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Mortgage Rates Today Higher on Higher Treasury Yields

Mortgage rates today are higher as we expected since 10 year Treasury yields rallied yesterday on sightly positive economic news on GDP. Growth slowed down in the second quarter as expected but the markets rallied because the number didn't come in less than expected as many feared.

Average fixed conforming mortgage rates todays are at 3.60 percent up from yesterday's average 30 year mortgage rate of 3.55 percent. 30 year mortgage rates bounced off yesterday's an all-time record low of 3.55 percent but are still incredibly low.

I don't think we say this enough but if you're thinking about getting a loan or refinancing a current loan you should do so now. Home prices can decline further but I don't expect prices to come down much more since they are down as much as 50 percent in the hardest hit places.

That being said if you're thinking about buying a home and plan to be in the home a long time any more price declines can be offset by the interest savings you'll get financing a home at all-time record low rates.

If you're refinancing you should do so now before refinance rates increase again. While I don't think refi rates will go much higher anytime soon refi rates can't realistically go much lower from here.

A better option when buying or refinancing is doing it with a loan shorter than 30 years like a 15 year loan. Current mortgage rates on 15 year conforming loans are higher today averaging 2.99 percent, up from yesterday's average 15 year mortgage rate of 2.96 percent.

Today's mortgage rates are higher on 15 year conforming loans but still very low. I never thought anyone would be able to lock in a 15 year mortgage rate below 3.00 percent. There are lenders offering 15 year mortgage rates currently below the averages some as low as 2.75 percent.

30 year jumbo mortgage rates current are slightly lower today averaging 4.20 percent, down from yesterday's average 30 year jumbo rate of 4.21 percent. Jumbo refinance rates are very low, you can find some lenders even offering 30 year jumbo rates below 4.00 percent!

Mortgage rates today on 15 year jumbo loans are higher averaging 3.44 percent, an increase from yesterday's average 15 year jumbo mortgage rate of 3.43 percent.

Adjustable mortgage rates on both conforming loans and jumbo loans are also higher today. Current 5 year adjustable conforming mortgage rates on conforming loans are at 3.01 percent, up from yesterday's average of 2.99 percent. 5 year jumbo adjustable mortgage rates are averaging 2.86 percent, up from yesterday's average 5 year jumbo rate of 2.85 percent.
Author: Jason P. Jones
July 28th, 2012