Mortgage Rates Head Lower on Poor Job Numbers and Fears in Europe: 30 Year Mortgage Rates at 4.85%

Mortgage rates continue to head lower following Treasury yields lower on poor job numbers and concerns of the financial crisis in Europe. 30 year mortgage rate dropped from 4.96 percent to 4.85 percent over the weekend. U.S. Treasury yields were down 21 basis points on Friday on a report showing only 432,000 jobs were created in May, which was less than the 513,000 jobs analysts had expected. Fears of Hungary defaulting on its debt also sent Treasury yields down.  The ongoing concerns in Europe will drive Treasury yields and mortgage rates lower this week.

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Current 15 year mortgage rates are unchanged at 4.27 percent this week over last. 15 year mortgage rates will also head lower this week if Treasury yields decline further. 15 year mortgage rates are very near historic lows and might break record lows this week.

Jumbo Mortgage Rates

Current 30 year jumbo mortgage rates are averaging 5.49 percent, down from an average jumbo mortgage interest rate of 5.52 percent. Current 30 year jumbo home mortgage refinance rates are also lower this week averaging 5.49 percent.

Current 15 year jumbo mortgage interest rates are averaging 4.92 percent, up from an average jumbo mortgage rate of 4.90 percent. Today's 15 year jumbo mortgage refinance rates are also higher averaging 4.90 percent.

Adjustable Mortgage Interest Rates

1 year conventional adjustable mortgage interest rates are averaging 3.73 percent, down from an average 1 year adjustable home mortgage rate of 3.78 percent last week. Current 1 year adjustable mortgage rates for refinancing a home are averaging 3.73.

Current 3 year conventional adjustable rate mortgages are averaging 4.29 percent, down from an average mortgage loan rate of 4.50 percent last week. Today's 3 year refinance mortgage rates are also down this week averaging 4.29 percent.

Currently, 5 year conforming adjustable mortgage rates are averaging 3.73 percent, down from an average home mortgage interest rate of 4.07 percent. Current 5 year refinance home mortgage rates are averaging 3.73 percent.

7 year conforming adjustable mortgage rates are averaging 4.21 percent this week, a decline from last week's average 7 year  mortgage home rate of 4.24 percent. Current 7 year refinance rates were also down to 4.21 percent.

10 year conforming adjustable interest mortgage rates are averaging 4.41 percent today, a decline from an average 10 year home mortgage rate of 4.45 percent last week. Current 10 year home loan mortgage refinance rates are  averaging 4.41 percent.

Jumbo Adjustable Mortgage Rates

Current 1 year jumbo adjustable mortgage rates are averaging 5.95 percent, unchanged from last week's average 1 year adjustable jumbo mortgage rate. 1 year jumbo refinance mortgage rates are also averaging 5.95 percent.

3 year jumbo adjustable mortgage rates today are averaging 5.00 percent, an increase from an average jumbo home mortgage rate of 4.80 percent last week. 3 year jumbo mortgage refinance rates are also up to 5.00 percent.

5 year jumbo adjustable mortgage interes