Current Mortgage Rates Headed Down Towards 5.00% – Zillow Mortgage Rates at 4.98%

Current mortgage rates are headed down to 5.00 percent which has been helping the housing market recover by making homes more affordable than they have been the past several years. This morning, Zillow’s Mortgage Marketplace has 30-year mortgage rates under 5.00 percent at 4.98 percent.

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Mortgage rates have have gone down because  U.S Treasury yields are going down, currently 10-year bonds are yielding 3.32 percent, the lowest yield since May of 2009.

Late last year when the credit crises was in full swing investors flocked to Treasuries as a save heaven and drove yields down to just above 2.00 percent. Mortgage rates didn’t drop as fast or low as bond yields did, in fact today’s mortgage rates are lower than mortgage interest rates were in December, the average mortgage rate was 5.29 percent.

Current Mortgage Rates

Yesterday, Freddie Mac reported in their latest mortgage survey that 30-year mortgage rates were at 5.08 percent for the week ending September 3, 2009. 15-year mortgage rates are just above 4.50 percent, yesterday’s 15-year fixed mortgage rate was at 4.54 percent according to Freddie’s mortgage survey.

Current Jumbo mortgages Rates

Jumbo mortgage rates are also headed down, current 30-year jumbo mortgage rates are under 6.00 percent at 5.92 percent. The recent high for 30-year jumbo rate mortgages was at 6.59 percent back in June of 2009. 15-year jumbo mortgage rates are at 5.66 percent today, the most recent average high for 15-year jumbo rate mortgages was at 6.39 percent back in June of this year.

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5.66