Mortgage Interest Rates Steady. 30 Year Fixed Mortgage Interest Rates Below 5 Percent.
By: Ed Ferrara
Despite 2 straight days of an up tic in the benchmark 10 year treasury yield mortgage interest rates remain under 5 percent for fixed conforming mortgages. The 10 year treasury yield, the leading indicator for fixed conforming mortgage rates, shot up as high as 3.531 before dropping to 3.477 where it closed slightly up from yesterday.
The treasury auctions off $12 billion in 30 year bonds tomorrow. If the auction draws high demand bond prices will go up and in turn yields and mortgage rates will go down. If demand is weak the benchmark yield and mortgage rates will likely rise.
Current Mortgage Interest Rates:
FreeRateUpdate.com research of wholesale lender’s current mortgage interest rates shows 30 year fixed mortgage interest rates available today as low as 4.875 percent at par. 4.875 percent at par , fixed for 30 years, has been available all week. Tomorrow Freddie Mac reports it’s average 30 year fixed mortgage interest rates for Monday through Wednesday and it’s possible the average mortgage interest rate for a 30 year fixed loan is below 5 percent this week for the first time since April.
15 year fixed mortgage interest rates are as low as 4.375 percent at par. 5/1 ARM interest rates are as low as 3.875 percent at par. A mortgage interest rate at par includes normal points and fees only.
FHA mortgage interest rates mirror conforming mortgages on 30 year fixed loans.
MBA Says Refinance Applications Surged Last Week on Low Fixed Mortgage Interest Rates Averaging 5.02, Fixed for 30 Years.
The Mortgage Bankers Association announced today the refinance index jumped over 22 percent last week fueled by lower mortgage rates. The MBA says 30 year fixed mortgage interest rates averaged 5.02 last week.
Jumbo Mortgage Interest Rates
Jumbo mortgage interest rates continue to be 1/2 to 1 percent higher than those of conforming mortgages. Jumbo conforming mortgage interest rates are identical to conforming loans; however, strict underwriting guidelines make it nearly impossible to qualify. Conforming jumbo loan limits vary from county to county.