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Mortgage Rates Move Lower Again in This Week’s Mortgage Application Survey
 

Mortgage Rates Move Lower Again in This Week’s Mortgage Application Survey

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Just as we predicted average mortgage rates moved lower again in the Mortgage Bankers Association's Weekly Application Survey. In fact, average mortgage interest rates hit record lows on all five types of mortgage rates the MBA survey this week. Mortgage rates today have gone lower since the MBA survey and will head down even more in the coming weeks and months thanks to our friends at the Federal Reserve.

30 year mortgage rates were down 10 basis points in the MBA survey for the week ending September 28, 2012. Average 30 year mortgage rates hit an all-time record low of 3.53 percent, down from the September 21 average of 3.63 percent. Average mortgage points on 30 year mortgage loans declined to 0.35, down from last week's average of 0.41 points.

Current mortgage rates today on 30 year conventional loans have made new record lows at 3.47 percent. Average 30 year rates are down from Monday's record low of 3.49 percent. There are already lenders offering 30 year mortgage rates below the MBA's average rates and the average rates RatesORama's publishes.

30 year jumbo mortgage rates currently are averaging 3.75 percent, down from yesterday's average 30 year jumbo mortgage rate of 3.78 percent. In the MBA's survey this week average 30 year jumbo mortgage interest rates hit a record low of 3.82 percent, down from the prior week's average of 2.87 percent. Average mortgage points on 30 year jumbo loans declined to 0.32 points, down from the prior week's average of 0.33 points.

FHA mortgage interest rates also hit a new record low this week. FHA mortgage rates averaged 3.37 percent in the mortgage survey this week, down from the prior week's average 30 year FHA mortgage rate of 3.44 percent. Average mortgage discount points on 30 year FHA backed loans were at 0.36, down from the prior week's average of 0.41.

15 year conventional mortgage rates made another record low this week averaging in at 2.90 percent, down from the previous week's record low 15 year mortgage interest rate of 2.98 percent. Discount points on 15 year conforming loans averaged 0.27 point, down from last week's average points of 0.41.

Average 5 year adjustable mortgage rates on conforming loans were at 2.59 percent in the MBA survey this week. The average 5 year adjustable mortgage rate was down from last week's average of 2.61 percent. Mortgage points averaged 0.34 points, down from last week's average of 0.41 points.

Author: Stacy Everest
October 3rd, 2012