Current mortgage rates are improving thanks to this week's government bond auctions. Bond auctions good or bad effect treasury yields which in turn effect mortgage rates. The 10 year treasury yield continues to be the leading indicator for 30 year fixed mortgages. 30 year mortgage rates while reported at an average as high as 5.5% are being offered as low as 5.125% with zero buy down points. 15 year fixed mortgages have improved slightly and are current at 4.5%. 15 year mortgages were as low as 4.25% with zero buy down points last week. The outlook for mortgage rates this week is good. Check out this entertaining mortgage rate prediction by the self proclaimed mortgage psychic.
FHA mortgage rates and conforming jumbo loans follow this yield and as a result this report applies to them as well. Super Jumbo Loans do not follow treasury yields.
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