Refinance Rates at New Record Lows Today

Already incredibly low refinance rates keep making new lows almost daily. Conforming 30 year refinance rates are averaging 3.66 percent today, down from the prior day's average 30 year refinance rate of 3.68 percent. In the coming days we'll probably see current refinance rates move lower since 10 year bond yields are currently 4 basis points lower.

The biggest factor in which direction average refinance rates head is the government's June's employment report scheduled to be released this Friday. If the jobs number is strong bond yields will head higher which will send mortgage rates and refinance rates higher.

We might see a strong number in Friday's report since ADP's National Employment Report for June, released this morning, showed the economy added a surprising 176,000 jobs in June.

Today's refinance rates on 15 year conforming loans are averaging 3.03 percent, down from yesterday's average 15 year refi rate of 3.05 percent. For three consecutive weeks in June average 15 year refinancing rates were below 3.00 percent. The record low 15 year rate was 2.94 percent set the third week of June.

Current jumbo refinance rates are averaging 4.26 percent, a decline from yesterday's average 30 year jumbo refi rate of 4.29 percent. Average 30 year jumbo refi rates are also just above a record low of 4.13 percent set in June.

15 year jumbo refinance rates are averaging 3.52 percent today, down from an average 15 year jumbo rate of 3.57 percent. In the coming days we'll probably see 15 year jumbo refi rates move back below 3.50 percent and possibly break through the all-time record low of 3.43 percent set in June.

Average adjustable refinance rates are also lower today. Current 5 year conforming adjustable refinance rates are at 2.72 percent, down from yesterday's average 5 year adjustable rate of 2.74 percent. Today's 5 year jumbo adjustable refinance rates are averaging 2.84 percent, a decline from yesterday's average 5 year jumbo refi rate of 2.85 percent.