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National Average Mortgage Rates Higher Today: Declines Likely Tomorrow

Conforming mortgage rates today are higher but will decline tomorrow since 10 year bond yields are down 5 basis points to 1.45 percent. Bond yields are down on a weaker than expected retail sales report released this morning which will send average mortgage rates lower tomorrow.

30 year conforming mortgage rates which made an all-time record low of 3.62 percent last week are slightly higher today averaging 3.65 percent, up from yesterday's average rate of 3.64 percent.

30 year mortgage rates are down over 100 basis points, or 1.00 percent, this past year. If you already refinanced a loan you should really consider doing so again since refinance rates are so low.

15 year conforming rates today are averaging 3.03 percent, an increase from yesterday's average 15 year mortgage rate of 3.01 percent. 15 year rates which hit an all-time record low of 2.97 percent late last month will probably hit another record low this week.

Current jumbo rates on 30 year jumbo mortgages are lower today averaging 4.18 percent, down from yesterday's average 30 year jumbo mortgage rate of 4.21 percent. Jumbo mortgage rates today on 30 year loans will probably break record lows later this week. The all-time record low 30 year jumbo rate is 4.13 percent.

Today's mortgage rates on 15 year jumbo loans are also lower averaging 3.44 percent, a decline from yesterday's average 15 year jumbo mortgage rate of 3.46 percent. Just over a year ago 15 year jumbo refinance rates were near 5.00 percent now rates are heading down to 3.00 percent.

Average adjustable mortgage rates today are higher on both conforming and jumbo 5 year rates. Conforming 5 year adjustable rates are averaging 2.72 percent, an increase from yesterday's average 5 year conforming rate of 2.69 percent. 5 year adjustable jumbo mortgage rates are averaging 2.85 percent, up from an average jumbo rate of 2.83 percent.
Author: Lisa Graham
July 16th, 2012