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Average Mortgage Rates Fall Again, Just Above Record Lows
 

Average Mortgage Rates Fall Again, Just Above Record Lows

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Average mortgage rates have fallen again this past week and are just above record lows set a few months ago. Mortgage rates today declined on lower bond yields due to weaker than expected economic news. Average 30 year rates are at 3.39 percent, down from last week's average 30 year rates of 3.51 percent.

Average Mortgage Rates Fall Again, Just Above Record LowsIn this past week's Primary Mortgage Market Survey (PMMS) released by Freddie Mac, average 30 year rates declined to 3.41 percent with 0.7 mortgage points, down from the prior week's average rates of 3.43 percent. The all-time record low for conforming rates on 30 year loans in the Freddie Mac survey is at 3.27 percent.

These rates are average rates but you can find lenders quoting 30 year conventional mortgage rates below the averages. In our rate database, we have lenders in the state of California quoting 30 year refinance rates as low as 3.00 percent with 2 mortgage points. The lowest California refinance rates without points in our database right now are quoted at 3.125 percent.

Average 15 year mortgage refinance rates are at 2.63 percent, a decline from the previous week's average 15 year rate of 2.71 percent. In Freddie Mac's survey, the average 15 year rate fell to 2.64 percent with 0.7 points, down from the prior week's average rate of 2.65 percent. The best 15 refinancing rates in our database for the state of Texas can be found as low as 2.25 percent with 2 points. The lowest Texas refi rates without points are at 2.50 percent.

Conforming 5 year adjustable mortgage rates today are averaging 2.61 percent, a slight increase from last week's average 5 year adjustable rate of 2.60 percent. In last week's PMMS 5 year conforming rates averaged 2.60 percent with 0.5 points, down from the prior week's average of 2.62 percent.

We have lenders quoting 5 year adjustable mortgage refinance rates as low as 1.50 percent with points in our Florida database of lenders. The lowest 5 year adjustable refi rates without points in Florida are quoted at 2.00 percent. These 5 year adjustable rates are also available for most other states in our database.

Today's mortgage rates on 30 year jumbo mortgage loans are averaging 3.95 percent, a decline from an average 30 year jumbo rate of 4.01 percent the prior week. The lowest 30 year jumbo refinance rates in our database for the state of New York can be found at 3.125 percent with 2 mortgage points. The lowest 30 year jumbo rates without points in the state of New York are at 3.625 percent.

Mortgage rates currently on 15 year jumbo loans are averaging 3.45 percent, down from the prior week's average 15 year jumbo rate of 3.51 percent. The lowest 15 year jumbo refi rates in our database for the state of New Jersey can be found as low as 2.25 percent with 2 points and at 2.375 percent with no points.
Author: James Martin
April 22nd, 2013