Mortgage Rates - Latest Data Reveal New Record Lows

The latest housing market data released by Bankrate.com in their weekly national survey indicated that mortgage rates across the United States remained at record low levels, with the rate for the average conforming 30-year fixed mortgage reported to be 4.5%, the average rate for 15-year fixed mortgages reported to be 3.94%, and the larger jumbo 30-year fixed rate being reported to be 5.16%. The latest figures for Adjustable Rate Mortgages were also reported to have dropped to new lows, with the average 5-year ARM being reported to be 3.68% and the average 7-year ARM being reported to be 3.91%.

Economic experts have attributed the record low mortgage rates to the expectation amongst investors that in its efforts to revive the economy, the Federal Reserve will resume quantitative easing-purchases of government bonds, which will result in even further reductions in market interest rates. The current record low mortgage rates are good news for first-time buyers who will benefit from these record low rates, as well as current homeowners who choose to refinance their existing mortgages, due to the substantial savings that they make due to refinancing at these record low rates. The last time mortgage rates were above 6 percent was almost 2 years ago, in November 2008.