Mortgage Rates Continue to Decline

Just when you thought they couldn’t get any lower, mortgage rates declined again setting lows for 9 of the past 10 weeks.  Freddie Mac reported the 30 year rate to average 4.36%, down .7% from a week ago. The 15 year rates averaged 3.86%, down .04%.  The 5 year ARMs are at 3.56%, which is tied for the lowest recorded by the GSE.

The Bankrate average for the 10 largest banks and savings and loans this past week was 4.59 for 30 year fixed rate loans, down from 4.63 the previous week. The 15 year rate for these large lenders was 4.08, down .03 point from the week before.  Jumbo loans are at a record low of 5.22%. The Bankrate number for 5 year ARMs was 3.85%.