Mortgage rates edged just slightly lower into the third week of August.  The current rate change in the mortgage market may not get consumers running to their local mortgage lender but this latest rate reduction follows a long run of slightly lower mortgage rates week after week this summer.  With another slowdown in the housing sector coming upon us and other economic stories grabbing the headlines, it seems as though no one is paying attention to the fall mortgage rates have taken this summer.

Mortgage rates were propelled lower recently due to rising geopolitical tensions and weaker economic data coming from overseas markets.  These factors help explain the current rate reductions as investors put money in US based fixed securities for safety and security purposes but this is not the only reason for falling borrowing costs.  Mortgage rates have descended on and off throughout 2014 as world markets and events have ebbed and flowed.

The average 30 year mortgage rate coming from the nation’s top mortgage lenders has dipped to 4.188% based on the most current survey of bank mortgage rates conducted by on August 22, 2014.  To put this number in perspective, the average 30 year mortgage rate at the leading bank mortgage lenders was 4.704% at the end of last year.

The average annual percentage rate, which includes the note rate for the loan as well as the points charged, for 30 year fixed rate jumbo mortgage loans dropped to a hair over four percent.  Rates on jumbo home loans or, those that exceed the conforming loan established by FNMA and FHLMC fell to 4.078%.

The average 30 year FHA mortgage rate barely moved during the most recent survey.  The FHA home loan average rate was 3.970%.

Shorter term mortgage rates all drifted marginally lower.  The most popular short term loan, the 15 year fixed rate mortgage, slipped to 3.386%.  20 year mortgage rates at the top lenders across the nation declined to 3.931%.  The less common but highly affordable, 10 year mortgage rate, went down to just over three percent to 3.092%.

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