Mortgage Rates: 30 Year Jumbo Mortgage Rates Now Under 5.00%, QE3 Coming?

A bleak jobs report for May is yet another weak economic report that points to a slowdown in the U.S. economy which will keep mortgage rates low. The recovery from the Great Recession will take longer than most economists expected and as a result mortgage rates will probably go lower in the coming months. There is speculation that the Fed will have to take more measures (QE3) to help the economy recover.

10 year U.S. Treasury yields broke 3.00% this week and have remained under 3.00% as investors flee equities for the safety of U.S. Treasuries. This drove conforming 30 year mortgage rates under 4.50%. Current 30 year mortgage rates are averaging 4.46%.




Find mortgage rates in your state by searching our mortgage rates table at MortgageRates.MonitorBankRates.com. You can find today's mortgage rates from several lenders. Unlike most other websites; no personal information is needed to view a list of rates.

15 year conforming mortgage rates are averaging 3.76%. Three weeks ago the 15 year national average mortgage rate was just above 4.00%. We might see 15 year mortgage rates drop to 3.50% if the bad news keeps coming.  

The current national average 30 year jumbo mortgage rate is now under 5.00% averaging 4.96%, the lowest average ever recorded by MonitorBankRates.com. Today's average 15 year jumbo mortgage rate is at 4.35%.

Following is a more in-depth home mortgage rate survey released by MonitorBankRates.com earlier this week:

Mortgage Rates


Conforming Adjustable Mortgage Rates and Conforming Adjustable Refinance Rates Today


The current refinancing rate and mortgage rate on 1 year adjustable rates are averaging 2.96 percent, a decline from last week’s average 1 year adjustable home mortgage refi rate and loan rate of 3.02 percent.

3 year adjustable mortgage refinance rates and adjustable mortgage rates are averaging 3.03 percent, down from last week’s average 3 year adjustable mortgage rate of 3.12 percent.

Current refinance rates and mortgage rates on 5 year adjustable mortgages are averaging 3.41 percent, up from the prior week’s average rate of 3.40 percent.

Current refinance mortgage rates and mortgage rates on 7 year adjustable home loans are averaging 3.47 percent, down from the previous week’s average 7 year loan rate of 3.54 percent.

10 year adjustable mortgage loan rates are averaging 3.99 percent this week, down from last week’s average 10 year adjustable rate of 4.00 percent. Current mortgage refinance rates on 10 year home loans are also averaging 3.99 percent.

Adjustable Jumbo Refinance Rates and Jumbo Mortgage Rates Current


1 year jumbo adjustable loan rates are averaging 4.05 percent, unchanged from the prior week’s average 1 year jumbo adjustable loan interest rate. Refinance rates on 1 year jumbo loans are also averaging 4.05 percent.

3 year adjustable jumbo rates are averaging higher at 3.85 percent, down from last week’s average 3 year jumbo adjustable rate of 3.91 percent. Today’s refinance interest rates on 3 year jumbo loans are also lower, averaging 3.85 percent.

5 year adjustable jumbo interest rates today are averaging 3.44 percent, a decrease from last week’s average jumbo adjustable rate of 3.46 percent. Today’s refinancing mortgage interest rates are also averaging 3.44 percent.

7 year jumbo adjustable loan rates today are averaging 4.01 percent, down from last week’s average 7 year adjustable home loan rate of 4.04 percent. 7 year jumbo refinance loan rates are also lower at 4.01 percent.

10 year jumbo loan rates are averaging 4.48 percent, down from the prior week’s average 10 year jumbo home loan rate of 4.56 percent. 10 year jumbo refinance interest rates are also lower, averaging 4.48 percent.

Conventional Interest Only Adjustable Mortgage Rates Today and Adjustable Interest Only Refinancing Rates


3 year interest only adjustable mortgage loan rates are averaging 3.26 percent, up from last week’s average interest only mortgage loan rate of 3.12 percent. 3 year interest only adjustable refinance mortgage rates are also averaging 3.16 percent.

5 year IO adjustable loan rates are averaging 3.19 percent, down from last week’s average five year interest only mortgage loan rate of 3.26 percent. Current 5 year interest only adjustable refinance mortgage loan rates are also averaging 3.19 percent.

7 year interest only adjustable mortgage loan rates are averaging 3.73 percent, up from last week’s average 7 year interest-only mortgage interest rate of 3.71 percent. 7 year adjustable refi loan rates are averaging 3.73 percent.

Current Interest Only Jumbo Mortgage Refinancing Rates and Interest Only Jumbo Mortgage Rates


3 year jumbo interest only adjustable loan rates are averaging 3.76 percent, down from last week’s average jumbo adjustable interest only rate of 4.12%. 3 year interest only adjustable jumbo refi rates are also averaging 3.76 percent.

5 year adjustable jumbo interest only rates are averaging 3.85 percent, up from last week’s average IO home mortgage interest rate of 3.83%. 5 year jumbo adjustable IO loan rates are also averaging at 3.85 percent.

7 year jumbo interest only adjustable rates are averaging 4.24 percent, down from last week’s average jumbo 7 year home loan rate of 4.28%. Current 7 year jumbo adjustable interest-only rates are also averaging 4.24  percent.

Today's Home Equity Loan Rates


10 year home equity loan rates are averaging 6.77 percent, unchanged from last week’s average home equity loan rate.

15 year home equity rates are averaging 6.87 percent, unchanged from the prior week’s average home equity loan rate.

Current HELOC Rates


Home equity line of credit rates are averaging 4.95 percent, unchanged from last week’s average rate HELOC rate.

 
 
Author: Brian McKay
June 3rd, 2011