Mortgage Rates Today: Today’s Mortgage Rates Headed Toward Record Lows.
By: Ed Ferrara
Mortgage rates today are as low as 4.875% with zero buy down points for a 30 year fixed mortgage. Buy down points are extra points paid to buy down the interest rate on a mortgage loan. Mortgage rates today are at their lowest point in weeks and could reach all time historic lows soon.
Mortgage rates today are continuing to decline subsequent to last weeks treasury bond auctions and weak retail sales data.
The Dow is down 173.52 points as of 12:38 PST as investors move to bonds pushing bond yields and mortgage rates down while bond prices are rising. The benchmark 10 year treasury yield is a leading indicator for fixed conforming mortgage rates. The yield has fallen to 3.49 (1.88% overall) as of 12:38 PST.
It’s very likely mortgage lenders will re-price their rate sheets before the end of the day to reflect better mortgage rates. As a result a 30 year fixed mortgage should be available as low as 4.75% with no buy down. If this improvement continues for another day or two we may see historic record low mortgage rates.