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Mortgage Rates Make Another All-Time Low: Current Mortgage Rates on 30 Year Mortgages at 4.15% - CD Rates - Search for CD Rates Today
 

Mortgage Rates Make Another All-Time Low: Current Mortgage Rates on 30 Year Mortgages at 4.15%

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Mortgage rates hit an all-time low on 30 year mortgage loans. Current mortgage rates on 30 year loans averaged 4.15% with 0.7 mortgage discount points according to the most recently Primary Mortgage Market Survey released by Freddie Mac. Mortgage rates will fall even further this coming week since 10 year U.S. Treasury yields hit an all-time low of 2.02% this morning.

Find today's mortgage rates from several lenders by searching our mortgage rate list here: TODAY'S MORTAGE RATES.

15 year mortgage rates are lower this week but haven't hit an all-time low yet but probably will this coming week. Mortgage rates today on 15 year mortgages are averaging 3.36% with 0.6 mortgage points, down from the previous week's average 15 year mortgage rate of 3.50%.

Adjustable mortgage rates are also lower this week but haven't hit all-time lows. Mortgage rates currently on 5 year U.S. Tresury indexed adjustable mortgage rates are averaging 3.08% with 0.5 mortgage points, down from last week's average 15 year mortgage rate of 3.13%.

1 year U.S. Treasury indexed adjustable mortgage rates are averaging 2.86% with 0.5 mortgage points, down from last week's average 1 year adjustable mortgage rate of 2.89%.

The following quotes are from Frank Nothaft, vice president and chief economist, Freddie Mac.
"The Federal Reserve's policy statement last week and ongoing market concerns over the European debt market carried momentum into this week allowing all mortgage products in our survey to reach all-time record lows. For instance, 30-year fixed mortgage rates are now the lowest in over 50 years. In comparison, the Bureau of Economic Analysis estimated the average effective mortgage rate was about 5.3 percent on single-family loans outstanding during the second quarter of 2011.

"Not surprising, many homeowners took advantage of this low mortgage rate environment and have already refinanced their loans. The refinance share of applications averaged nearly 70 percent of all mortgage activity in the first half of this year, according to our survey. In addition, an increasing share of refinancing borrowers chose to shorten their loan terms during the second quarter, according to Freddie Mac's Quarterly Product Transition Report.

Author: Monica Harris
August 18th, 2011