Mortgage rates broke record lows again this week. This is the sixth consecutive week fixed mortgage rates eased to record lows. Fixed conforming 30 year mortgage rates and fixed conforming 15 year mortgage rates have hit all-time lows in this week’s Primary Mortgage Market Survey released by Freddie Mac.  

Mortgage rates will stay at these low levels for the foreseeable future and might even head lower if we head into a deflationary period. James Bullard, president of the Federal Reserve Bank of St. Louis, was on CNBC Friday morning and had some interesting comments about inflation and monetary policy.  He told CNBC the Federal Reserve should have a ”significant quantitative easing if deflationary expectations in the U.S. continue. ”

He also said ”when you get below a certain inflation rate you have to get off interest-rate targeting, adding that the Fed’s policy should turn more towards quantitative easing — a policy where central banks increase the money supply through other means than interest rates, such as buying government debt ”

Buying government debt will help keep Treasury yields low which will keep mortgage rates low since mortgage interest rates are tied to Treasury yields.

Fixed conforming 30 year mortgage rates are averaging 4.54 percent for the week ending July 29, 2010, down from the prior week’s average 30 year mortgage rate of 4.56 percent. Mortgage discount points on 30 year mortgages averaged 0.7 points, no change from the prior week’s average.

15 year mortgage rates could break 4.00 percent next week if mortgage rates continue to head lower. Conforming fixed 15 year mortgage rates are averaging 4.00 percent for the week ending July 29, 2010, down from the previous week’s average of 15 year mortgage rate of 4.03 percent. Mortgage discount points average 0.7 points.

5 year Treasury indexed adjustable mortgage rates are averaging 3.76 percent for the week ending July, 29, 2010, down from the prior week’s average 5 year adjustable mortgage rate of 3.79 percent. Mortgage discount points averaged 0.7 points.

1 year adjustable mortgage rates are down to 3.64 percent for the week ending July 29, 2010, down from the previous week’s average 1 year adjustable mortgage rate of 3.70 percent.

Following is a more in-depth mortgage rate report released by MonitorBankRates.com earlier this week.

Mortgage Rates Today

Current 30 year mortgage rates are averaging 4.76 percent this week, an increase from last week’s average 30 year mortgage rate of 4.72 percent. Today’s 30 year refinance mortgage rates are also slightly higher this week averaging 4.76 percent.

15 year mortgage rates today are averaging 4.20 percent this week, a slight decline from last week’s average 15 year mortgage interest rate of 4.21 percent. Current 15 year mortgage refinance rates currently are also down slightly averaging 4.20 percent this week.

Jumbo Mortgage Rates

30 year jumbo mortgage rates are averaging 5.25 percent, down from an average 30 year jumbo mortgage rate of 5.33 percent. 30 year jumbo mortgage refinance rates are also down to 5.25 percent.

Current 15 year jumbo mortgage rates are averaging 4.82 percent, up from last week’s average jumbo mortgage rate of 4.71 percent. Current 15 year jumbo refinance mortgage rates are also higher averaging 4.82 percent.

Today’s Adjustable Mortgage Rates

Current 1 year conventional adjustable mortgage rates are averaging 3.54 percent, unchanged from last week’s average 1 year adjustable interest mortgage rate. Current 1 year conforming adjustable refinance mortgage interest rates today are also unchanged this week averaging 3.54 percent.

3 year adjustable conventional mortgage rates are averaging 4.09 percent this week, unchanged from the prior week’s average 3 year adjustable rate mortgage. Today’s 3 year mortgage refinance rates are also unchanged averaging 4.09 percent.

5 year conventional adjustable loan mortgage rates are averaging 3.57 percent, down slightly from the prior week’s average home loan rate of 3.58 percent. Current 5 year refinance home mortgage rates are also down, averaging 3.57 percent.

7 year conventional adjustable mortgage rates are averaging 3.90 percent this week, up from last week’s average 7 year home mortgage rate of 3.86 percent. Current 7 year mortgage refinance rates today are also higher, averaging 3.90 percent.

Conventional 10 year adjustable mortgage rates are averaging 4.25 percent this week,an increase from the previous week’s average 10 year adjustable mortgage rate of 4.21 percent. Today’s 10 year home mortgage refinance rates are also higher, averaging 4.25 percent.

 Jumbo Adjustable Mortgage Rates Today

1 year jumbo adjustable mortgage loan rates are averaging 5.95 percent, no change from the prior week’s average 1 year jumbo adjustable mortgage rate. Current 1 year jumbo refinance mortgage rates are also averaging 5.95 percent this week.

Today’s 3 year jumbo adjustable mortgage rates are averaging 4.55 percent, down from the previous week’s average jumbo interest mortgage rate of 4.57 percent. Current 3 year jumbo refinance mortgage rates are also lower, averaging 4.57 percent.

5 year jumbo adjustable home mortgage rates currently are averaging 4.07 percent this week, unchanged from last week’s average. Current 5 year jumbo mortgage refinance rates are also unchanged, averaging 4.07 percent.

Current 7 year jumbo adjustable mortgage rates current are averaging 4.62 percent, down from last week’s average 7 year home mortgage rate of 4.66 percent. 7 year jumbo refinance mortgage rates today are also down to 4.62 percent.

Current 10 year jumbo mortgage rates are averaging 5.21 percent, down from the previous week’s average 10 year jumbo home mortgage rates of 5.28 percent. Today’s 10 year jumbo home loan refinance rates are also down, averaging 5.21 percent.

Interest Only Conforming Adjustable Mortgage Rates

3 year interest only adjustable mortgage rates are currently averaging 4.22 percent, down from last week’s average interest only mortgage loan rate of 4.27 percent. Today’s 3 year interest only adjustable refinance mortgage rates are also higher, averaging 4.22 percent.

5 year interest only adjustable mortgage rates today are averaging 3.73 percent, down from last week’s average five year interest only mortgage loan rate of 3.75 percent. Current 5 year interest only adjustable refinance mortgage rates are also averaging 3.73 percent.

Today’s 7 year interest only home adjustable mortgage rates currently are averaging 4.06 percent, down from last week’s average 7 year IO mortgage rate of 4.09 percent. Today’s 7 year adjustable refinance rate mortgages are also averaging 4.06 percent.

Interest Only Adjustable Jumbo Mortgage Rates

3 year jumbo interest only loan adjustable mortgage rates are averaging 4.94 percent, down from last week’s average jumbo adjustable interest only mortgage rate of 5.16 percent. Current jumbo IO adjustable refinance rates are also down averaging 4.94 percent.

5 year adjustable jumbo interest only home loan rates are at 4.52 percent, down from an average IO home mortgage rate of 4.54 percent the previous week. 5 year jumbo adjustable IO loan rates are also averaging 4.52 percent.

Current 7 year jumbo IO adjustable mortgage rates today are averaging 4.96 percent, down from an average jumbo 7 year home mortgage rate of 4.98 percent last week. 7 year jumbo adjustable interest-only mortgage rates are also down averaging 4.96 percent.

Home Equity Loan Rates

Current 10 year home equity loan rates are averaging 7.115 percent, unchanged from last week’s average home equity loan rate.

Today’s 15 year home equity rates are averaging 7.433 percent this week, no change from last week’s average home equity loan rate.

Home Equity Line of Credit Rates

Current average home equity line of credit rates (HELOC) are at 4.762 percent this week, down from last week’s average HELOC rate of 4.777 percent.