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30 Year Mortgage Rates Hit Another New Low for 2016

Mortgage rates continue to decline in 2016, hitting another new low for the year. Average 30 year mortgage rates fell to 3.36 percent this week, down from last week's average 30 year mortgage rate of 3.43 percent. 30 year rates are now only 5 basis points higher than the all-time record low of 3.31 percent set in late 2012.

The latest data forcing mortgage rates lower was the advance 2nd quarter GDP estimate released last Friday. Analyst forecasts for 2nd quarter GDP was 2.4 percent but the actually number came in much lower at 1.2 percent. The news forced 10 year U.S. bond yields back below 1.50 percent. Lenders set mortgage rates based on 10 year bond yields so as bond yields decline, mortgage rates follow suit.

Average and Current Mortgage Rates Available

The lowest 30 year conforming mortgage rates available in our database of rates are at 3.00 percent with 1.10 mortgage points. The lowest 30 year mortgage refinance rates without points are at 3.373 percent.

15 year mortgage rates today are averaging 2.65 percent, a decline from last week's average 15 year rate of 2.69 percent. The lowest 15 year refinance rates available with points are at 2.25 percent with 1.10 points. The lowest 15 year refi rates without points are just below the average at 2.625 percent.

Today's 5 year adjustable mortgage rates are averaging 2.87 percent, a decline from last week's average 5 year adjustable rate of 2.93 percent. The best 5 year adjustable ARMs on our rate list are at 2.50 percent with 1.10 points and at 2.625 percent with zero points.

30 year jumbo mortgage rates on average fell considerably the past week to 3.82 percent. The previous week's average 30 year jumbo rate was at 4.00 percent. The lowest 30 year jumbo refinance rates in the database are at 2.125 percent with 2 mortgage points. The lowest 30 year jumbo refinance rate without points is still below the average at 3.375 percent.

15 year jumbo mortgage rates are averaging 3.33 percent this week, down from last week's average 15 year jumbo rate of 3.45 percent. The lowest 15 year jumbo refinance rate in our database is at 2.75 percent with 2 mortgage points and at 2.875 percent with no points.

5 year adjustable jumbo mortgage rates are averaging 2.89 percent, down from last week's average rate of 3.07 percent. The lowest 5 year jumbo adjustable refinance rates are much lower at 2.00 percent with 2 points. The lowest 5 year jumbo refi rate without points is at 2.625 percent.







 
Author: Brian McKay
August 2nd, 2016