Mortgage Rates - Latest Survey Reveal Rates Fell To New Lows

The latest results of Bankrate.com’s weekly national survey indicate that interest rates for most mortgage products fell to record lows last week, with rates for the average 15-year fixed mortgage dropping to 3.85%, the larger jumbo 30-year fixed rate mortgage dropping to 5.10%, 5-year Adjustable Rate Mortgages dropping to 3.62% and 7-year Adjustable Rate Mortgages dropping to 3.86%. However, the average rate on the benchmark conforming 30-year fixed mortgage rate seemed to buck this trend according to the latest results of Bankrate.com’s weekly national survey, being recorded as having increased slightly to 4.47%.

For the most part however, mortgage rates are currently at record lows, which mean that homeowners could benefit in terms of significant savings on their monthly mortgage repayments by refinancing their mortgages, or could even opt to pay off their mortgages sooner, due to the lower interest rates. Although many people assume that mortgage rates will drop even further than the current record lows due to the announcement that Federal Reserve will probably resume a bond purchase program that will most likely involve interest rates dropping even further, some industry analysts argue that the issues surrounding the current foreclosure moratorium has resulted in significantly higher costs to lenders, which could very likely be passed on to future borrowers through increased interest rates.