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30-Year Falls Below 4%

3.875% at par for 30-year fixed-rate mortgage

Aug. 10, 2011

By SAM GARCIA Mortgage Daily


portrait of Sam Garcia

As investors continue to shun Standard & Poor's warning on the U.S. debt, another fantastic day in the bond market has the 30-year mortgage quote under 4 percent.

On Tuesday, the yield on the 10-year Treasury closed at 2.20 percent, according to data from the Department of the Treasury.

Today, the 10-year yield is trading around 2.10 percent, based on market data from WSJ.com. At the same time, the price of the 10-year Treasury -- which moves up when the yield falls -- was 1 8/32 better.

Ever since the markets opened Monday, global economic concerns and S&P's downgrade on U.S. debt have had investors fleeing stocks and moving into the still-perceived safe haven of U.S. bonds. The market activity has driven down the yields that jittery investors are willing to accept so they can park their cash in U.S. Treasury bonds during the turmoil -- despite S&P's downgrade.

The indirect effect is to bring down the cost of borrowing for U.S. consumers.

A 30-year fixed-rate pricing quote for 30 days with no discount points on a $200,000 mortgage was 3.875 percent around noon on Wednesday.

Yesterday, a similar search came up with a 30-year rate at 4.00 percent with a quarter point discount.

Freddie Mac reports that the lowest level ever for the 30-year mortgage was 4.17 percent. That record was set during the week ended Nov. 11, 2010.

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