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New All-Time Lows for Average Mortgage Rates Today
 

New All-Time Lows for Average Mortgage Rates Today

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Concerns about a weakening economy is sending 10 year Treasury yields to all-time lows which is sending mortgage rates today to record lows. Conforming fixed 30 year mortgage rates are now below 3.50 percent.

When 30 year rates were just below 5.00 percent or even around 4.00 percent I honestly thought rates wouldn't go any lower. Now the average 30 year mortgage rate in Freddie Mac's survey is at 3.49 percent with 0.7 percent, a record low. Just last week 30 year mortgage rates hit a record low of 3.53 percent.

If you haven't refinanced your mortgage or even if you have over the past year you should look into refinancing once again. Current refinance rates on 30 year loans can be found as low as 3.25 percent if you're willing to pay points.

Speaking of refinancing if you can afford to refinance to a 15 year loan you should. Today's refinance rates on 15 year conforming loans can be found as low as 2.50 percent with 2 mortgage points.

Current mortgage rates on 15 year conforming loans are averaging 2.80 percent with 0.7 mortgage points, a record low in Freddie's survey. Just last week 15 year mortgage interest rates hit a record low of 2.83 percent.

Fixed mortgage rates hit record lows this week but adjustable mortgage rates were higher. Short term bonds increased this past week which sent short term mortgage refinance rates higher as well.

Mortgage rates current on 5 year adjustable mortgage loans averaged 2.74 percent with 0.6 mortgage discount points, up from the previous week's average 5 year adjustable mortgage rate of 2.69 percent.

Today's mortgage rates on 1 year adjustable conforming loans are also higher for the week ending July 27, 2012. Current 1 year adjustable mortgage interest rates are averaging 2.71 percent with 0.5 mortgage interest points, up from last week's average 1 year adjustable refinance mortgage rate of 2.69 percent.

Author: Monica Harris
July 27th, 2012