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Today’s Low Mortgage Rates Don’t Entice Home Buyers

Today’s Low Mortgage Rates Don’t Entice Home Buyers

Today's low mortgage rates are not enticing home buyers back into the housing market. Although 30 year mortgage rates are around 4.25% the amount of people applying for a home loan decreased 9.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 26, 2011. 

Today’s mortgage rates on 30 year home loans are averaging 4.29%, down increase from yesterday’s average 30 year mortgage rate of 4.32%. 15 year mortgage rates are also lower today. 15 year mortgage ratescurrently are averaginag 3.47%, down from yesterday's average 15 year mortgage raet of 3.53%.

Low current mortgage rates might finally be bringing home buyers back into the market. The Standard & Poor’s/Case-Shiller home-price index that home prices increased in June from May in 19 of the 20 cities tracked by the index. Prices rose 3.6 percent in the April-June quarter from the previous quarter.

Current mortgage rates on jumbo mortgage loans are also lower today. 30 year jumbo mortgage rates today are averaging 4.68%, a decrease from yesterday’s average 30 year jumbo interest rate of 4.69%. 30 year jumbo mortgage rates have been under 5.00% for the entire month of August.

Mortgage rates current on 15 year jumbo loans are averaging 3.95%, a decrease from yesterday’s average 15 year jumbo mortgage rate of 3.97%. 15 year jumbo loan rates have been under 4.00% for the past several days.

Today's adjustable mortgage rates are mixed. Conventional adjustable mortgage rates on 5 year loans are averaging  5 year adjustable mortgage rates are averaging 3.11%, an increase yesterday’s average 5 year adjustable mortgage rate of 3.07%.

Adjustable jumbo mortgage rates on 5 year jumbo mortgages are averaging 3.22%, a decrease from an average 5 year jumbo mortgage rate of 3.24%.

Author: Monica Harris
August 31st, 2011