Mortgage Rates on Fixed Loans Hit Record Lows Today
mortgage rates on 30 year conforming loans, 30 year jumbo loans and 30 year FHA loans all made record lows today says the Mortgage Bankers Association. 15 year mortgage rates today also hit record lows as the MBA's Refinance Index, which measures refinance loan demand, rocketed 22 percent higher.
Current mortgage rates on 30 year conforming mortgage loans hit a record low of 3.74 percent this week. The prior week's mortgage rate survey had 30 year conforming rates at 3.79 percent. On our 30 year mortgage rate list there are several home loan lenders offering rates in the 3.50 percent range for a 30 year conforming loan.
Jumbo mortgage rates today on 30 year loans are at the lowest point ever in the MBA's survey. Average 30 year jumbo rates are below 4.00 percent for the first time ever at 3.98 percent. This is down from last week's record low average rate of 4.05 percent. We also have 30 year jumbo rates below 4.00 percent for both refinancing and purchases.
Today's mortgage rates on 30 year FHA loans also made record lows averaging 3.55 percent, down from the prior week's average 30 year FHA mortgage interest rate of 3.63 percent. RatesORama's rate list on FHA loans contains several lenders offering FHA loan rates below 3.50 percent right now.
If you're thinking about buying a home you should know that not only are mortgage rates at record lows but home prices have also declined consideribly since the top of the market in 2006. In fact right now home affordability is at a record high according to the National Association of Realtors. This means that homes are more affordable then ever.
Even if you already own a home current refinance rates are also at record lows making refinancing a loan a must. I refinanced my loan twice in 2 years because refi rates keep dropping to new lows. The second time I refinanced from a 30 year loan to a 15 year loan saving even more money in interest payments.
Speaking of 15 year rates, in the MBA's weekly survey average 15 year mortgage rates hit a record low of 3.12 percent this week. 15 year mortgage rates are down from the prior week's average 15 year mortgage rate of 3.15 percent.
5 year adjustable mortgage rates didn't make record lows in the survey released today. Average 5 year adjustable mortgage interest rates are at 2.71 percent, unchanged from last week's average 5 year adjustable rate.
RatesORama.com Average Mortgage Rates