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Mortgage Rates Drop Again: 30 Year Mortgage Rates at 4.72%, 15 Year Mortgage Rates at 4.14%

Mortgage Rates Drop, Again 30 Year Mortgage Rates at 472 15 Year Mortgage Rates at 414Mortgage rates continue to drop making new lows this week. For the past several weeks, mortgage rates and bond yields have headed down on news about the European financial crisis and a slowing of the global economic recovery. Mortgage rates and interest rates have gone down further this past week on the June 23 Federal Open Market Committee (FOMC) statement.

Searching for mortgage rates? Use our mortgage rate tables at to find today's mortgage rates in your state. Unlike most websites no personal information is needed to display a list of mortgage rates.

In the statement, the committee believes the economic recovery will be moderate and current inflation is heading lower. The committee also feels inflation will be subdued for some time.  As a result the FOMC decided to keep the federal funds rate in a targeted range of 0 to 1/4 percent which wasn't a surprise. The Fed's current language "to warrant exceptionally low levels of the federal funds rate for an extended period" wasn't changed either.

Current Mortgage Rates

Current 30 year mortgage rates are down to 4.72 percent, down from last week's average mortgage rate of 4.76 percent. This is the lowest point this year for 30 year mortgage rates. Current 15 year mortgage rates were also lower this week. 15 year mortgage rates are currently averaging 4.14 percent, down from last week's average 15 year mortgage rate of 4.25 percent.

Today's Jumbo Mortgage Rates

Today's 30 year jumbo mortgage rates are averaging 5.33 percent, a decline from last week's average jumbo loan rate of 5.40 percent.  30 year jumbo refinance rates today are also averaging 5.33 percent.

Today's 15 year jumbo loan rates are averaging 4.75 percent, down from the prior week's average jumbo mortgage rate of 4.85 percent last week. Current 15 year jumbo refinance mortgage rates are also lower this week over last. The current 15 year jumbo refinance rate is averaging 4.75 percent.

Adjustable Mortgage Rates - Conforming

1 year adjustable mortgage rates are averaging 3.56 percent, down from last week’s average 1 year adjustable interest mortgage rate of 3.71 percent. 1 year adjustable refinance mortgage rates today are currently averaging 3.56, a decline from last week’s average refinance rate of 3.71 percent.

3 year adjustable mortgage rates are closing in on 4.00 percent. The current average 3 year adjustable mortgage rats is averaging 4.09 percent, down from last week’s average mortgage rate of 4.36 percent. Current 3 year mortgage refinance rates are also lower this week, averaging 4.09 percent.

Currently, 5 year adjustable mortgage loan rates are averaging 3.54 percent, down from the prior week’s average home loan rate of 3.67 percent. Current 5 year refinance home mortgage rates are averaging 3.54 percent this week.

7 year adjustable mortgage rates are averaging 3.88 percent this week, a decline from last week’s average 7 year mortgage loan rate of 4.13 percent. Current 7 year mortgage refinance rates today are averaging 3.88 percent.

Today's 10 year adjustable bank mortgage rates are averaging 4.33 percent this week, down from last week’s average 10 year adjustable mortgage rate of 4.46 percent. 10 year home loan mortgage refinance rates are also lower, averaging 4.33 percent.

Current Jumbo Adjustable Mortgage Rates

1 year jumbo adjustable mortgage loan rates are averaging 5.95 percent, no change from last week’s average 1 year adjustable jumbo interest mortgage rate. Today's 1 year jumbo refinance mortgage rates are also averaging 5.95 percent.

3 year jumbo adjustable mortgage rates today are averaging 4.64 percent, down from the previous week’s average jumbo bank mortgage rate of 4.74 percent. Current 3 year jumbo refinance mortgage rates are also lower, averaging 4.74 percent.

5 year jumbo adjustable interest mortgage rates are averaging 4.04 percent this week, down from last week’s average mortgage rate of 4.16 percent. 5 year jumbo refinance rates are averaging 4.04 percent.

7 year jumbo adjustable mortgage rates are averaging 4.78 percent, a decline from last week’s average 7 year home loan mortgage rate of 4.86 percent. 7 year jumbo refinance rates today are also down to 4.78 percent.

Today's 10 year home jumbo mortgage rates are averaging 5.49 percent, down from last week's average 10 year jumbo home mortgage rate of 5.60 percent. 10 year jumbo home loan refinance rates are also averaging 5.49 percent today.

Interest Only Conforming Mortgage Rates Today

3 year interest only home mortgage rates are averaging 4.26 percent, a big decrease from last week’s average interest only mortgage loan rate of 4.54 percent.

Today's 5 year interest only mortgage rates today are averaging 3.71 percent, down from last week’s average five year interest only mortgage loan rate of 3.86 percent.

Current 7 year interest only home mortgage rates today are averaging 4.02 percent, down from an average mortgage rate of 4.30 percent last week.

Jumbo Interest Only Mortgage Rates Today

3 year jumbo interest only loan mortgage rates are averaging 5.60 percent this week, unchanged from last week's average jumbo interest only mortgage rate.

Current 5 year jumbo interest only home loan rates are averaging 4.63 percent, down from an average IO home mortgage rate of 4.81 percent.

7 year jumbo IO mortgage rates are averaging 5.07 percent, down from an average jumbo 7 year home mortgage rate of 5.18 percent last week.

Home Equity Loan Rates

10 year home equity loan rates are averaging 7.139 percent, unchanged from last week’s average home equity loan interest rate.

15 year home equity rates are averaging 7.446 percent this week, unchanged from last week’s average home equity loan rate.

Home Equity Line of Credit Rates

The average home equity line of credit rate (HELOC) is averaging 4.777 percent this week, no change from last week’s average HELOC rate.
Author: Brian McKay
June 28th, 2010