Mortgage Rates Will Fall Further as Bond Yields Tumble to One Year Lows

Mortgage rates, which are already near record lows, will fall further in the coming days because of tumbling 10 year U.S. Treasury yields. 10 year bond yields are down another 9 basis points today to 1.65 percent. At the end of 2015, yields were around 2.30 percent.

During the same period, average 30 year mortgage rates have fallen from 3.90 percent down to today's average rate of 3.67 percent. The lowest quoted 30 year mortgage rates available on our rate list today are at 3.25 percent with 1 mortgage point. By the end of the week, average 30 year rates will fall towards 3.50 percent and the lowest quoted rates will be around 3.125 percent.

Average 15 year mortgage rates are currently at 2.80 percent, a decline from the prior week's average 15 year rate of 2.88 percent. The lowest quoted 15 year refinance rates on our rate list are at 2.50 percent with 2 mortgage points and at 2.625 percent with no points.

30 year jumbo mortgage rates today are averaging 4.09 percent, a decline from the previous week's average 30 year jumbo rate of 4.19 percent. The lowest 30 year jumbo refinance rates on our rate list are below the average at 3.125 percent with 1.10 points and at 3.50 percent with no points.

Today's mortgage rates on 15 year jumbo loans are averaging 3.73 percent, down from last week's average 15 year jumbo rate of 3.85 percent. The best 15 year jumbo refinance rates on our rate list are about 1.00 percent lower than the average at 3.75 percent with no points.

Loan Type
Purchase    Refinance
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Loan Amt Points FICO % Down
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Author: Brian McKay
February 24th, 2016