US Mortgage Rates August 22, 2011
US mortgage rates diverged from the direction of Treasury rates over the past week. Mortgage rates in the U.S. decreased modestly for most all of the long term, fixed rate mortgage products and moved higher on all midterm and short term mortgage loan p[products. While mortgage rates displayed mixed results, Treasury rates moved lower across a broad spectrum of maturities. Generally, mortgage rates follow Treasury bond yields quite closely in the direction of rate changes.
30 year mortgage rates on conventional fixed rate home loans dropped ever so slightly this week as did 30 year FHA mortgage loans and 30 year jumbo loans while the 20 year term fixed rate loan, 15 year loan, and 10 year mortgage loan all moved higher with varying degrees of magnitude.
The average rate on the 30 year fixed mortgage decreased to 4.325 percent; based on the most recent survey performed by Selectcdrates.com of the top bank mortgage lenders. The average 30 year fixed rate mortgage is down just .003 percent from the prior week’s average rate of 4.328 percent.
The average rate on the 15 year mortgage loan increased by a small fraction this week. The average rate on the 15 year fixed rate mortgage moved up to 3.50 percent. The average rate in last week’s survey came in at 3.496 percent, a difference of only 0.004 percent.
Mortgage rates for the 20 year term home loan climbed by 1.4 basis points. The average rate on a 20 year fixed rate loan closed the week at 4.099 percent after sliding down to 4.085 percent in the prior week’s survey. One basis point is equal to 1/100th of a percent.
The ten year mortgage rates were elevated by 2.8 basis points. The moderate rate increase pushed the average 10 year mortgage rate to 3.361 percent from 3.333 percent in the week earlier.
The average rate on the 30 year term FHA mortgage gave up 1.3 basis points this past week. The average rate ion an FHA mortgage dipped to 4.175 percent after sliding down to 4.188 percent in the prior weekly mortgage rate survey.
Jumbo mortgage rates followed the rate movement of the other long term home loans and moved lower week over week. The rate cut in the jumbo mortgages was far larger than that of the other 30 year loans. The average rate for 30 year jumbo home loan jumped down by 12.4 basis points. The jumbo mortgage rate in this week’ survey came in at 4.588 percent.
The Selectcdrates.com mortgage rate survey collects data from the nation’s top bank mortgage lenders on Fridays. Average mortgage rates and the points charged by each lender for each loan product is collected and reported the following Monday.
The weekly U.S. mortgage rates survey performed by Selectcdrates.com on the top bank mortgage lender rates and home loan products includes 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 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.