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Mortgage Rates Today July 6, 2012

Mortgage rates will head lower this weekend thanks to yet another weak employment report released this morning. The June employment report showed a paltry gain of only 88,000 jobs in June with the unemployment rate remaining unchanged at 8.2 percent.

Current mortgage rates today, July 6, 2012, on 30 year fixed mortgages are averaging 3.67 percent, which is higher than yesterday's average 30 year mortgage rate of 3.66 percent. This uptick in average rates will be short lived since markets are tumbling on the negative jobs report and 10 year bond yields are down 4 basis points to 1.56 percent.

There are 30 year rates below the averages if you're searching for a mortgage to buy a home or refinance a current loan. Right now on our rate tables in the state of Pennsylvania there are many lenders offering 30 year refinance rates at 3.50 percent and below.

Today's average 15 year mortgage rates are at 3.03 percent which is 1 basis point higher than yesterday's average 15 year mortgage rate of 3.02 percent. We'll probably see average 15 year mortgage interest rates back below 3.00 percent this weekend.

There are many lenders on our mortgage rate lists offering 15 year refinance rates below 3.00 percent today. In fact, a few lenders are offering 15 year refi rates at 2.75 percent if you're willing to pay mortgage points on the loan.

Current jumbo mortgage rates today on 30 year jumbo loans are averaging 4.26 percent unchanged from yesterday's average 30 year jumbo rate. Mortgage rates today on 15 year jumbo loans are averaging 3.52 percent, down from yesterday's average 15 year jumbo rate of 3.53 percent.

Average jumbo mortgage rates will also head lower this weekend depending on how much bond yields drop today. There are many lenders on our list offering 30 year jumbo refi rates below the averages including CitiBank offering 30 year jumbo rate in California at 4.14 percent.

As for adjustable mortgage rates 5 year conforming adjustable rates are averaging 2.71 percent, an increase from yesterday's average 5 year conforming rate of 2.70 percent. 5 year adjustable jumbo rates are averaging 2.83 percent, up from yesterday's average 5 year jumbo rate of 2.81 percent.
Author: Brian McKay
July 6th, 2012