30 Year Mortgage Rates Near Record Lows - 15 Year Mortgage Rates Lowest Ever

Mortgage rates continued to decline in the latest Primary Mortgage Market Survey released by Freddie Mac this morning. 30 year mortgage rates are near record lows and are at the lowest level since May of 2009. 15 year mortgage rates have hit the lowest level ever since Freddie Mac’s records began in 1991.

Mortgage interest rates are still heading lower despite the fact that the economy is coming out of a recession and the Fed announced it was slowing the pace of its purchases of mortgage-backed securities. Average mortgage rates will head higher once the Fed stops its purchases.

The $1.25 trillion program to purchase mortgage-backed securities was designed to support the housing market and mortgage lending. The Fed anticipates the program will end in the first quarter of 2010.

Looking for today’s mortgage rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Mortgage Rate Tables

Fixed 30 year mortgage interest rates are at 4.83 percent for the week ending November 12, 2009, down from last week’s average mortgage rate of 4.91 percent. Mortgage discount points averaged 0.7 points. A year ago, 30 year loan rates were over 6.00 percent at 6.04 percent.

15 year fixed mortgage rates are averaging 4.32 percent for the week ending November 12, 2009, down from the prior week’s average mortgage interest rate of 4.40 percent. A year ago, 15 year home loan rates averaged 5.73 percent. Average mortgage points were 0.6 points for the week ending November 12, 2009.

The average 5 year adjustable mortgage rate is at 4.25 percent for the week ending November 12, 2009, down from the previous week’s average interest rate of 4.35 percent. Discount points averaged 0.6 points. Last year at this time, 5 year adjustable mortgage rates averaged 5.87 percent.

One year adjustable mortgage rates are averaging 4.35 percent this week, down from the prior week’s average loan rate of 4.47 percent. Average discount points were 0.6 points. Last year one year mortgage rates were averaging 5.29 percent.

The Primary Mortgage Market Survey released by Freddie Mac doesn’t include jumbo rate mortgages. Here is an excerpt of current jumbo rates Monitor Bank Rates released on Monday:

Jumbo Rate Mortgages

• The average 30 year jumbo mortgage rate is at 5.70 percent this week, down from the previous week’s mortgage rate of 5.78 percent.
• The average 15 year jumbo rate mortgage is at 5.23 percent this week, down from the prior week’s interest rate of 5.29 percent.

Real Estate Agents, keep our clients up to date with current mortgage rates. Use our free mortgage rate widget to display mortgage rates on your website. Free Mortgage Widget