Got to love intervention in the market place, no such thing as a free market what so ever as 30 year mortgages continue to plummet to help everyone still holding onto a house get some bit of relief. You can thank bubble ben bernanke and the magic tricks he pulls out of his large hat for these beautiful low interest rates. He thinks by creating lower rates it will create more demand for housing as well as the chance for millions to go refinance at a lower rate to throw more money that their not spending in mortgages back into the ever slowing economy. Because that's the way bubble ben bernanke thinks is going to save the economy from falling apart. This might be good for people buying houses now but once this pathetic nonsense stops and rates start to finally push higher you will see the negative impact on real estate moving out over the next 10 years or so. This isnt the way to place a bottom in housing, the real way is to let the markets decide where the bottom is, the more intervention within the market place the more fucked this economy gets moving forward, once again thank you bubble ben bernake, you really know how to prop up a failing economy. Record Low 30 Year Mortgage Rates Posted by dianesteele on Oct 7 2010 Protest against the Federal Reserve in Minneap... Record Low 30 Year Mortgage Rates Image by Wikipedia The average 30 year mortgage rate has stayed the same this week. This is in line with the record lows that have been recorded this week. The average rate stays at 4.5% according to Bankrate.comâs weekly national survey. The 30 year fixed mortgage retains an average of .36 discount and origination points. The average 15 year mortgage rate however went down to 3.94% and the jumbo 30 year fixed rate came down to 5.16%. Mortgage rates that are adjustable also hit new lows. The average 5 year ARM came down to 3.68% and the average 7 year ARM fell to 3.91%. The cause of the rates falling has been attributed to the Federal Reserveâs efforts to revive the economy and not because of poor economic data. The efforts of the Federal Reserve have been pushed by investors demand on the Reserve to continue quantitative easing of purchases of government bonds which will bring the rates even lower. Investors are now buying government debts which are bringing bond yields to record lows. Rates are known to move proportionally to yields on long term government bonds. This was not the case this week however. As at November 2008 the mortgage rates were above 6%. The average rate then was 6.33%. this is a significant reduction as loans of $200,000 now carries monthly payment of $1,013.37 instead of $1,241.86. Bankrateâs survey showed the following results: the 30 year fixed rate at 4.5%, the 15 year fixed rate at 3.96% and the 5/1 ARM at 3.68%. Bankrate does its national weekly surveys on Wednesdays from data that it takes from the top 10 banks and thrifts in the top 10 markets. The survey is normally complimented by the Bankrateâs weekly Trend Index in which experts forecast the rate figure for the next seven days.