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30 Year Mortgage Rates Finish 2012 Near Historic Lows

30 year mortgage rates ended 2012 just above historic lows as the Federal Reserve's efforts to drive mortgage rates lower have become every effective. In this week's Primary Mortgage Market Survey released by Freddie Mac average conforming 30 year mortgage rates were at 3.35 percent with 0.7 points for the week ending December 27, 2012. In the previous week's survey the average 30 year mortgage rate was at 3.37 percent.

Low mortgage rates and low home prices in 2012 has kept home-buyer affordability high for the entire year and will continue to do so for the next couple of years.

Home prices are still very affordable compared to a few years ago even though prices have increased in 2012 according to the S&P/Case Shiller composite index. The index of 20 metropolitan areas gained 0.7 percent in October on a seasonally adjusted basis, the ninth consecutive month of higher home prices.

Average 15 year conventional mortgage rates were at 2.65 percent with 0.7 mortgage points for the week that ended on December 27, 2012, unchanged from the prior week's average 15 year mortgage rate. Average rates are just averages, you can find lenders quoting both 30 year and 15 year rates below the average.

We have lenders quoting 30 year refinance rates today as low as 2.875 percent with points in certain states on our rate tables. 30 year refinance rates offered this low have points anywhere between 1.5 points to 2 points depending on the lender. 30 year rates without points can be found as low as 3.25 percent depending on the state you're searching our rate tables for.

15 year mortgage rates today can also be found well below the average rate of 2.65 percent. The lowest 15 year mortgage rate on our rate table in the state of Texas can be found as low as 2.25 percent with 2 points right now. The best refi rate without points on 15 year conforming loans can be found as low as 2.50 percent.

Average adjustable mortgage rates in this week's rate survey are mixed. Average 5 year conventional adjustable mortgage rates declined to 2.70 percent with 0.7 mortgage points, down 1 basis point from the prior week's survey average of 2.71 percent. Average 1 year adjustable mortgage rates increased to 2.56 percent with 0.5 points, up from the prior week's average 1 year adjustable mortgage interest rate of 2.52 percent.

Fixed mortgage rates are so low right now I don't know why anyone would want to get an adjustable loan. If you are looking for 5 year conforming adjustable rates we have lenders offering rates as low as 1.875 percent with 2 mortgage points on our rate table for Washington State. The same lender is also quoting 5 year refinance rates in many other states at 1.875 percent.
Author: Brian McKay
December 27th, 2012