Mortgage rates edge off record lows in final September survey

Hundred dollar bills in shape of house

Mortgage rates edged up from their all-time lows this week, according to Interest.com’s most recent survey of major lenders.

The increases were tiny, meaning home loans remain incredibly cheap.

For the first time since mid-July, the interest rate on 30-year, fixed-rate loans increased. Our survey showed 15-year fixed, 30-year fixed and 5-year adjustable rate loans also increased.

Rock-bottom financing and lower prices mean that if you have a solid source of income and a decent down payment, you should now be able to get more bang for your buck in the housing market.

The best deals, like the one being offered in 21 states by GSF Mortgage, are charging just 3.875% with no points.

We've also found a 30-year, fixed-rate jumbo loan charging 4.75% with no points from C2 Financial Corporation. That's available in eight states.

Our Sept. 28 survey found the average interest rate for a:

30-year, fixed-rate loan increased slightly to 4.30% from its record low of 4.29% the previous week. It cost 4.50% about this time last year.

15-year, fixed-rate loan grew from its record-low 3.42% last week to 3.47% this week. This type of loan cost 3.87% in late September 2010.

30-year, fixed-rate jumbo loan rose to 4.87% from 4.85% last week. Last year, it cost 5.16%.

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 after that -- increased to 3.13% from its record low of 3.05%. The average rate at this time in 2010 was 3.68%.

Our database of interest 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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