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Record Lows for 15 Year Conforming Mortgage Rates - CD Rates - Search for CD Rates Today

Record Lows for 15 Year Conforming Mortgage Rates

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After hitting record lows late last year, 15 year mortgage rates just made a new record low this week at 2.61 percent in the most recent mortgage rate survey released by Freddie Mac. The old record low for 15 year mortgage rates was 2.63 percent set in the third week of November 2012. Average 15 year mortgage rates this week are down from the prior week's average of 2.64 percent.

Record Lows for 15 Year Conforming Mortgage RatesThere are many lenders that are offering mortgage rates today well below the average in this week's Primary Mortgage Market Survey released by Freddie Mac. Factors such as the state you search in for mortgage rates, the down payment amount, the equity in your home if refinancing, and your credit score, you can find 15 year rates as low as 2.25 percent with points. The lowest 15 year refinance rates without points right now are around 2.50 percent.

Depending on whether or not you already refinanced your mortgage within the past few years, now may be a good time to do so. Even if you have refinanced recently, if current rates are at least 1 percent lower than your current mortgage rate, you might want to look into refinancing again.

If you have more income now than when you bought your home or refinanced your loan, you might want to consider refinancing to a shorter term loan  such a 15 year loan since rates are at record lows. The only drawback to refinancing to a shorter term loan is that your monthly mortgage payments will increase but you'll own your home in half the time with a 15 year loan vs. a 30 year loan.  That will save you tens or hundreds of thousands of dollars in interest.

Current mortgage rates on 30 year conventional mortgages are averaging 3.37 percent, down from the previous week's average 30 year rate of 3.45 percent. In Freddie Mac's PMMS average 30 year mortgage rates were at 3.40 percent with 0.8 points, down from the prior week's average rate of 3.41 percent.  We see 5 year adjustable mortgage rates averaged 2.58 percent with 0.5 mortgage points, down from the prior week's average of 2.60 percent. If you're looking for a 5 year adjustable mortgage, you'll be surprised to find out that there are lenders offering 5 year adjustable loans with rates as low as 1.50 percent with points. The lowest 5 year adjustable refinance rates without points can be found as low as 2.00 percent.

We might see 30 year rates break through the all-time record low of 3.27 percent also set in the third week of November 2012. Whether or not that happens depends on where long term bond yields decline in the coming weeks. Two important economic numbers to be released this week might drive rates down to record lows.

1st quarter GDP was 2.5 percent, which is much better than the 4th quarter 2012 growth rate of less than 1 percent but lower than what was expected. Next Friday, unemployment numbers for the month of March will be released, a less than expected number on job creations will send yields and rates lower.

Author: Robert Till
April 26th, 2013