Mortgage Rates Today Drop as Treasury Yields Tumble on FOMC Minutes
U.S. Treasury yields have falling sharply the past several days ever since the Federal Open Market Committee (FOMC) released the minutes from the most recent meeting. In the minutes several Fed Governors expressed concern that unless strong economic numbers are released in the near future the Fed will have to act to stimulate the economy.
The only arsenal left the Fed has is to force Treasury yields lower. 10 year bond yields have fallen from a high of 1.82 percent to a 1.64 percent. This has forced average mortgage rates lower as well. Mortgage rates today on 30 year conforming loans are down 13 basis points to 3.55 percent.
Currently on our mortgage rates and refinance rates list there are many lenders offering 30 year conventional mortgage rates below the averages. Right now on our refinance rates list in Nevada there are lenders offering 30 year rates as low as 3.13 percent.
Average 15 year mortgage rates have also fallen considerably the past couple of days. Current mortgage rates on 15 year conforming loans are averaging 2.90 percent, down from an average 15 year mortgage rate of 2.98 percent.
If you live in the state of California there are lenders on our CA rates list offering 15 year mortgage rates well below the average of 2.90 percent. Right now one lender Amerisave is offering 15 year refinance rates at an incredibly low rate of 2.38 percent with 1.88 mortgage points.
Average jumbo mortgage rates have also come down the past couple of days after several week's of higher rates. Today's mortgage rates on 30 year jumbo mortgage loans are averaging 4.24 percent, down from an average 30 year jumbo mortgage rate of 4.25 percent.
Average jumbo mortgage interest rates will decline more in the coming days. In fact, all average rates will fall as bond yields keep moving lower. Right now there are lenders on our rate list offering 30 year jumbo mortgage rates below the average. In Texas, Citi is listed with 30 year jumbo refi rates at 3.38 percent with zero points, what a great deal!
Mortgage rates current on 15 year jumbo mortgages are averaging 3.44 percent, a decline from an average 15 year jumbo mortgage rate of 3.48 percent.
Currently on our 15 year jumbo mortgage rate list for the state of New York there are lenders offering lower rates. Emery Federal Credit Union is offering 15 year refinance rates at 3.00 percent with 1 mortgage point, another great deal.
Short term adjustable mortgage rates have also come down considerably over the past couple of days. Current mortgage rates today on 5 year conforming adjustable loans are averaging 2.87 percent, down from an average 5 year adjustable mortgage rate of 2.94 percent.
Current 5 year adjustable mortgage interest rates and 5 year refi rates can be found below the average. Right now on our 5 year rate table for the state of New Jersey there are lenders offering 5 year refi rates at 1.75 percent.
5 year adjustable jumbo mortgage rates today are averaging 2.82 percent, down from an average 5 year adjustable jumbo mortgage rate of 2.98 percent. Right now on our 5 year jumbo adjustable rate list for the state of Florida, Third Federal Savings and Loan is offering jumbo rates at 2.24 percent with 1 mortgage point.
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