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30 Year Mortgage Rates Fall Back Below 4.00 Percent
 

30 Year Mortgage Rates Fall Back Below 4.00 Percent

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Higher mortgage rates that were supposed to come in 2015 have yet to materialize. Average 30 year mortgage rates have fallen back below 4.00 percent this week, far below where rates were forecast to be this time of year. 30 year rates were forecast to be between 4.50 percent and 4.75 percent in the third quarter of 2015.

The decline in global equity markets, including a 8 percent decline in Chinese stock prices last Monday, is the reason for the decline. The classic flight to quality drove U.S. Treasury yields down nearly 5 basis points, sending average 30 year mortgage rates down 8 basis points.

Average Mortgage Rates August 2 201530 year mortgage rates today are averaging 3.97 percent, a decline from last week's average 30 year mortgage rate of 4.05 percent. The lowest 30 year refinance rates quoted by lenders on our rate list are at 3.75 percent with 1 mortgage point. The lowest refinance rate without points is still under the average at 3.875 percent.

Mortgage points allow a borrower to get a lower mortgage rate by paying money upfront. 1 mortgage point is equal to one percent of the loan amount.

Current mortgage rates on 15 year conforming loans are averaging 3.05 percent, down from last week's average 15 year mortgage rate of 3.11 percent. The lowest 15 year conforming refinance rates on our rate list for California are considerably lower than the average. The best rate with points is at 2.625 percent and the best rate without points is at 2.875 percent.

Today's mortgage rates on 30 year jumbo loans are averaging 4.28 percent, a decline from the previous week's average 30 year jumbo rate of 4.35 percent. The lowest 30 year jumbo refinance rates available on our rate list for Maryland are at 3.625 percent with no points.

Average 15 year jumbo mortgage rates are at 3.86 percent this week, down from an average of 3.94 percent last week. The best 15 year jumbo rates available on our rate list for Connecticut are currently at 2.99 percent with 1.125 points. The lowest 15 year rate without points is at 3.125 percent.

Conventional 5 year adjustable mortgage rates are averaging 3.06 percent, down from an average rate of 3.10 percent last week. The lowest 5 year adjustable refinance rates available on our rate list for Texas are at 2.50 percent with no points.

Jumbo 5 year adjustable rates are also down this week averaging 3.52 percent, a decline from last week's average of 3.58 percent. The best 5 year jumbo rates available on our rate list for Colorado are at 2.50 percent with 1.10 percent. The best rate without points is still way below the average at 2.75 percent.
Author: Brian McKay
August 2nd, 2015