Average Mortgage Rates Made New Lows in Freddie Mac’s Survey Today

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In this week's Primary Mortgage Market Survey released by Freddie Mac average 30 year and 15 year mortgage rates hit new record lows for the week ending July 12, 2012. With this week's lows average 30 year mortgage rates have been below 4.00 percent for 16 consecutive weeks and average 15 year rates have been below 3.00 percent for 7 consecutive weeks.

Average 30 year mortgage rates are at 3.56 percent with 0.7 mortgage points for the week ending July 12, 2012, a decline from the prior week's average 30 year mortgage rate of 3.62 percent. Current mortgage rates today on 30 year loans are averaging 3.65 percent on our average rates list.
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With 30 year refinance rates so incredibly low if you're in a position to refinance you should do so now. Millions of homeowners who have refinanced in the past three years are finding it makes financial sense to refinance again.

Mortgage interest rates on 15 year mortgage loans averaged 2.86 percent with 0.7 mortgage points for the week ending July 12, 2012. The average 15 year mortgage rate is lower from the prior week's average 15 year rate of 2.89 percent. Mortgage rates today on 15 year conforming loans are averaging 3.03 percent on our average rates list.

Millions of homeowners to have a 30 year loan refinanced to a 15 year loan since 15 year refinancing rates are so low. You can see the benefits to refinancing to a 15 year loan not only because 15 year refi rates are lower than 30 year refi rates but you pay your home off 15 years early.

In the process you also save tens of thousands or even hundreds of thousands of dollars in mortgage interest payments. Use a mortgage calculator to see how much you can save by refinancing to a 15 year mortgage.

Adjustable mortgage rates were mixed in this week's survey. Average 5 year conforming adjustable mortgage rates were lower while 1 year adjustable mortgage rates increased.

5 year adjustable mortgage rates are averaging 2.74 percent with 0.6 points, down from last week's average 5 year adjustable mortgage rate of 2.79 percent. Average 5 year adjustable mortgage rates today are at 2.68 percent on our average rate list.

1 year adjustable mortgage rates averaged 2.69 percent with 0.4 points for the week ending July 12, 2012. The average 1 year adjustable mortgage rate is up from the prior week's average of 2.68 percent.
 
Author: Brian McKay
July 13th, 2012