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Current Mortgage Rates Drop to New All-Time Lows in Mortgage Survey
 

Current Mortgage Rates Drop to New All-Time Lows in Mortgage Survey

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There seems to be no end in sight as to how far current mortgage rates can drop to new all-time lows. In the most recent Mortgage Application Survey released by the Mortgage Bankers Association fixed conforming 30 year mortgage rates, 15 year mortgage rates and 30 year FHA mortgage rates all made new record lows. Since 10 year bond yields tumbled to new lows yesterday you can expect even lower mortgage rates today.

Fixed conventional 30 year mortgage rates averaged 3.91 percent with 0.46 mortgage points for the week ending May 25, 2012, down from the prior survey average 30 year mortgage rate of  3.93 percent with 0.39 mortgage points.

Since this is a trailing average 30 year rates have gone down further. Freddie Mac is scheduled to release their mortgage rate survey today and in the report I'm sure both 30 year and 15 year mortgage rates have made new record lows today.

Today's mortgage rates on 15 year home loans are averaging 3.23 percent with 0.39 mortgage discount points, the lowest point in history of the survey. This rate is down from the prior survey average 15 year mortgage rate of 3.26 percent with 0.42 mortgage points. 15 year mortgage rates current are even lower than 3.23 percent.

Mortgage rates currently on 30 year FHA home loans averaged 3.70 percent with 0.59 mortgage discount points, a new record low for FHA mortgage rates. This is down from the previous week's average FHA mortgage rate of 3.73 percent with 0.57 mortgage discount points.

Current jumbo mortgage rates were also lower in this week's survey but didn't make an all-time record low. Today's 30 year jumbo mortgage rates are averaging 4.23 percent with 0.40 mortgage discount points, down from the prior survey average jumbo mortgage rate of 4.25 percent with 0.42 mortgage discount points.

5 year adjustable mortgage rates today also made a brand new all-time low in the survey. Today's 5 year mortgage rates on adjustable loans are averaging  2.77 percent with 0.38 points, down from the prior survey average of 2.83 percent with 0.42 points.

All these record breaking low mortgage rates if you are thinking about buying a home or refinancing a loan you should do it today! As you can see from this report both mortgage rates and current refinance rates are at record lows and you can get rates even lower than the averages.

Author: Monica Harris
May 31st, 2012