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Current Mortgage Rates on 30 Year Conforming Loans Match Low, 15 Year Mortgage Rates Hit New Record Low
 

Current Mortgage Rates on 30 Year Conforming Loans Match Low, 15 Year Mortgage Rates Hit New Record Low

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As we expected this week average current mortgage rates matching and making new lows after the Federal Reserve announced a third round of easing to drive mortgage rates lower. Fixed conventional 30 year mortgage rates match a record low and 15 year conventional mortgage rates made a new record low in this week's mortgage survey released by Freddie Mac. Two strong housing reports released this week also give hope that the housing market has hit bottom in both home sales and home prices.

The Commerce Department announced that new housing construction rose 2.3% to a seasonally adjusted 750,000 in August. The National Association of Realtors (NAR) announced that existing home sales were up 7.8% to a seasonally adjusted rate of 4.82 million in August, July's number was 4.47 million and a year ago in August 2011 the number as 4.41 million.

The NAR also said that the median price of an existing home rose 9.5% from last year, the strongest yearly increase in more than six years! Obviously that price increase isn't sustainable but it takes me back to the go-go years of the housing boom. Alright, enough of my reminiscing about the boom and onto record low mortgage rates.

Average 30 year mortgage rates fell this week to 3.49 percent with 0.6 mortgage discount points, down from last week's average 30 year mortgage rate of 3.55 percent. Average 30 year mortgage interest rates matched an record low in this week's survey. You can also find lenders offering 30 year refinance mortgage rates well below the average. Refinance rates today on our 30 year rates list for the state of California can be found as low as 3.125 percent with points.

Fixed conventional 15 year mortgage rates today averaged 2.77 percent with 0.6 mortgage discount points for the week ending September 20, 2012. Average 15 year mortgage interest rates were down from the previous week's average rate of 2.85 percent. If you live in the state of New Jersey you can find 15 year refinance rates as low as 2.375 percent with points on our refinance rates tables. You probably can find 15 year rates in all states on our tables as low as 2.375 percent.

Conventional 5 year adjustable mortgage rates were higher in this week's mortgage rates survey. Average 5 year conventional adjustable mortgage interest rates were at 2.76 percent with 0.6 mortgage discount points, up from last week's average 5 year conforming adjustable mortgage rate of 2.72 percent.

Right now you can find 5 year adjustable refinance rates on our rate list well below Freddie Mac's average of 2.76 percent. If you're willing to pay mortgage discount points you can find 5 year adjustable refinance mortgage rates as low as 2.00 percent with points in the state of Florida.

In Freddie Mac's survey for the week that ended on September 20, 2012, average 1 year adjustable mortgage rates were unchanged at 2.61 percent. Average mortgage discount points on 1 year adjustable loans were at 0.4 points.

Author: Monica Harris
September 21st, 2012