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Average Mortgage Interest Rates Today Hit One More Record Low

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Average mortgage rates today hit one more record low in this past week's Primary Mortgage Market Survey released by Freddie Mac. Fixed conventional home loans are 30 year mortgages and 15 year mortgages both hit record lows for the week ending July 12, 2012.

With this week's record lows this makes 16 weeks in a row that 30 year mortgage rates remained below 4.00 percent. Today's 10 year bond yields are down another 6 basis points nearing a record low of 1.43 percent set several week's ago.

Since bond yields are once again lower this means mortgage rates today will move even lower tomorrow since mortgage interest rates are tied to bond yields. We'll probably see 30 year mortgage rates move below 3.50 percent this coming week.

15 year mortgage rates averaged 2.86 percent for the week ending July 12, 2012, down from the prior week's average 15 year mortgage interest rate of 2.89 percent. With this week's low all-time low on 15 year mortgage rates this makes 7 weeks in a row that 15 year mortgage rates are below 3.00 percent.

Today's mortgage rates on 15 year loans are even lower since bond yields have fallen. We will probably see 15 year mortgage rates which are at 2.79 percent today fall below 2.75 percent in the coming days. I don't know how many times I've said this but if you have a mortgage you should really consider refinancing since 15 year refinance rates are so very low these days.

In Freddie Mac's survey adjustable mortgage rates were mixed but today's adjustable mortgage rates are lower. 5 year conforming adjustable mortgage rates are averaging 2.74 percent for the week ending July 12, 2012. This is down from the last week's average 5 year adjustable refinance rate of 2.79 percent.

Current 5 year adjustable interest mortgage rates are at 2.71 percent and thanks to falling bond yields we will probably see 5 year adjustable rates move below 2.65 percent.

Average 1 year adjustable mortgage rates were at 2.69 percent for the week ending July 12, 2012. This is up from the July 5th average of 1 year adjustable mortgage rate of 2.68 percent. Mortgage rates currently on 1 year adjustable loans are down averaging 2.65 percent. 1 year adjustable rates will probably move below 2.60 percent this week.

Author: Monica Harris
July 16th, 2012