Continuing reports regarding financial turmoil and the debt crisis weighing on Greece have kept a lid on interest rates in general and mortgage rates specifically for some time now.  Last week a new twist was added to the negative economic data that pushed mortgage rates even lower. 

The twist was the Federal Reserve’s announcement regarding a new program by the Federal Open Market Committee that was going to change the mix of their investment holdings, choosing to hold long term bonds over short term bonds and bills.  The plan, called the Twist by the investment community, hinges on the Fed selling short term bonds they hold and using those funds to buy long term bonds with the intention of pushing long term rates even lower.  Sure enough, it worked and mortgage rates reacted by diving lower. 

The cumulative results of negative economic news and the Fed’s Twist over the course of the week drove the 30 year mortgage rate in the weekly Selectcdrates.com mortgage rate survey down by 18 basis points or 18/100’s of a percent.  The average rate for a 30 year mortgage ended the week at 4.067 percent, down from 4.247 percent last week.

15 year mortgage rates in the weekly survey of the top ten bank mortgage lenders were reduced by just over seven basis points, tumbling down to 3.275 percent. 

The average 20 year mortgage rate moved fell six basis points putting the average 20 year rate under 4.00 percent once again.  The average rate for the 20 year mortgage ended the week at 3.957 percent.

The 10 year mortgage rate was also driven lower by six basis points over the week.  The average 10 year mortgage rate dropped to 3.214 percent from 3.281 percent up the week earlier.

Jumbo mortgage rates were depressed by slightly more than seven basis points.  The average 30 year jumbo home loan dipped to 4.463 percent.

30 year term FHA home loans sunk ten basis points.  The average FHA mortgage rate came in at 4.013 percent off from the prior week’s mortgage rate of 4.113 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates and the points charged by each bank mortgage lender on the last business day of the week and reports the results on the following Monday.

The weekly U.S. mortgage rates survey includes the mortgage rates and home loan products from a number of home loan lenders including Chase Bank mortgage rates, US Bank mortgage rates, Citibank mortgage rates, Bank of America mortgage rates, TD Bank mortgage rates, Wells Fargo mortgage rates as well as other top bank mortgage lenders.

To review a current list of the top bank mortgage lenders and mortgage rates by mortgage product in the weekly bank mortgage rate survey please see the following mortgage tables: 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.

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