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Mortgage Rates Today Decline Following Treasury Yields Lower on Bernanke Comments

Falling Treasury yields late last week are sending mortgage rates today lower on both conforming and jumbo mortgage loans. 10 year Treasury yields closed at 1.56 percent last Friday on news the Federal Reserve is more likely to act with another round of quantitative easing to force bond yields lower. At a conference in Jackson Hole, Wyoming, the Fed Chairman, Ben Bernanke, said they are ready to act with more easing if the economy slows down. This news sent bond yields lower and current mortgage rates lower as well.

We might see the Fed act early next week with QE3 if non-farm payroll numbers come in less than the expected 130,000 for August. If the August employment report is weaker than expected bond yields and mortgage rates will move lower regardless of whether or not the Fed acts next week. 10 year bond yields will break through the all-time record low of 1.39 percent set on July 24, 2012.

Average 30 year conventional mortgage rates which are at 3.53 percent today will make new record lows as well. Average 30 year mortgage interest rates are down from of 3.55 percent set on Friday. If bond yields fall this week average conforming 30 year mortgage rates will also fall and probably break though the all-time record low of 3.47 percent set in late July of this year.

Today's mortgage rates on 30 year jumbo mortgage loans are averaging 4.21 percent, down from Friday's average 30 year jumbo mortgage rate of 4.21 percent. Average jumbo mortgage rates might possibly break though 4.00 percent in the coming weeks if bond yields make new lows. You can find lenders offering 30 year jumbo mortgage rates as low as 3.88 with points. Currently on our 30 year jumbo refinance rates list for the state of California, Bank of America is listed offering 30 year jumbo refi rates at 3.88 percent with 0.875 points.

Mortgage rates today on 15 year conventional mortgage loans are averaging 2.90 percent, down from an average 15 year mortgage rate of 2.91 percent. Over the next couple of weeks we might see average 15 year mortgage interest rates drop to around 2.75 percent. There are lenders right now offering 15 year refinance rates below the average of 2.90 percent. Right now on our 15 year refinancing rates list in the state of North Carolina, Amerisave is offering 15 year refi rates at 2.63 percent with 0.563 points. If you rather not pay points we have lenders listing with rates at 2.75 percent without points.

Average 15 year jumbo mortgage rates current are averaging 3.42 percent, a decline from an average 15 year refinance mortgage rate of 3.43 percent. As with other average rates you can find 15 year jumbo mortgage interest rates below the averages on our rate tables. Right now on our rate list in Texas, Citi is offering 15 year jumbo refinance rates at 3.25 percent with no points.

Adjustable mortgage rates todays are also lower on both 5 year conforming loans and 5 year jumbo loans. Conforming 5 year adjustable mortgage interest rates are averaging 2.84 percent, a decline from an average 5 year adjustable mortgage rate of 2.86 percent.

Right now on our 5 year adjustable refinance rates list in Tennessee, First Tennessee Bank is listed offering 5 year adjustable refinance rates at 2.33 percent with 1 mortgage point. Another lender, is listed as offering 5 year refi rates at 2.38 percent with zero points.

Current jumbo mortgage rates today on 5 year adjustable loans are averaging 2.85 percent, down from an average 5 year jumbo adjustable mortgage rate of 2.87 percent. Right now on our 5 year jumbo adjustable rate list in the state of Virginia we have Citi Mortgage, WCS Lending and Gateway Bank Mortgage all offering 5 year rates at 2.63 percent with zero points.
Author: Brian McKay
September 4th, 2012