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Mortgage Rates Decline Again This Week: Average 15 Year Rate Under 3.00%
 

Mortgage Rates Decline Again This Week: Average 15 Year Rate Under 3.00%

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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

  • Conforming 30 year mortgage rates are currently averaging 3.83 percent, down from the prior week's average rate of 3.87 percent.

  • Conforming 15 year mortgage rates are averaging 2.96 percent, down from the previous week's average rate of 3.04 percent.

  • 5 Year conforming adjustable mortgage rates are averaging 3.09 percent, a decline from last week's average rate of 3.13 percent.

  • 30 year jumbo mortgage rates are averaging 4.26 percent, down from the prior week's average jumbo rate of 4.34 percent.

  • Current 15 year jumbo mortgage rates are averaging 3.80 percent, down from the previous week's average 15 year jumbo rate of 3.86 percent.

  • Today's mortgage rates on 5 year jumbo adjustable loans are averaging 3.65 percent, a decline from the previous week's average adjustable jumbo rate of 3.71 percent.


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

 
Author: Brian McKay
September 30th, 2015