Mortgage Rates Break Record Lows Again: 30 Year Mortgages @ 4.54%, 15 Year Mortgage Rates @ 4.00%

Mortgage rates broke record lows again this week. This is the sixth consecutive week fixed mortgage rates eased to record lows. Fixed conforming 30 year mortgage rates and fixed conforming 15 year mortgage rates have hit all-time lows in this week's Primary Mortgage Market Survey released by Freddie Mac.  

Mortgage rates will stay at these low levels for the foreseeable future and might even head lower if we head into a deflationary period. James Bullard, president of the Federal Reserve Bank of St. Louis, was on CNBC Friday morning and had some interesting comments about inflation and monetary policy.  He told CNBC the Federal Reserve should have a "significant quantitative easing if deflationary expectations in the U.S. continue. "

He also said "when you get below a certain inflation rate you have to get off interest-rate targeting, adding that the Fed's policy should turn more towards quantitative easing — a policy where central banks increase the money supply through other means than interest rates, such as buying government debt "

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

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The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

5.353%

15-Year Fixed

5.125%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$3,190 /mo

Next >

NMLS #2059741

5.519%

15-Year Fixed

5.375%

$3,760

Includes 0.940 points for $3,760

Lender Fees: $0

$3,242 /mo

Next >

NMLS #401822

5.554%

15-Year Fixed

5.250%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #1025894

5.634%

15-Year Fixed

5.490%

$3,760

Includes 0.765 points for $3,060

Lender Fees: $700

$3,267 /mo

Next >

NMLS #6606

5.884%

15-Year Fixed

5.740%

$3,732

Includes 0.933 points for $3,732

Lender Fees: $0

$3,320 /mo

Next >

NMLS #1835285

6.266%

30-Year Fixed

6.125%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.371%

5-Year ARM

6.250%

$5,112

Includes 0.778 points for $3,112

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #2059741

6.468%

30-Year Fixed

6.375%

$3,896

Includes 0.974 points for $3,896

Lender Fees: $0

$2,496 /mo

Next >

NMLS #1025894

6.582%

30-Year Fixed

6.490%

$3,856

Includes 0.789 points for $3,156

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.715%

30-Year Fixed

6.625%

$3,708

Includes 0.927 points for $3,708

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.746%

30-Year Fixed

6.625%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #3030

6.784%

15-Year Fixed

6.625%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,512 /mo

Next >

NMLS #3030

7.476%

30-Year Fixed

7.375%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,763 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

Buying government debt will help keep Treasury yields low which will keep mortgage rates low since mortgage interest rates are tied to Treasury yields.

Fixed conforming 30 year mortgage rates are averaging 4.54 percent for the week ending July 29, 2010, down from the prior week's average 30 year mortgage rate of 4.56 percent. Mortgage discount points on 30 year mortgages averaged 0.7 points, no change from the prior week's average.

15 year mortgage rates could break 4.00 percent next week if mortgage rates continue to head lower. Conforming fixed 15 year mortgage rates are averaging 4.00 percent for the week ending July 29, 2010, down from the previous week's average of 15 year mortgage rate of 4.03 percent. Mortgage discount points average 0.7 points.

5 year Treasury indexed adjustable mortgage rates are averaging 3.76 percent for the week ending July, 29, 2010, down from the prior week's average 5 year adjustable mortgage rate of 3.79 percent. Mortgage discount points averaged 0.7 points.

1 year adjustable mortgage rates are down to 3.64 percent for the week ending July 29, 2010, down from the previous week's average 1 year adjustable mortgage rate of 3.70 percent.