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Mortgage Rates Today Decline: 30 Year Jumbo Mortgage Rates Under 4.00%

The total number of mortgage applications increased 17 percent in this week as mortgage rates hit more record lows, the Mortgage Bankers Association said today. In the MBA's weekly survey 30 year conforming mortgage rates, 30 year jumbo mortgage rates and 30 year FHA mortgage rates all hit record lows in the survey. Fixed conforming 15 year mortgage rates also hit record lows.

As rates decline demand for mortgages increases especially for refinancing loans. In this week's survey the Refinance Index, which measures refinance applications increased 22 percent and made up 80 percent of all mortgage loans. With refinance rates today at record lows millions of homeowners who are in a position to refinance are doing so.

Unfortunately there are millions more homeowners who can't refinance either because they don't have enough equity in their home or they can't meet tougher lending requirements.

The Purchase index declined 0.1 percent from one week earlier. Although mortgage rates today are at record lows the housing market can't seem to recover from the bust. Existing home sales and new home sales data has been positive recently but concerns about a slowing U.S. economy is keeping demand for homes down.

Current mortgage rates on 30 year conforming mortgages hit a record low of 3.74 percent in this week's survey, down from the previous week's average 30 year mortgage rate of 3.79 percent. 30 year mortgage rates today on our national average rate survey are at 3.66 percent. On our refinance rates list there are many lenders offering 30 year refinance rates below 3.50 percent.

Today's mortgage rates on 30 year jumbo mortgages are now under 4.00 percent averaging 3.98 percent. Down from the previous week's average 30 year jumbo mortgage rate of 4.05 percent. There are lenders offering 30 year jumbo loans below 4.00 percent on our rate list.

FHA mortgage rates on 30 year FHA loans averaged 3.55 percent, an all-time record low in the MBA's survey. 30 year FHA loan rates are down from the prior week's average FHA mortgage rate of 3.63 percent.

15 year mortgage rates currently are averaging 3.12 percent, a new record low in the mortgage survey, down from last week's average 15 year mortgage interest rate of 3.15 percent. There are also several lenders offering 15 year refinance rates today below 3.00 percent on our rate list.
Author: Brian McKay
July 18th, 2012