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Jumbo Mortgage Rates Fall To Record Lows
The jumbo 30-year fixed mortgage rate fell to a new historic low of 4.68 percent, according to Bankrate.com’s weekly national research. The average jumbo 30-year fixed mortgage loan has an average of 0.4 discount and origination points.According to Bankrate’s survey, the average conforming 30-year fixed mortgage inched lower to 4.24 percent while the 15-year fixed mortgage held stable at 3.48 percent. Adjustable rate mortgages were generally lower, with the (blank) 5-year ARM dropping to 3.18 percent and the 10-year ARM inching down to 3.8 percent.Mortgage rates are very low, but based on the ultra-low levels of benchmark interest rates such as 10-year Treasury notes, mortgage rates could be even lower.Since August, the European financial crisis has forced the spread between risk-free U.S. government bonds and those of various other bonds, such as mortgage-backed bonds, to the highest levels since the early spring of 2009. At that time, economic tensions were at a fever pitch, especially surrounding the well being of the U.S. banking system. This time, it’s Europe’s banking system in the crosshairs, but the result is much the same - a higher-than-typical cost of borrowing when compared to the rock-bottom government rates.Bankrate’s national weekly mortgage survey is conducted each Wednesday ... more
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