Today’s Mortgage Rates Move Higher as Property Values Rise $372 Billion in Q1
Today's mortgage rates are higher as Treasury yields bounced off record lows set last week. In another report homeowners saw an aggregate $372 billion rise in property values over the first three months of 2012 according to a statistical release from the Federal Reserve.
Record low mortgage rates today are finally helping the housing market recover from some of the home price declines since 2006. Record low refinance rates are also helping millions of homeowners refinance to a lower refinance rate.
Current mortgage rates which are only sightly higher from all-time record lows haven't curtailed the demand for mortgages as the MBA's survey showed a 18 percent increase in the demand for mortgage loans this week.
In Freddie Mac's Primary Mortgage Market Survey this week fixed conforming mortgage rates increased while adjustable conforming mortgage rates decreased. There we no big moves in average rates this week since bond yields traded in tight range of less than 15 basis points.
30 year conventional mortgage rates averaged 3.71 percent with 0.7 mortgage points for the week ending June 14, 2012, up from the previous week's average 30 year mortgage rate of 3.67 percent. Today's mortgage rates for 30 year loans are averaging 3.67 percent (National Average Bankrate.com Mortgage Rates).
Conventional 15 year mortgage rates averaged 2.95 percent with 0.7 points for the week ending June 14, 2012, up from the prior week's average 15 year mortgage rate of 2.94 percent. This is the third consecutive week 15 year mortgage rates have remained under 3.00 percent in the PMMS. Mortgage rates currently on 15 year mortgage loans are averaging 3.02 percent.
5 year adjustable mortgage rates today are averaging 2.80 percent with 0.6 points for the that ended on June 14, 2012, a decline from last week's average 5 year adjustable mortgage rate of 2.84 percent.
Adjustable mortgage rates currently on 1 year loans are averaging 2.75 percent. In Freddie Mac's PMMS 1 year adjustable mortgage rates declined to 2.78 percent with 0.5 mortgage points for the week ending June 14, 2012, a 1 basis point decrease from the prior week's average 1 year adjustable mortgage rate of 2.79 percent.
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