Fixed Conforming Mortgage Rates Today Hit Record Lows

Fixed conforming mortgage rates today have made another round of record lows. Both fixed 30 year rates and fixed 15 year rates hit all time lows in Freddie Mac's Primary Mortgage Market Survey (PMMS). Weak economic data released the past week has driven bond yields and average mortgage rates down to record lows.

In this week's PMMS 30 year mortgage rates averaged 3.67 percent with 0.7 mortgage points for the week ending June 7, 2012, down from last week's average 30 year mortgage rate of 3.75 percent.

Just last year when 30 year rates averaged 4.49 percent no one thought rates would decline further let alone break through 4.00 percent. These days you can find some lenders offering 30 year mortgage rates or refinance rates at less than 3.50 percent if you're willing to buy down the rate by paying points.

The current average 15 year mortgage rate is at 2.94 percent with 0.7 mortgage points for the week ending June 7, 2012, down from the prior week's average 15 year mortgage rate of 2.97 percent.

15 year rates have declined considerably the past year as well. Back in May of 2011 15 year mortgage rates averaged 3.68 percent. At the time who would have though 15 year rates would be under 3.00 percent?

There are also lenders offering 15 year rates even lower then the averages pending on your credit score, where you live and how many mortgage points your willing to pay. Current refinance rates on 15 year loans can be found as low as 2.75 percent.

Today's mortgage rates on adjustable mortgages were mixed in this week's survey. Mortgage rates today on 5 year adjustable conforming loans averaged 2.84 percent with 0.7 points, unchanged from the previous week's average 5 year adjustable mortgage rate. Right now some lenders are offering 5 year refinance rates today at 2.75 percent or lower.

Current mortgage rates on 1 year adjustable loans were actually higher in this week's survey. Average 1 year adjustable mortgage rates were at 2.79 percent with 0.4 mortgage points, up from last week's average 1 year rate of 2.75 percent. Some lenders are offering 1 year today's refinance rates at less than 2.75 percent.