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Mortgage Rates Decline: 30 Year Mortgage Interest Rates Today Averaging 3.45%
 

Mortgage Rates Decline: 30 Year Mortgage Interest Rates Today Averaging 3.45%

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Declining Treasury yields has sent mortgage rates today on 30 year conventional loans down to 3.45 percent, a decline from yesterday's average 30 year mortgage rate of 3.48 percent. Average rates have been treading lower for several weeks know as the Federal Reserve buys $85 billion a month in mortgage-backed securities (MBS) to drive rates lower.

This morning the Mortgage Bankers Association released their Weekly Application Survey showing a decline in average mortgage rates this week and a decline in applications for home loans. The decline in mortgage applications is expected during the Thanksgiving Holiday shortened week. Average fixed conforming 30 year conforming mortgage rates and average fixed jumbo mortgage rates were both lower this week over last week.

30 year conforming mortgage interest rates averaged 3.53 percent with 0.40 mortgage points for the week ending November 23, 2012, a decline from the previous week's average 30 year mortgage interest rate of 3.54 percent with 0.40 mortgage points. Fixed 30 year conforming rates are just above all-time record lows set recently and probably will make new lows before the end of 2012.

The Mortgage Bankers Association's Market Composite Index, which measures mortgage loan application volume, decreased 0.9 percent on a seasonally adjusted basis from one week earlier. The MBA's Refinance Index, which measures loan application volume for homeowners refinancing a loan, decreased 2 percent from the previous week.  The MBA's seasonally adjusted Purchase Index, which measures loan application volume for home purchases, increased 3 percent from one week earlier.

Overall refinances still make up 81 percent of all mortgage loan application volume as homeowners are taking advantage of record low refinance rates and refinancing their mortgage. Many homeowners have refinanced more than once over the past few years as average mortgage refinance rates continue to make new lows.

Home prices are finally starting to rise in most parts of the country so if you have looked into refinancing your loan but couldn't in the past because you didn't have enough equity in your home you should look into doing so again. The biggest upfront cost when refinancing is the home appraisal which is usually around $300 to $400 but if you do have enough equity in your home when you refinance you'll recoup the apprisal fee and all other fees in no time by paying less interest on your loan.

Current refinance rates today on 30 year conforming loans can be found as low as 2.875 percent with points in many states. If you're looking to refinance you can use our refi rates list for the state you live in and get a quick quote from many lenders. If you rather not pay points on a loan you can still find lenders qouting 30 year conventional refinancing rates today as low as 3.25 percent.

Average 30 year jumbo mortgage rates in the MBA survey for the week ending November 23, were at 3.75 percent with 0.31 mortgage points, a decline from the prior week's average 30 year jumbo mortgage rate of 3.76 percent with 0.40 mortgage points. Today's mortgage rates on 30 year jumbo loans can be found as low as 3.50 percent with points.

In the MBA survey this week, fixed 30 year FHA mortgage rates averaged 3.36 percent with 0.65 mortgage points, the average 30 year FHA mortgage rate remained unchanged from last week's average rate but the average points increased from 0.63 points. Current mortgage rates on 30 year FHA loans can be found as low as 3.00 percent with points depending on the state you live in.

Fixed conforming 15 year mortgage rates averaged 2.89 percent this week, unchanged from last week's average 15 year mortgage rate. Average points on 15 year conforming loans increased to 0.35 points, up from last week's average of 0.25 points. Currently you can get mortgage refinance rate quotes on 15 year loans as low as 2.375 percent with points.

Average 5 year adjustable mortgage rates in the MBA survey declined to 2.60 percent with 0.37 points, a decline from the prior week's average 5 year adjustable mortgage rate of 2.62 percent. If you're looking into getting an adjustable rate loan we have lenders quoting adjustable refinance rates as l

 

 
Author: Monica Harris
November 28th, 2012