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Mortgage Refinance Applications Higher on Lower Current Mortgage Rates Today
 

Mortgage Refinance Applications Higher on Lower Current Mortgage Rates Today

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Already low mortgage rates have just gone even lower today as 10 year Treasury yields hit a record low of 1.39 percent. Since mortgage rates are tied to bond yields when yields fall mortgage rates follow lower. Average current mortgage rates today on 30 year home loans tied an all-time record low of 3.74 percent in the Mortgage Bankers weekly mortgage application survey.

Today's mortgage rates on 30 year home loans at 3.71 percent are even lower this the MBA's survey. Average rates continue to hit record lows week after week in 2012 but the housing market is still struggling as new home sales fell 8.4 percent in June, the largest drop since early last year.

A housing recover is happening but the pace is very slow and the recovery is still on shaky ground since the economic recovery is still on shaky ground.

Although the housing market is still recovering record low refinance rates is causing demand for refinance loans to sky rocket. These days refinance loans make up the lion's share of all mortgage applications. In this past weeks survey refi loans made up 81 percent of all mortgage loans.

Mortgage rates current on 15 year conforming loans hit a record low in the MBA's survey. Average 15 year mortgage rates today are at 3.07 percent, down from the previous week's record low of 3.12 percent.

15 year mortgage rates are even lower today averaging 3.03 percent. This past week's Freddie Mac had average 15 year mortgage rates below 3.00 percent for the eighth consecutive week at 2.83 percent.

If you're looking for a low mortgage rate or refinance rate you can search our rate lists to find the best rates around. You don't have to provide any personal information to view a list of rates in your state.

Author: Robert Till
July 25th, 2012