Current Mortgage Rates Approach 50 Year Lows as TALF and Record Bond Auctions Continue.
By: Sheldon Levene
Current mortgage rates are a quarter percent from a 50 year low as the Fed’s TALF program and massive auction’s of government debt continue.
Benchmark 10 Year Treasury Yield and Current Mortgage Rates:
The benchmark 10 year treasury yield, the leading indicator for current mortgage rates opened higher in the morning after reports the U.S. economy shrank less than expected from May to June. The yield then descended to remain fairly flat for the day as of 10:41 am PST. As a result current mortgage rates are unchanged from this morning.
Our Research of Wholesale Lender’s Current Mortgage Rates Shows:
Current 30 year fixed mortgage rates are as low as 4.875 percent with zero discount points. Current 15 year fixed mortgage rates are as low as 4.375 percent with zero discount points. Current 5/1 adjustable rate mortgage rates are as low as 3.875 percent with zero discount points. Discount points (buy down points) are are in addition to regular points and fees and used solely to buy down the interest rate on a mortgage.
Current FHA Loan Rates
The difference in regular mortgage rates and FHA loan rates is minimal. Current FHA loan rates mirror conforming mortgage rates today.
Current Jumbo Mortgage Rates:
It’s the same story for jumbo mortgages. Jumbo mortgage rates on loans fitting jumbo conforming guidelines are the same as conventional fixed mortgage rates (currently as low as 4.875% for a 30 year fixed mortgage). Underwriting guidelines tend to be stricter for jumbo conforming loans than those for regular loans. As a result the closing fees tend to be higher in most cases. Super jumbo mortgage rates are a half to full point higher than all other rates.