Mortgage Rates: Refinance Mortgage Rates Lower, 30 year Mortgage Refinance Rates at 4.85%

Mortgage refinance rates headed lower this week over last. The ongoing concerns in Europe drove investors to buy dollars and U.S. Treasuries. When Treasury prices move higher Treasury yields move lower. Mortgage rates are tied to U.S. Treasuries so when yields head down, mortgage rates also head down. 10 year Treasury yields closed yesterday at 3.16 percent, the lowest point since October 2009. 30 year mortgage rates hit a low of 4.78 percent yesterday but have since rebounded to 4.85 percent this morning.