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30 Year Mortgage Rates Plunge to 3.67% Today
 

30 Year Mortgage Rates Plunge to 3.67% Today

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Fixed conforming mortgage rates on 30 year and 15 year mortgages hit new record lows today. Current 30 year mortgage rates plunged to 3.67 percent in the latest mortgage survey released this morning.

In Freddie Mac's Primary Mortgage Market Survey fixed 30 year mortgage rates averaged 3.67 percent with 0.7 points for the week ending June 7, 2012. A year ago the average 30 year mortgage rate was above 4.00 percent at 4.49 percent.

Today's mortgage rates on 15 year loans averaged an all-time low of 2.94 percent with 0.7 points for the week ending June 7, 2012. This is down from last week's record 15 year mortgage rate of 2.97 percent. If you have a 30 year loan you should really consider refinancing to a 15 year loan since 15 year refinance rates are at record lows.

Mortgage interest rates on both 30 year and 15 year conforming loans have declined for six consecutive weeks. Driving the declines have been lower bond yields on all the negative macro economic issues in the world.

Average adjustable mortgage rates in the survey were mixed this week. Current mortgage rates on 5 year adjustable loans averaged 2.84 percent with 0.7 points, unchanged from last week's average 5 year adjustable rate. Last year 5 year adjustable interest rates were above 3.00 percent at 3.28 percent.

Mortgage rates today on 1 year adjustable home loans averaged 2.79 percent with 0.4 points, up from last week's average 1 year adjustable rate of 2.75 percent. Last year at this time 1 year rates were slightly higher at 2.95 percent.

Author: Monica Harris
June 7th, 2012