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Mortgage Rates Hit New Low: 30 Year Mortgage Rates at 4.43% Says MBA

Mortgage Rates


Mortgage rates have hit yet another record low in the most recent mortgage survey. 30 year fixed mortgage rates and 15 year fixed mortgage rates hit new all-time lows ever recorded in the Mortgage Bankers Association’s (MBA) Weekly Mortgage Survey.


30 year mortgage rates are down to 4.43 percent for the week ending August 27, 2010, a decline from the prior week’s average contract 30 year mortgage rate of 4.50 percent. Mortgage discount points increased to 1.34 points, an increase from the prior week’s average of 0.89 points.




10 year U.S. bond yields have been on a sharp decline since early April which is driving mortgage rates to new lows weekly. 10 year bond yields are now at 2.47 percent. On April 5, 10 year bond yields were near 4.00 percent. We can expect further declines in bond yields and mortgage rates if economic growth continues to slow. Some analysts expect 10 year bond yields to hit 2.00 percent and 30 year conforming mortgage rates to hit 4.00 percent.


15 year mortgage rates decreased to 3.88 percent for the week ending August 27, 2010, down from last week’s average 15 year mortgage rate of 3.91 percent. Mortgage discount points on 15 year home loans decreased to 1.45 points, down from the previous week’s average of 1.64 points. 


1 year adjustable mortgage rates bucked the trend and were higher for the week ending August 27, 2010.  1 year adjustable mortgage rates are averaging 6.95 percent, up from the previous week’s average 1 year adjustable rate mortgage of 6.84 percent. Mortgage discount points averaged 0.23 points, up from previous week’s average of 0.22 points. 


Following is a more in-depth mortgage rate report released by MonitorBankRates.com earlier this week:



Mortgage Rates


30 year mortgage rates are averaging 4.38 percent, down from the prior week’s average 30 year mortgage rate of 4.48 percent. Current 30 year mortgage refinance rates are also lower averaging 4.38 percent this week.


Current 15 year mortgage rates are averaging 3.83 percent, unchanged from last week’s average 15 year mortgage interest rate. Current 15 year mortgage refinance rates are also unchanged at 3.83 percent. 


Jumbo Mortgage Rates Today


30 year jumbo mortgage rates today are under 5.00 percent averaging 4.92 percent, down from last week’s average 30 year year jumbo mortgage rate of 5.05 percent. Current 30 year jumbo refinance mortgage rates are also down to 4.92 percent.


Today’s 15 year jumbo mortgage rates are averaging 4.36 percent, a decline from last week’s average jumbo mortgage rate of 4.50 percent. Current 15 year jumbo refinance mortgage rates are also averaging 4.36 percent.


Adjustable Conventional Mortgage Rates


1 year adjustable mortgage rates are averaging 3.17 percent, down from last week’s average 1 year adjustable home mortgage interest rate of 3.19 percent. Current 1 year conforming adjustable refinance mortgage rates are also down to 3.17 percent this week.


Current 3 year adjustable mortgage rates today are averaging 3.79 percent, down from last week’s average 3 year adjustable rate mortgage of 4.06 percent. 3 year mortgage refinance rates today are also down to 3.79 percent.


5 year adjustable mortgage rates are averaging 3.44 percent, down slighlty from the prior week’s average mortgage rate oif 3.45 percent. 5 year refinance mortgage rates today are also averaging 3.44 percent.


Today’s 7 year adjustable mortgage interest rates today are averaging 3.65 percent, a decline from the previous week’s average 7 year home mortgage rate of 3.72 percent.  7 year mortgage refinance rates are also lower  averaging 3.65 percent.


10 year adjustable bank mortgage rates are averaging 3.97 percent this week, a decline from last week’s average 10 year adjustable mortgage rate of 4.01 percent. 10 year home mortgage refinance rates are also lower this week averaging 3.97 percent.


Adjustable Jumbo Mortgage Rates


Current 1 year jumbo adjustable mortgage rates today are averaging 5.35 percent, unchanged from the prior week’s average 1 year jumbo adjustable mortgage interest rate. 1 year jumbo refinance mortgage rates are also averaging 5.35 percent.


Today’s 3 year jumbo adjustable mortgage rates today are averaging 3.79 percent, down from last week’s average jumbo mortgage rate of 4.16 percent.  3 year jumbo refinance mortgage rates today are also down to 3.79 percent.


Current 5 year jumbo adjustable bank mortgage rates are averaging 3.73 percent this week, down from last week’s average mortgage rate of 3.87 percent. Current 5 year jumbo mortgage refinance rates are also down to 3.73 percent.


7 year jumbo adjustable mortgage rates are averaging 4.29 percent, down from last week’s average 7 year home mortgage rate of 4.42 percent. 7 year jumbo refinance mortgage rates are also lower averaging 4.29 percent.


10 year jumbo mortgage rates are averaging 4.99 percent, down from the previous week’s average 10 year jumbo home mortgage rates of 5.02 percent. 10 year jumbo home refinance interest rates are also down averaging 4.99 percent.


Interest Only Conventional Adjustable Mortgage Rates


3 year interest only adjustable mortgage rates are averaging 4.08 percent, down slightly from last week’s average interest only mortgage loan rate of 4.09 percent. Today’s 3 year interest only adjustable refinance mortgage rates are also down averaging 4.08 percent.


Today’s 5 year interest only adjustable bank mortgage rates are averaging 3.59 percent, down from last week’s average five year interest only mortgage loan rate of 3.62 percent. Current 5 year interest only adjustable refinance mortgage rates are also lower averaging 3.59 percent.


7 year interest only adjustable mortgage rates today are averaging 3.76 percent, down from last week’s average 7 year interest-only mortgage interest rate of 3.86 percent. 7 year adjustable refinance rate mortgages are lower averaging 3.76 percent.


Jumbo Interest Only Adjustable Mortgage Rates


3 year jumbo interest only adjustable mortgage rates are averaging 4.55 percent, unchanged from last week’s average jumbo adjustable interest only mortgage rate. Today’s interest only adjustable jumbo refinance rates are also unchanged.


5 year adjustable jumbo interest only mortgage rates are at 4.29 percent, no change from last week’s average IO home mortgage interest rate week. Current 5 year jumbo adjustable IO loan rates are also unchanged averaging 4.29 percent.


Today’s 7 year jumbo IO adjustable mortgage rates are averaging 4.67 percent, down from an average jumbo 7 year home mortgage rate of 4.77 percent last week. 7 year jumbo adjustable interest-only mortgage rates are also down averaging 4.67 percent.


Home Equity Loan Rates


Current 10 year home equity loan rates are averaging 6.884 percent, down from the previous week’s average when home equity loans averaged 7.009 percent.


15 year home equity rates today are averaging 7.175 percent, down from last week’s average home equity loan rate of 7.377 percent.


Home Equity Line of Credit Rates (HELOC Rates)


The current average home equity line of credit rate is averaging 4.763 percent this week, up slightly from last week’s average HELOC rate of 4.762 percent.



Attention real estate agents: Use our free mortgage rates widgets to keep track of national average mortgage rates and state mortgage rates on your website. Use our free mortgage calculator to calculate your monthly mortgage payments.


 
Author: Brian McKay
September 1st, 2010