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Mortgage Rates Today July 25, 2012: Rates at New Low

Another day brings another round of record low mortgage rates today. 10 year bond yields hit a record low of 1.40 percent yesterday sending average mortgage rates lower today. Conventional 30 year and 15 year mortgage rates both hit record lows.

Conventional 30 year mortgage rates hit an all-time record low of 3.54 percent, down from the prior day's record low of 3.57 percent. Average 30 year mortgage rates have been under 4.00 percent for the entire year.

Today's mortgage rates on 15 year conventional loans also hit a record low. Average 15 year mortgage rates are at 2.96 percent, down from an average 15 year mortgage rate of 2.99 percent yesterday. Now is a good time to refinance a mortgage since 15 year refinance rates are under 3.00 percent.

Current mortgage rates on 30 year jumbo mortgages averaged 4.21 percent, unchanged from yesterday's average 30 year jumbo mortgage rate. If you're searching for a jumbo loan you can find lenders offering 30 year jumbo mortgage rates just above 4.00 percent on our rate tables.

Mortgage rates today on 15 year jumbo loans are averaging 3.42 percent, an increase from yesterday's average 15 year jumbo mortgage rate of 3.38 percent. 15 year jumbo mortgage interest rates are slightly higher today but you can find lenders offering 15 year jumbo refi rates below the averages.

Refinance rates hit another record low in this week's Mortgage Application Survey released by the Mortgage Bankers Association. This caused the MBA's Refinance Index to increase 2 percent this week and refinance mortgage applications now make up 81 percent of all mortgage applications.
Author: Brian McKay
July 25th, 2012