Palm Beach, Florida - Mortgage rates fell this week to the lowest level of the year, as rates on government securities declined. Fixed mortgage rates closely run on track with how interest rates are paid on long-term Treasury bonds.
The average rate on a 30-year fixed-rate mortgage fell to 4.93 percent, from 5 percent a week earlier. It was the lowest level since mid-December, when rates averaged 4.81 percent.
The drop came as many Investors shifted money from risky European debt to what they feel as safer, U.S. securities. Bond yields fell as a result, and that lowered mortgage rates, which helps Palm Beach Jumbo Mortgage rates.
The average fixed rate dropped to a record low of 4.71 percent last year. This week, the average on a 15-year fixed-rate mortgage was 4.3 percent, down from 4.36 percent. Rates on five-year, adjustable-rate mortgages averaged 3.95 percent, down from 3.97 percent
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Friday, May 14, 2010
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