Current Mortgage Rates Lowest in Months – Current Mortgage Rate Under 5 Percent, Fixed
By: Ed Ferrara
Current mortgage rates remain at their lowest level in months. Current mortgage rates are treading water just above record lows not seen since April of this year when 30 year fixed mortgage rates averaged under 5 percent according to Freddie Mac. The 10 year treasury yield, the best indicator of the direction of current mortgage rates, closed up today at 3.41 percent. The yield has been on a steady decline for the past 4 weeks. It’s likely borrowing costs will rise slightly as a result of today’s slight up tic in the yield but unlikely lenders will adjust their current mortgage rates upward.
Current 30 Year Fixed Mortgage Rates:
Zillow reports current 30 year fixed mortgage rates averaging under 5 percent. Freddie Mac reported that Monday through Wednesday of last week 30 year fixed conforming mortgage rates averaged 5.07 percent. FreeRateUpdate.com research of wholesale lender’s current mortgage rates shows 30 year fixed mortgage rates as low as 4.875 percent at par. Par includes normal points and fees.
Current 15 year fixed mortgage rates remain as low as 4.25 percent at par. Current 5/1 ARM mortgage rates remain as low as 3.75 percent at par.
Current jumbo mortgage rates remain 1/2 to 1 percent higher than current conforming mortgage rates.
Current FHA loan rates remain nearly identical to those of conforming mortgages.
Current Mortgage Rates Trend:
For over a month mortgage rates have continued to improve slow but steady. This trend is likely to continue as the Fed’s TALF program in which they buy Residential Mortgage Backed Securities rolls on. Bond prices which have a direct effect on mortgage rates continue to be strong as a result of high demand at the treasury’s bond auctions. Current mortgage rates descend as bond prices rise.