Mortgage rates hold at their low point for the year as the month of May has ended.  In fact, mortgage rates have remained very close to the best levels in nearly a year throughout May and going into June.  This past week, mortgage rates experience a brief uptick at week’s end but remained lower for the week overall.

Bond buying by in the U.S by institutions and the Fed combined with overseas bond buying has pushed world interest rates significantly lower over the past three months.  While sentiment at the onset of the year was generally calling for bank rates and mortgage rates to head higher, the new consensus view appears to have changes and the expectations now call for rates holding or moving lower.  Of course, the predictions at the start of the year have been clearly wrong.

The average 30 year mortgage rate in the most recent bank rate survey moved lower by just under five basis points or .05% week over week.  The average 30 year mortgage rate coming from the largest bank mortgage lenders across the nation dipped to 4.147% on May 30th from 4.195% in the week earlier. 

The mortgage rate survey is conducted weekly and evaluates the rates offered by the nation’s largest bank mortgage lenders across a wide spectrum of mortgage loan products. 

30 year FHA mortgage rates in this past week’s survey were down by almost as much as the 30 year conforming mortgage rates.  The average rate on a 30 year FHA mortgage loan was lower 5.5 basis points which pushed the average rate down to 3.908% from 3.963% in the previous week.    

Jumbo mortgage rates were not as kind to new home loan borrowers.  The interest rates found on the larger loans moved up ever so slightly on the week.  The average 30 year jumbo mortgage rate was boosted by 1.3 basis points which lifted the jumbo loan rate to 4.087%.

Short term mortgage rates were all lower on the week but, the magnitude of the rate savings were less than half that found in the 30 year loan products.  Between the 10 year, 15 year, and 20 year mortgages, the average rate was down by between one to two basis points.  15 year mortgage rates decreased by 1.3 basis points to end the week at 3.318%.  20 year mortgage rates were down by 1.4 basis points to 3.916% and the average 10 year mortgage rate drifted lower by less than one basis point to end the week just above the 3.0% threshold at 3.017%.

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated May 30, 2014 please see the following mortgage rate tables: 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates, all mortgage rates, and jumbo mortgage rates.

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