Refinance Rates Mixed as the MBA’s Refinance Index is Down 5 Percent
When refinance rates move higher refinance mortgage loan demand moves lower and that is exactly what happened this week. After hitting a series of record lows for most of 2012, average mortgage rates and refinance rates have moved up for the last three weeks.
During that time 10 year bond yields moved up 42 basis points from an all-time record low. Strong economic news along with subduded inflation data have sent bond yields and average 30 year refinance rates today higher.
In the Mortgage Bankers Assocation's Weekly Mortgage Survey average 30 year mortgage rates are up to 3.76 percent with 0.47 points for the week ending August 10, 2012. Average 30 year mortgage rates are unchanged from the previous week's survey but will be moving higher next week.
Average jumbo mortgage rates today are also higher this week but were lower in the MBA's survey. Current jumbo mortgage refinance rates are at 4.22 percent. In the MBA's survey average 30 year jumbo mortgage rates decreased to 4.03 percent with 0.27 mortgage points.
The average 30 year jumbo mortgage rate was down from last week' average rate of 4.04 percent with 0.35 points. If you're looking for jumbo refinance rates there are lenders offering 30 year jumbo refi rates below the averages on our rate table.
Current refinance rates on 30 year FHA loans are also higher today. In the MBA's survey the average 30 year FHA mortgage rate was at 3.53 percent with 0.49 mortgage points. Average FHA mortgage rates are down from last week's average of 3.54 percent.
Refinance rates today on 15 year conforming mortgage loans are at 2.96 percent. In the MBA's survey 15 year refinancing rates averaged 3.12 percent with 0.4o points, up from the prior week's average 15 year refinance rate of 3.08 percent with 0.41 points.
Today's refinance rates on our 15 year refi rates list can be found below the averages. Right now in Texas there are lenders offering 15 year conforming refinance rates as low as 2.75 percent with points.
Current adjustable refi rates on 5 year conforming loans are averaging 2.96 percent. Today's jumbo refinance rates are averaging 3.46 percent. In the MBA's survey 5 year adjustable mortgage rates averaged 2.73 percent with 0.36 points, up from an average 5 year adjustable mortgage rate of 2.72 percent with 0.40 points.
Right now on our 5 year conforming adjustable refinance rates list there are lenders offering rates below the average. In fact right now there is one Lender, Aimloan.com offering 5 year refinance rates as low as 1.88 percent depending on the state you live in.
Average Mortgage Rates