Mortgage Rates Decline for Third Consecutive Week

New York, NY, July 6, 2009--Mortgage rates declined again this week, the third consecutive week of declines, according to Monitorbankrates.com.

The average rate on a  fixed 30-year mortgage rate is currently at 5.40 percent, down from the high of 5.70 percent set June 15, and down from the prior week’s average rate of 5.48 percent.

Housing price declines have slowed recently because of lower rates on mortgage loans and the decline in home prices over the past couple of years. Home prices in some states have declined over 40 percent from the housing peak.

Rates on 15-year fixed rate mortgages also declined this week,wit an average rate of 4.87 percent, down from the previous week’s average rate of 4.93 percent.
Refinance Rates

Jumbo mortgage rates were also down by a wider margin than conforming mortgages this past week.  Fixed 30-year jumbo mortgage rates are currently at 6.33 percent, down from the prior week’s average mortgage rate of 6.51 percent. Fixed 15-year jumbo mortgage rates are back down under 6.00 percent at 5.92 percent, down from last week’s average rate of 6.05 percent.