Mortgage Rates are Down Again. 30 Year Fixed Mortgage Rates are Now Available as Low as 4.75 Percent with Zero Buy Down Points.

30 year fixed mortgage rates descended to the rare mark of 4.75 percent this afternoon following a decline in the benchmark 10 year treasury yield. The yield, which drives current mortgage rates fell to a 3 1/2 month low today closing at 3.30. Analysts now predict the yield will reach 3.00 before the end of the year.

The yield and mortgage rates were driven down this afternoon as investors continued to favor bonds in fear the stock market gained too much too quickly as signs of economic stabilization surfaced throughout August.

Our research of wholesale mortgage lender's rate sheets shows today's 30 year fixed mortgage rates as low as 4.75 percent with zero buy down points. 15 year fixed mortgage rates are available as low as 4.25 percent with zero buy down points. 5/1 ARM mortgage rates are available as low as 3.75 percent with zero buy down points. Today's mortgage rates are accurate as of this afternoon and include normal points and fees. Buy down points are additional points paid to lower the interest rate. Some lenders have not yet adjusted their rates to reflect this afternoon's improvement.