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Average Mortgage Rates Move Lower, Approaching Record Lows

Average mortgage rates moved lower again this week and are now just above record lows set in November of last year. The catalysts sending mortgage rates lower this week were a weaker than expected retail sales report and a lower reading on consumer sentiment. As a result of the week economic data released, bond yields moved lower which in turn is sending mortgage rates lower.

Average Mortgage Rates Move Lower Near Record LowsMortgage rates today on 30 year conforming mortgage loans are averaging 3.52 percent, a decline from last week's average 30 year mortgage rate of 3.57 percent. Late last month, average 30 year mortgage interest rates were almost 20 basis points higher at 3.70 percent. This coming week we could see average 30 year rates fall below 3.50 percent.




Right now the best mortgage refinance rates available for 30 year loans are available in our database as low as 3.00 percent with points. The lowest refinance rates without points are still below the average rate at 3.25 percent. In Freddie Mac's rate survey this week, average 30 year conforming rates fell to 3.41 percent with 0.7 points, down from the prior week's average rate of 3.43 percent.  The all-time record low for average 30 year rates in Freddie Mac's survey are at 3.27 percent.

15 year conventional mortgage rates also fell this week, courtesy of weak consumer spending and sentiment. Average 15 year conforming rates are at 3.75 percent this week, a decline from the previous week's average 15 year rate of 3.80 percent. This coming week, average 15 year rates could fall below 3.70 percent but currently many lenders are already quoting 15 year refinancing rates below 3.70 percent.

Depending on the state you search for, you can find rates in our database with lenders quoting 15 year refi rates this week at 2.25 percent with 1 mortgage point. The lowest 15 year conventional refi rates without points in our database right now can be found as low as 2.375 percent - still well below the average rate.

Today's mortgage rates on 30 year jumbo mortgage loans are averaging 3.93 percent, down from the prior week's average 30 year jumbo mortgage rate of 3.97 percent.  If bond yields continue to decline, next week's average 30 year jumbo mortgage rates may fall below 3.85 percent. The best jumbo mortgage rates in our database are currently at 3.375 percent with no points.

Average 15 year jumbo refinance mortgage rates are at 3.33 percent, a decline from last week's average 15 year jumbo mortgage rate of 3.37 percent. The lowest 15 year jumbo refinance rates in our database are at 2.625 percent with 2 mortgage points and the lowest 15 year jumbo rates without points are at 2.875 percent.

Shorter term adjustable mortgage rates for both conforming and jumbo loans also moved lower this week. The average 5 year conforming adjustable mortgage rate is at 2.64 percent, down from last week's average rate of 2.66 percent. 5 year jumbo adjustable rates this week are averaging 2.89 percent, down from last week's average of 2.91 percent.

The lowest 5 year conventional adjustable refinance rates in our database right now are at 1.50 percent with 2 mortgage points and at 2.00 percent with zero points. The lowest 5 year jumbo adjustable refinance rates in our database today are at 2.00 percent with 2 mortgage points and at 2.125 percent with no points.
 
Author: Brian McKay
April 19th, 2013