of the four types of loans we track -- jumbo, 15-year and 5-year adjustable-rate loans -- have all set new all-time lows in the past two weeks.
The only type of home loan that hasn't -- the 30-year, fixed-rate mortgage -- has fallen to within six-hundredths of a point of its record low set last November.
Our Aug. 10 survey found the average interest rate for a:
30-year, fixed-rate loan fell to 4.46% from 4.54% in the past week. This week last summer, loans were higher, averaging about 4.57%.
15-year, fixed-rate loan declined to 3.61% from 3.68% the week before -- significantly less than the average cost of 4.06% at the same time last year.
30-year, fixed-rate jumbo loan also became more affordable this week, dropping to 5.02% from 5.06% last week. Last year in mid-August, the average rate was 5.27%.
5-year, adjustable-rate loan rose slightly to 3.24% from 3.23%. The average rate at this time in 2010 was higher -- 3.92%.
Our database of rates can help you find the best deals in your area, including many that are less costly than the national averages.
You can use our home loan calculator to determine the monthly payments for the exact amount you want to borrow with this or any home loan.
It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe.
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