Mortgage rates pulled back again this week after digesting the most recent round of economic news and the near term financial outlook.  The sputtering U.S. economy and the precarious situation with over indebted sovereign nations has persisted on keeping a cap on interest rates and mortgage rates. 

Domestic and foreign investors continue to pour money into bonds and bond funds which has the effect of pushing bond prices higher and interest rates lower.  The safest and most secure interest rate bearing assets generally absorb the greatest investment dollars when uncertainty prevails.  U.S. Treasury securities and mortgage bonds are the biggest beneficiaries when it comes to secure yields.  By the time the week came to a close, U.S. mortgage bond prices increased and U.S. mortgage rates had retreated by a modest amount.

Mortgage rates on Friday July 15 had decreased on short term mortgage loans, long term mortgage loans, FHA loans and jumbo loans. 

Based on the most recent mortgage rate survey, the average 30 year mortgage rate from the top ten bank mortgage lenders dropped by eight basis points or 8/100’s of a percent to 4.615 percent.  The rate on the 15 year mortgage loan also dropped by eight basis points, dipping to an average rate of 3.742 percent.

The shortest term mortgage product in the weekly survey, ten year term mortgage, was knocked down by just four basis points to an average rate of 3.583 percent.  The midterm, 20 year mortgage, was lower by 10 basis points which moved the average 20 year mortgage rate to 4.363 percent at week’s end. 

FHA mortgages gave up ten basis points on the week.  The average 30 year FHA mortgage rate now stands at 4.425 percent.  3o year jumbo mortgage rates were down by 11 basis points for the second consecutive week pushing the average rate to 4.874 percent.

To see 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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