Mortgage Rates Decline as Equity Prices and Commodity Prices Tumble
mortgage rates declined as equity prices and commodity prices tumbled yesterday on fears of slower growth. 30 year conventional mortgage rates today are averaging 3.51 percent, a decline from last week's average 30 year mortgage rate of 3.56 percent. Equity and commodity prices dropped considerably yesterday on fears of slowing economies in the United States and China.
Gold, the most active futures contract, fell for June delivery by losing more than $140 an ounce yesterday, adding to the declines of last week. Surprisingly, bond yields only slipped 2 basis points yesterday but will continue to fall in the coming days if stock prices and commodity prices end further.
The current average 30 year mortgage interest rate is just above a record low of 3.27 percent, set late in 2012. This week we could see average 30 year mortgage rates fall below 3.51 percent and possibly as low as 3.40 percent. If you're searching and comparing mortgage rates, we have lenders in our database offering 30 year conforming rates below the record low of 3.27 percent. The lowest 30 year refinance rates in our database can be found as low as 3.00 percent with points in some states. The best refinance rates without points in our database can be found as low as 3.25 percent.
15 year conforming mortgage rates are averaging 2.77 percent this week, down slightly from last week's average 15 year mortgage rate of 2.78 percent. This week, average 15 year conforming rates might fall below 2.75 percent and possibly as low as 2.70 percent if bond yields drop. We have lenders quoting 15 year refinance rates today in our database as low as 2.25 percent with points and as low as 2.50 percent with no points.
Today's mortgage rates on 30 year jumbo mortgage loans are averaging 3.95 percent, which is slightly higher than last week's average 30 year jumbo mortgage rate of 3.94 percent. The lowest 30 year jumbo refinance rates today in our database are below the average rates at 3.375 percent with points. The lowest jumbo refinancing rates without points on 30 year jumbo loans are slightly higher at 3.50 percent.
Current mortgage rates on 15 year jumbo mortgage loans are averaging 3.34 percent this week, down from the previous week's average 15 year jumbo rate of 3.47 percent. In our database we have lenders quoting 15 year jumbo refinancing rates as low as 2.625 percent with 2 mortgage points and the lowest 15 year refi rates without points are quoted at 3.125 percent.
The lowest 5 year conforming adjustable refinance rates in our database are much lower than the average rate. 5 year conforming mortgage rates today are averaging 2.66 percent, a slight increase from last week's average 5 year conforming adjustable rate of 2.65 percent. The lowest quoted rates offered by lenders are at 1.50 percent with 1.80 mortgage points. The lowest 5 year adjustable refi rates without points are being offering at 2.00 percent.
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