Published Mortgage Rates Update – Record Low Rates Continue

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The weekly mortgage rate keeps buyers and sellers updated on what's happening with mortgage interest rates across the U.S. The in-depth report provides details on what’s affecting today's mortgages - current average rates, the latest economic activity and forecasts for what's likely to happen in the mortgage market.

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The record low mortgage interest rates continue on. This week’s mortgage report has good news for buyers. Despite renewed concerns over inflation, interest rates continued their downward trend this week. The 30-year fixed rate mortgage fell by 3 basis points this week and the 15-year fixed rate fell 5 basis points.

Current interest rates are:
         4.02% - average rate for a 30-year fixed rate mortgage
         3.20% - average rate for a 15-year fixed rate mortgage

Last weeks underwhelming economic reports likely had a lot to do with the rate drops, even as inflation inched upward. Despite our less than stellar news, economic matters are much more shaky in Europe which is keeping investors interested in U.S. Treasuries and mortgage backed securities.

This week there isn’t as many influential economic reports – stocks and Europe are like to have more of an affect on rates next week. Below is n overview of this week's most important economic reports.

  •         Thursday: Initial Jobless Claims
  •         Thursday: Consumer Sentiment report for May
  •         Friday: Producer Price Index (PPI)

The results of the Producer Price Index will likely quiet talk of increasing inflation for at least a while. Experts predicted there would 0.2% rise, but the report found a 0.2% decline. There was more good news in the Consumer Sentiment index, which climbed to 77.8. That’s the highest it’s been in more than 4 years.

The Initial Jobless Claims report was also positive this week showing fewer people were on unemployment benefits was down 1,000 to 367,000.

The mortgage team is predicting that mortgage rates will stay flat this coming week for 30 year fixed-rate mortgages and will possibly drop 1 to 2 basis points for 15 year fixed-rate mortgages.

To find more information on mortgage rates, new home listings and real estate agents, please visit:

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Ace Elliott
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