Mortgage Rates Fall from Recent high

Mortgage rates fell back from the recent highs for the year.  The average rate for a 30-year fixed mortgage was 5.38 percent this week, down from 5.59 percent a week earlier.

The average rate for a 15 year fixed rate mortgage averaged 4.89 percent this week, down from last week when it averaged 5.06 percent Freddie Mac said. Points on both mortgage rates are an average of 0.7 percent.

Current mortgage rates have been following the trend of 10 year U.S. Treasury prices which almost hit a rate of 4.00 percent on June 10th. A sharp increase from the December 30, 2008 price of 2.08 percent for a 10 year Treasury Note. Today’s 10 year Tresaury Note is yielding 4.81 percent.

Even with the increase of home mortgage rates over the past few weeks, rates are still low if you compare mortgage rates with historical average rates. I remember when have a rate of over 10 percent was the norm. Today’s mortgage rates are still very low which is making a home mortgage refinance attractive to many people who have equity in their homes to refinance.

Adjustable rate mortgages have also come down this past week, averaged 4.97 percent this week, with an average 0.6 point, down from last week’s average rate of 5.17 percent. Average rates on one year adjustable rate mortgages have also come down to 4.95 percent this week , down from last week when it averaged 5.04 percent with an average 0.6 point.

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