Mortgage rates hold steady in mid-November survey

Hundred dollar bills in shape of house

After setting a new record low in two straight surveys, jumbo mortgage rates this week rose -- albeit ever so slightly -- for the first time in a month, according to’s most recent survey of major lenders.

Two of the other rates we track fell a bit.

Overall, home loans remain incredibly cheap at a time when the government is set to begin a revised refinancing program.

The government this week finalized rules on a revamped Home Affordable Refinance Program, which will allow homeowners to refinance into a fixed-rate home loan no matter how far underwater they are on their current loans.

An additional 1.6 million homeowners should be able to refinance through HARP over the next two years, up from just 900,000 who got loans through the program under the old rules.

In addition to making it easier on borrowers who can refinance if they are current on their payments, the new rules spelled out this week are meant to entice lenders to participate by reducing their liability if the loans go bad.

The new program is expected to be open to homeowners next month.

Our Nov. 16 survey found the average interest rate for a:

30-year, fixed-rate loan fell slightly to 4.24% from 4.25% this week. A 30-year, fixed-rate loan cost 4.62% at this time last year.

15-year, fixed-rate loan also decreased to 3.47% from 3.50%. In mid-November last year, the rate was 4.02%.

30-year, fixed-rate jumbo loan (mortgages that exceed $417,000 to $625,000, depending on the city) rose slightly from the record low point of 4.76% last week to 4.77% this week. In mid-November 2010, jumbo loans cost 5.24%.

5-year, adjustable-rate loan--home loans on which the initial interest rate remains fixed for the first five years and then changes once a year--increased to 3.17% from 3.16% the week before. This type of loan cost 3.71% in 2010.

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 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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