Mortgage Rates Decline Again This Week: Average 15 Year Rate Under 3.00%
Mortgage rates are lower again this week, following 10 year bond yields lower. Both rates and yields are lower because of the sharp declines in equity markets across the globe. 15 year mortgage rates today are back below 3.00 percent, averaging 2.96 percent, down from last week's average rate of 3.04 percent.
10 year bond yield which rose towards 2.30 percent last week, are down to 2.07 percent today. We will probably see 10 year yields fall below 2.00 percent in the coming weeks if stock indexes continue to move lower. Lenders set mortgage rates based on long term bond yields, so we also expect mortgage rates to also decline.
Low mortgage rates are enticing home buyers back into the market. The U.S. Census Bureau and the Department of Housing and Urban Development reported New Home Sales increased 6 percent to 552,000 units in August, the highest level since February 2008.
Average Mortgage Rates September 29, 2015
The rates listed above are all average rates, there are many lenders quoting rates below the average. You can check on lender's rates in your state by searching the rate lists by going to MortgageRates.RatesORama.com
RatesORama.com Average Mortgage Rates