Mortgage rates jumped higher this week as 10 year bond yields moved back over 2.00% sending current mortgage rates higher. Mortgage rates today on 30 year home loans are averaging 4.08% with 0.8 mortgage points for the week ending March 22, 2011 according to Freddie Mac. Today’s mortgage rates on 30 year loans are up from last week’s average mortgage interest rate of 3.92%.

30 year conforming mortgage rates have stayed under 4.00% for most of 2012. Recent positive economic news has sent bond yields higher, since most advertised mortgage rates are tied to bond yields mortgage rates have headed higher.

Fixed conforming 15 year mortgage rates are also higher in this week’s Primary Mortgage Market Survey. Mortgage rates current on 15 conforming loans are averaging 3.30% with 0.8 points, up from last week’s average 15 year mortgage rate of 3.16%.

Adjustable mortage rates on both 5 year adjustable loans and 1 year adjustable loans moved higher this week. Average 5 year adjustable mortgage rates are at 2.96% with 0.7 points, up from the previous week’s average adjustable rate of 2.83%. 1 year adjustable mortgage interest rates are averaging 2.84% with 0.6 points, an increase from last week’s average 1 year rate of 2.79%.

Although average mortgage rates increased this week the mortgage rates trend is stable rates for the foreseeable future. Even if rates do move higher they are so low now you still can get a good deal on a loan. Also remember that these average rates are just averages you can find mortgage rates or refinance rates even lower than these rates.

Here is an interesting video on Making Home Affordable information on refinancing even though mortgage rates today are higher:

Right now on our mortgage rate tables several lenders are offering mortgage rates lower than 4.08% for a 30 year loan. CapWest Mortgage is offering 30 year conforming rates at 3.97%. Seckel Capital is offer 30 year rates even lower at 3.92%.

To see what rates you can get on home loans just search the rate table on mortgageratescurrent.org. Just enter your loan amount, select the loan types and term, the state the home resides in and if the loan is for a purchase or a refinance.

Either way you get go wrong searching for rates these days. If you already own a home and have a mortgage that is 1.00% higher than current mortgage rates it makes financial sense to refinance. Chances are if your current loan as a rate (30 year loan) of 5.00% or higher it makes sense to refinance. That is as long as you plan to stay in your home long enough to recoop the refinance costs.