The jumbo 30-year fixed mortgage rate fell to a new historic low of 4.68 percent, according to Bankrate.com’s weekly national research. The average jumbo 30-year fixed mortgage loan has an average of 0.4 discount and origination points.
According to Bankrate’s survey, the average conforming 30-year fixed mortgage inched lower to 4.24 percent while the 15-year fixed mortgage held stable at 3.48 percent. Adjustable rate mortgages were generally lower, with the (blank) 5-year ARM dropping to 3.18 percent and the 10-year ARM inching down to 3.8 percent.
Mortgage rates are very low, but based on the ultra-low levels of benchmark interest rates such as 10-year Treasury notes, mortgage rates could be even lower.
Since August, the European financial crisis has forced the spread between risk-free U.S. government bonds and those of various other bonds, such as mortgage-backed bonds, to the highest levels since the early spring of 2009. At that time, economic tensions were at a fever pitch, especially surrounding the well being of the U.S. banking system. This time, it’s Europe’s banking system in the crosshairs, but the result is much the same - a higher-than-typical cost of borrowing when compared to the rock-bottom government rates.
Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
According to Bankrate’s survey, the average conforming 30-year fixed mortgage inched lower to 4.24 percent while the 15-year fixed mortgage held stable at 3.48 percent. Adjustable rate mortgages were generally lower, with the (blank) 5-year ARM dropping to 3.18 percent and the 10-year ARM inching down to 3.8 percent.
Mortgage rates are very low, but based on the ultra-low levels of benchmark interest rates such as 10-year Treasury notes, mortgage rates could be even lower.
Since August, the European financial crisis has forced the spread between risk-free U.S. government bonds and those of various other bonds, such as mortgage-backed bonds, to the highest levels since the early spring of 2009. At that time, economic tensions were at a fever pitch, especially surrounding the well being of the U.S. banking system. This time, it’s Europe’s banking system in the crosshairs, but the result is much the same - a higher-than-typical cost of borrowing when compared to the rock-bottom government rates.
Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.
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