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Conventional Mortgage Rates Make Record Lows Again!
 

Conventional Mortgage Rates Make Record Lows Again!

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Conventional mortgage rates have made yet another record low this past week. Another startling fact is fixed conventional 30 year mortgage rates have matched or made new all-time record lows in 10 out of the past 11 weeks. Mortgage rates today are lower because a weak consumer confidence report was released sending Treasury yields lower.

Current mortgage rates on 30 year conventional mortgages are averaging 3.62 percent with 0.8 discount mortgage points for the week ending July 5, 2012 in Freddie Mac's Primary Mortgage Market Survey. Average fixed 30 year loan rates are down from the previous week's average 30 year mortgage rate of 3.66 percent. Today's mortgage rates on 30 year loans are even lower averaging 3.59 percent.

Fixed conventional 15 year mortgage rates which were already incredibly low made another record low for the week ending July 5, 2012. 15 year mortgage rates currently are averaging 2.89 percent with 0.7 discount mortgage points. This is lower from the previous week's average 15 year mortgage rate of 2.94 percent.

Today's mortgage rates on 15 year conventional loans are even lower averaging 2.86 percent. Who would have ever though 15 year mortgage interest rates would ever be this low. If you have a 30 year loan you should think about refinancing to a 15 year loan since 15 year refinance rates are so very, very low these days.

Adjustable mortgage rates on 5 year conventional loans averaged 2.79 percent with 0.6 discount mortgage points for the week ending July 5, 2012. The average 5 year adjustable mortgage rate is unchanged from last week's average 5 year adjustable rate. Mortgage rates current on 5 year adjustable loans just made a new low at 2.75 percent.

1 year adjustable mortgage rates also hit an all-time record low average rate for the week ending July 5, 2012. 1 year adjustable mortgage interest rates averaged 2.68 percent with 0.5 discount mortgage points. This is lower from the prior week's average 1 year adjustable mortgage rate of 2.74 percent. Mortgage rates todays on 1 year adjustable loans also hit new lows averaging 2.64 percent.

Author: Monica Harris
July 6th, 2012