Mortgage Rates Decline on Economic and Investor Uncertainty
Mortgage rates are lower again today which was expected due to investor uncertainty in the markets and worries about Europe's lingering debt issues. Average 30 year mortgage rates are at 4.62% as reported by MonitorBankRates.com. 30 year rates are down from yesterday's average rate of 4.72%.
3 year conforming adjustable mortgage rates had the biggest decline. This again is expected since short term bond yields are going lower. 3 year adjustable rates fell to 3.12%, down 30 basis points from 3.42%.
The yield spread between the average 5 year conforming ARM and 5 year jumbo ARM is only 6 basis points, the narrowest spread ever reported by us.
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Current Rates on Fixed Mortgages
30 Year Fixed Conforming 4.62%
30 Year Fixed Jumbo 5.18%
15 Year Fixed Conforming 3.84%
15 Year fixed Jumbo 4.41%
Current Rates on Adjustable Mortgages
1 Year Conforming ARM 6.16%
1 Year Jumbo ARM 4.05%
3/1 Year Conforming ARM 3.12%
3/1 Year Jumbo ARM 3.91%
5/1 Year Conforming ARM 3.40%
5/1 Year Jumbo ARM 3.46%
7/1 Year Conforming ARM 3.54%
7/1 Year Jumbo ARM 4.04%
10/1 Year Conforming ARM 4.00%
10/1 Year Jumbo ARM 4.56%
Current Rates on Interest Only Mortgages
Interest Only: 3/1 Year Conforming ARM 3.12%
Interest Only: 3/1 Year Jumbo ARM 4.12%
Interest Only: 5/1 Year Conforming ARM 3.26%
Interest Only: 5/1 Year Jumbo ARM 3.83%
Interest Only: 7/1 Year Conforming ARM 3.71%
Interest Only: 7/1 Year Jumbo ARM 4.28%
Current Rates on Home Equity Loans and HELOCs
Home Equity Line of Credit 4.95%
Home Equity Loan - 10 Years 6.77%
Home Equity Loan - 15 Years 6.87%
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