Refinance Rates Today Higher as 10 Year Bond Yields Increase 8 Basis Points
refinance rates today increased on higher bond yields. Treasury Yields rallied on Friday on the news that the European Union has finally put into place a plan to help with the debt issue. Officials agreed to allow the European Stability Mechanism (ESM) to directly recapitalize banks. Up until this point Germany insisted the any monies flowed through the governments which increased their debt-to-GDP ratios.
Today's refinance rates on 30 year conforming loans are averaging 3.69 percent, an increase from last week's average 30 year refinance rate of 3.63 percent. Average refinancing rates last week hit record lows and will probably head back down this coming week.
Refinance rates on 15 year conforming home loans are now back above 3.00 percent which is the first time in four week's that rates are above 3.00 percent. Current refinance rates on 15 year mortgages are averaging 3.04 percent, up from last week's average 15 year refi rate of 2.97 percent.
Jumbo refinance rates are mixed this week, 30 year jumbo refinance rates are lower while 15 year jumbo refi rates are higher. Today's refinance rates on 30 year loans are averaging 4.26 percent, a 1 basis point decline from last week's average of 4.27 percent.
Refinance rates today on 15 year jumbo loans are averaging 3.55 percent, up from last week's average 15 year jumbo refi rate of 3.52 percent. Jumbo refinance rates on 15 year loans are also just above a record low of 3.46 percent set in June.
Adjustable refinance rates are also mixed this week. Conforming 5 year adjustable refinance rates are higher while 5 year jumbo adjustable refinance rates are lower.
Current 5 year adjustable rates are averaging 2.73 percent, an increase from last week's average 5 year adjustable refi rate of 2.69 percent. 5 year jumbo refinance rates today are averaging 2.84 percent, a decline from last week's average 5 year jumbo rate of 2.86 percent.
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