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Mortgage Rates Higher on December’s Employment Report: 30 Year Mortgage Rates Today Averaging 3.40 Percent
 

Mortgage Rates Higher on December’s Employment Report: 30 Year Mortgage Rates Today Averaging 3.40 Percent

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A stronger than expect employment report for December sent average mortgage rates higher this week. This is the second consecutive week fixed conforming mortgage rates moved higher in the Primary Mortgage Market Survey released by Freddie Mac. Although average 30 year and 15 year mortgage rates are higher they are just off of record lows set back in late November 2012.

Current mortgage rates on 30 year loans are averaging 3.40 percent with 0.7 mortgage discount points for the week ending January 10, 2012. Average 30 year mortgage interest rates are up from the prior week's average rate of 3.34 percent. The record low 30 year mortgage rate in the PMMS was 3.31 percent set on November 21, 2012.

Today's mortgage rates on 30 year conforming loans are slightly lower averaging 3.36 percent and will probably make new record lows sometime in January. Right now you can find lenders quoting 30 year refinance mortgage rates well below the average rates. Right now on our 30 year refinance rates list for Florida you can find lenders quoting rates as low as 3.00 percent with points and at 3.25 percent with no points.

Mortgage rates today on 15 year conforming loans are also sightly lower than the average in this week's PMMS. Current mortgage rates on 15 year conventional loans are averaging 2.63 percent, lower than the average of 2.66 percent with 0.7 point in the PMMS. 15 year mortgage interest rates will make new lows in January, we'll probably see rates fall through 2.50 percent.

Currently there are home loan lenders quoting 15 year refinance rates below 2.50 percent across the United States. Right now the lowest 15 year rates available on our rate list for Texas are at 2.25 percent with 1.721 points from Amerisave. We also have a few other lenders quoting 15 year refinancing rates at or below 2.50 percent with points.

We also have one lender quoting 15 year refi rates at 2.50 percent with zero points. Depending on the state you live in and the credit score you select when searching our tables your results might vary but you will find some of the lowest rates on our tables. Texas the only state you can find lenders quoting 15 year rates as low as 2.25 percent. We also have lenders in California, Florida, New York and many other states quoting rates as low.

Back to Freddie Mac's survey this week, average 5 year adjustable mortgage rates bucked the trend and were lower this week. Average 5 year adjustable mortgage rates were at 2.67 percent with 0.7 mortgage discount points, down from the prior week's average 5 year adjustable mortgage rate of 2.71 percent. 1 year adjustable mortgage rates were higher averaging 2.60 percent with 0.5 points, up from an average 1 year adjustable rate of 2.57 percent.

There are many lenders quoting 5 year adjustable refinance rates on our rate tables well below Freddie Mac's average this week. The lowest 5 year refi rates in the state of Illinois are at 1.625 percent with points. The lowest 5 year rate without points is at 2.25 percent, also below the average rate.

Author: Monica Harris
January 10th, 2013