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Mortgage Rates Hold Steady This Week but Lower Mortgage Rates are Coming
 

Mortgage Rates Hold Steady This Week but Lower Mortgage Rates are Coming

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This past week didn't bring any big moves in average mortgage rates but you can expect current mortgage rates to move lower for the rest of 2012. Bond yields move higher late last week as the investors pulled money out of bond (yields move higher when bond prices move lower) and placed money into equities and commodities.

The reason why this happened is the Federal Reserve announced another round of quantitative easing to help the economy force today's mortgage rates lower and drive the unemployment rate lower. A side affect to providing liquidity is the equities markets and commodities markets rally, the equities markets rallied 100% since 2009 and during that time the Fed released two rounds of easing.

Average conforming 30 year mortgage rates today are holding steady at 3.52 percent, down from yesterday's average 30 year mortgage rate of 3.54 percent. In the most recent mortgage survey released by Freddie Mac, average 30 year mortgage rates were at 3.55 percent with 0.6 mortgage discount points, unchanged from the prior week's average 30 year mortgage interest rate.

Some lenders are offering current mortgage rates on 30 year loans below the average rates. Right now on our 30 year refinance rates list for the state of Georgia you can find lenders offering 30 year refinance rates as low as 3.125 percent with points. In fact, Amerisave is offering 30 year refinance mortgage rates at 3.125 percent with 1.465 points in Atlanta, GA. Absolute Mortgage is offering 30 year conforming refinancing rates at 3.25 percent with no points in Atlanta.

Mortgage rates currently on 15 year conforming loans are averaging 2.82 percent, down from yesterday's average 15 year mortgage rate of 2.83 percent. In Freddie Mac's average survey for the week ending September 13, 2012, average 15 year mortgage interest rates were at 2.85 percent with 0.6 points, down from the prior week's average of 2.86 percent.

As with 30 year mortgage refinance rates you can find lenders offering 15 year mortgage refinancing rates below the averages. Right now on our 15 year refinance rates list for New Jersey there are lenders offering 15 year refi rates as low as 2.50 percent with 2 points. Two lenders, Roundpoint Mortgage and Mortgage Capital Associates are both offering 15 year refinance rates in NJ at 2.50 percent with 2 points.

15 year refinance mortgage rates in NJ can be found as low as 2.75 percent without points. Three lenders are offering 15 year refi rates at 2.75 percent with no points on our rate list. Pleasant Valley Home Mortgage, Mortgage Capital Associates and Fortren Funding are all offering a rate of 2.75 percent with no points in NJ.

Average 5 year conforming adjustable mortgage rates todays are at 2.69 percent, a decline from yesterday's average 5 year conforming adjustable mortgage rate of 2.71 percent. In Freddie Mac's survey average 5 year adjustable conventional mortgage rates averaged 2.72 percent with 0.6 points, down from the previous week's average of 2.75 percent.

1 year mortgage rates averaged 2.61 percent with 0.4 point in Freddie's mortgage rates survey for the week ending September 13, 2012, unchanged from the last week's average 1 year adjustable mortgage rate.

Author: James Martin
September 18th, 2012