Mortgage rates were lower this past week. Current 30 year mortgage rates are down for the third consecutive week and are near an all-time low. 30 year mortgage rates are averaging 4.75 percent this week, down from the prior week's average mortgage rate of 4.85 percent. The last time 30 year mortgage rates were this low was late in 2009 when the Federal Reserve was still supporting the mortgage market by buying mortgage-backed securities (MBS).

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The main factor that is currently driving mortgage rates down is the European government debt crisis that has the financial markets worried. Since the crisis began a few weeks ago bond yields and mortgage rates have declined significantly. These current low mortgage rates might not stay low for long. St. Louis Federal Reserve Bank President, James Bullard said on Monday that the debt crisis in Europe is unlikely to derail the global economic recovery. If that indeed is the case the markets and the Fed will start driving interest rates higher which will need to higher mortgage rates.

Current Home Mortgage Rates

Current 30 year fixed mortgage rates are averaging 4.75 percent, down from last week's average 30 year mortgage rate of 4.85 percent. Current 30 year mortgage refinancing rates are also down to 4.75 percent this week.

Today's 15 year fixed mortgage rates are down to 4.25 percent this week, down from the previous week's average 15 year mortgage rate of 4.27 percent. The average 15 year home mortgage refinance rate is averaging 4.25 percent.

Jumbo Mortgage Rates

Currently, 30 year jumbo mortgage rates are averaging 5.43 percent, a decline from an average jumbo mortgage interest rate of 5.49 percent. Today's 30 year jumbo refinance interest rates are also lower this week averaging 5.43 percent.

Today's 15 year jumbo mortgage interest rates are averaging 4.89 percent, down from an average jumbo mortgage loan rate of 4.92 percent. Current 15 year jumbo refinance mortgage loans are also lower averaging 4.89 percent.

Adjustable Mortgage Interest Rates, Current

Current 1 year conforming adjustable mortgage interest rates are averaging 3.71 percent, a decline from an average 1 year adjustable interest mortgage rate of 3.73 percent last week. Today's 1 year adjustable mortgage rates for refinancing a home are averaging 3.71.

3 year conforming adjustable mortgage current rates are averaging 4.32 percent, up from an average mortgage interest rate of 4.29 percent last week. Today’s 3 year refinance mortgage interest rates are also up this week averaging 4.32 percent.

Current 5 year conforming adjustable mortgage rates are averaging 3.75 percent, down from an average home mortgage interest rate of 3.73 percent. Current 5 year refinance home mortgage rates are averaging 3.73 percent.

7 year conforming adjustable mortgage rates are averaging 4.15 percent this week, a decline from last week’s average 7 year  mortgage home rate of 4.21 percent. Current 7 year mortgage refinance rates were also down to 4.15 percent this week.

10 year conforming adjustable home mortgage rates are averaging 4.45 percent today, up from an average 10 year home mortgage rate of 4.41 percent last week. Currently, 10 year home loan mortgage refinance rates are averaging 4.45 percent.

Jumbo Adjustable Home Mortgage Rates

Today's 1 year jumbo adjustable mortgage rates are averaging 5.95 percent, unchanged from last week’s average 1 year adjustable jumbo mortgage rate. 1 year jumbo refinance mortgage rates are also averaging 5.95 percent.

Current 3 year jumbo adjustable bank  mortgage rates today are averaging 4.94 percent, down from an average jumbo mortgage bank rate of 5.00 percent last week. 3 year jumbo mortgage refinance rates are also up to 4.94 percent.

Current 5 year jumbo adjustable mortgage interest rates today are averaging 4.24 percent, down from last week’s average home mortgage rate of 4.40 percent. Currently, 5 year jumbo home refinance loan rates are averaging 4.40 percent.

Today's 7 year jumbo adjustable mortgage rates are averaging 4.98 percent, down from last week’s average 7 year home loan rate of 5.26 percent. Current 7 year jumbo refinance rates are also down to 4.98 percent.

10 year jumbo home mortgage rates today are averaging 5.58 percent, down from an average 10 year jumbo home mortgage rate of 5.65 percent last week. Current 10 year jumbo home loan refinance rates are also averaging 5.58 percent this week.

Interest Only Mortgage Rates, Currently

3 year interest only forming mortgage rates today are averaging 4.51 percent,up from last week’s average IO home mortgage rate of 4.43 percent.

5 year conventional interest only mortgage loans today are averaging 3.88 percent, up from last week’s average five year interest only mortgage  rate of 4.84 percent.

Currently, 7 year IO home mortgage rates are averaging 4.27 percent, down from an average mortgage rate of 4.35 percent last week.

Today's Jumbo Interest Only Mortgage Rates

The average 3 year jumbo interest only mortgage rates are averaging 5.51 percent this week, up from an average jumbo interest mortgage rate of 5.47 percent last week.

The current average 5 year jumbo IO loan home mortgage rates are averaging 4.82 percent, down from an average IO home mortgage rate of 5.01 percent.

Today's 7 year jumbo IO home mortgage loans are averaging 5.30 percent, down from an average jumbo 7 year home mortgage rate of 5.51 percent.

Current Home Equity Loan Rates

10 year home equity loan rates are averaging 7.139 percent, a decrease from last week’s average home equity loan rate of 7.255 percent.

15 year home equity rates are averaging 7.446 percent this week, up from last week’s average home equity rate of 7.416.

Today’s Home Equity Line of Credit Rates (HELOC)

The current average home equity line of credit rates are averaging 4.777 percent this week, unchanged from last week’s average HELOC rate.