Mortgage Rates 06-16-16

By Lisa Robison Updated on 6/16/2016

Mortgage rates moved lower again today, mainly as a response to yesterday's move in MBS (mortgage backed securities).  We are now hitting even further into 3 year lows.  The last time we saw MBS lead rates into all time lows was back in 2012, for similar reasons.  The average mortgage originator is now quoting top-tier borrowers at 3.5% for a conventional 30 year fixed mortgage loan.  It is hard to say whether or not rates will move much lower, so it is a great time to lock from a homebuyer perspective.  Next week's vote on the anticipated Britain departure from the EU may bring some volatility.  Now is the time to take advantage of this bond-friendly trend.  Check back here tomorrow for the latest news in the mortgage world.  

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• 30 year (FRM) rates at 3.52% (-0.04%).
• 15 year (FRM) rates at 2.83% (-0.03%).
• FHA 30 year Fixed rates at 3.25% (+0.00%).
• Jumbo 30 year Fixed rates at 3.57% (-0.02%).
• 5/1 ARM rates at 2.94% (+0.02%).