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15 Year Mortgage Rates as Low as 2.25% with 2 Points on a Refinance

Average mortgage rates have hit a series of record lows all year long and will continue to make new record lows in the beginning of 2013. This morning the Mortgage Bankers Association released their Weekly Application Survey which showed 15 year mortgage rates hitting another record average low of 2.86 percent for the week that ended on November 30, 2012, down from the prior week's average rate of 2.86 percent.

Current refinance rates on 15 year conforming loans are even lower than the MBA average. 15 year mortgage refinance rates are averaging 2.83 percent. You can find many lenders offering rates below the averages, right now the lowest 15 year rates on our tables are as low as 2.25 percent with points. If you rather not pay points you can also find lenders quoting 15 year refi rates as low as 2.50 percent.

30 year conventional mortgage rates tied a record low in the MBA survey this week. The average 30 year mortgage rate declined to 3.52 percent with 0.41 mortgage points, down from the last week's average 30 year rate of 3.53 percent with 0.40 points. Today's mortgage rates on 30 year conforming loans are even lower averaging 3.40 percent.

If you live in the state of California and are looking for a loan to refinance your current mortgage you can find rates as low as 2.75 percent with 1.50 points. We also have many other lenders offering 30 year refinancing rates below 3.00 percent with points in California and all the other states. The lowest 30 year rate without points is at 3.00 percent, still well below the average rate.

Average 30 year FHA mortgage rates in the MBA survey were at 3.34 percent, matching an all-time record low. Average discount points on FHA loans were at 0.62 points, down from the prior week's average of 0.65 points. Average 5 year adjustable mortgage rates were at 2.62 percent with 0.40 points, an increase from the prior week's average of 2.60 percent with 0.37 points.

There are many lenders quoting 5 year adjustable refinance mortgage rates well below the average of 2.60 percent. Current Texas refinance rates on our 5 year adjustable rate list can be found as low as 1.875 percent with points, the lowest 5 year adjustable rate without points on our Texas list is at 2.25 percent.

Lower fixed mortgage rates helped spur demand for mortgage loans. The MBA's Market Composite Index, which measures mortgage loan application volume, was up 4.5 percent on a seasonally adjusted basis from one week earlier. The MBA's Refinance Index, which measures loan demand for refinancing loans, was up 6 percent from the previous week.  The MBA"s seasonally adjusted Purchase Index, a measure of loan demand for home purchases, increased 0.1 percent from one week earlier.
Author: Brian McKay
December 5th, 2012