Mortgage Rates Continue Freefall - 30-Year Average at 4.76%

30 Year Average Mortgage ratesAverage 30-year mortgage rates dropped to 4.76% according to BestCashCow/Informa data. That's down from the high of 5.20% in early April. Homebuyers and homeowners looking to refinance can thank the European debt crisis for the drop below 5%. European debt fears have sent a wave of cash into Treasuries, driving down the 10 year note. The 10 year note is the benchmark used to set 30 year rates and it is now bumping around at its low for the year.

Other mortgage rates have also come down. The 15-year fixed rate mortgage dropped to 4.22%, down from a 4.52% in early April. Five-year ARMs are at 3.72% versus 4.05% in early April.

What Does This Mean for Homebuyers?

I've been following actual rates, not just averages for a 30-year fixed rate loan in Massachusetts with 0 points ($200,000 loan) for the past four months. In April the rate shot up to 5.125%. Six weeks ago it was 4.875%. Five weeks ago it's 4.625%. Today, it remains at 4.625%. What has changed are the number of banks offering a 4.625% rate. Several weeks ago just one bank did with $1,995 in fees. Now several banks are offering this ratge and CapWest Mortgage is only charging $397 in fees.

View mortgage rates by state and zip code.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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Featured - 30 Year Fixed Mortgage Rates 2024

Lender APR Rate (%) Points Fees Monthly
Learn More
PenFed Credit Union
NMLS ID: 401822
6.312% 6.125% 1.00 $6,400 $1,945 Learn More
Tomo Mortgage, LLC.
NMLS ID: 2059741
6.493% 6.375% 0.63 $3,952 $1,997 Learn More
Mutual of Omaha Mortgage, Inc.
NMLS ID: 1025894
6.717% 6.625% 0.75 $3,039 $2,049 Learn More
New American Funding, LLC.
NMLS ID: 6606
6.831% 6.740% 1.00 $3,002 $2,074 Learn More