Current Mortgage Rates as of November 29, 2010

Now that one of the big holidays is over, it’s time to get back to normal…at least for a few weeks. That means reporting the current mortgage rates and other information about the mortgage industry. Here are the current average mortgage rates for this week.

* Some lenders are offering qualified buyers rates as low as 4.00 percent for 30-year fixed rate mortgages. That’s with a 4.201 percent annual percentage rate.

* For 15-year fixed rates, some borrowers may qualify for a 3.250 mortgage rate with an annual percentage rate as low as 3.601 percent.

* FHA mortgages are also beneficial to some home buyers. Right now, the down payment requirement is only 3.5 percent. If you qualify, you can get a 30-year fixed rate FHA mortgage loan at 4.125 percent with an APR of 5.537 percent.

* Adjustable rate mortgages are seeing some of the lowest rates in the industry right now. ARMs are best for home buyers who do not plan on staying in their home for too long because the rates depend on the current market rates. That means the interest rates could go up unexpectedly over the years. Currently, 5/1 conforming adjustable rate mortgages are sitting at about 2.5 percent with a 3.022 percent annual percentage rate. For 5/1 jumbo ARMs, the current rates for qualified buyers are 3.000 percent with an APR of 3.013 percent.

* Jumbo mortgages are also seeing some low mortgage rates these days. A jumbo mortgage is required when the amount of the loan is higher than the confirming limit of Freddie Mac and Fannie Mae. Depending on the area in which you live, this amount could range anywhere from $417,000 to $729,750. Qualified buyers may be able to get jumbo mortgages at rates as low as 4.875 percent for a 30-year fixed mortgage and as low as 3.500 percent for a 15-year fixed rate loan.

As always, these mortgage rates are subject to change based on the borrower’s credit and qualifications. The rates are also an average so some lenders may be charging higher or lower rates than the ones listed here. The best thing you can do is to do some research and shop around for the best mortgage rates you can find.