30 Year Mortgage Rates Hit New Record Low of 3.62% Today
Average mortgage rates are once again lower today as bond yields hover just above record lows. Fixed conforming 30 year mortgage rates today are averaging 3.62 percent, down from last week's average 30 year mortgage rate of 3.67 percent. Markets have been jittery on the debt issues in Europe and the ratings downgrade of a slew of banks by Moody's Investor Services.
Current 10 year Treasury yields which hit a high of 1.68 percent on Wednesday retreated back down to 1.60 percent yesterday and are up 5 basis points this morning at 1.67 percent. The Fed Chairman Ben Bernanke said the Fed will continue the Twist (buying long term bonds and selling short term bonds) to drive interest rates lower.
The Fed said it would extend its holdings of long-term government bonds by $267 billion continuing the effort to bring down borrowing costs. Ben also said the Federal Reserve was ready to take more action if needed in the statement following its two-day meeting this past week.
Today's mortgage rates on 15 year conforming home loans are averaging 2.97 percent, down from last week's average 15 year mortgage rate of 3.02 percent. The mortgage rate trend on 15 year rates will continue to decline in the coming months as the economy slows.
Current mortgage rates on 30 year jumbo loans are averaging 4.27 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.30 percent. Mortgage rates today on 15 year jumbo loans are averaging 3.67 percent, down from last week's average 15 year jumbo rate of 3.72 percent.
Today's adjustable mortgage interest rates are mixed this week over last week. Current 5 year conforming adjustable mortgage rates are averaging 2.68 percent, up 1 basis point from last week's average of 2.67 percent. 5 year jumbo adjustable mortgage rates are averaging 2.87 percent, down from last week's average of 2.68 percent.
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