Current Fixed Mortgage Rates Make Another All-Time Low Today

Already low current mortgage rates are making new all-time lows week after week. Today Freddie Mac reported both 30 year and 15 year fixed mortgage interest rates made another all-time low. We expected rates to fall again this week since a series of weak economic data was released sending bond yields lower which in turn sent mortgage rates lower.

Current mortgage rates on 30 year conforming loans are averaging 3.83% with 0.7 points, down from the previous week's average of 3.84%. Record low rates have spurred a refinance boom over the last couple of years. In fact the majority of mortgage applications last week, 72.1% to be exact, are for homeowners refinancing a current loan according to the most recent Mortgage Application Survey release by the Mortgage Bankers Association.

15 year conforming mortgage interest rates are averaging 3.05% with 0.7 points, another record low, down from the previous record low of 3.07% last week.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

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The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #2326098

License: 60DBO-181478

5.077%

15-Year Fixed

4.875%

$5,533

Includes 0.895 points for $3,580

Lender Fees: $1,953

$3,138 /mo

Next >

NMLS #1835285

5.204%

15-Year Fixed

4.990%

$5,660

Includes 0.915 points for $3,660

Lender Fees: $2,000

$3,162 /mo

Next >

NMLS #1025894

5.545%

15-Year Fixed

5.375%

$4,448

Includes 0.937 points for $3,748

Lender Fees: $700

$3,242 /mo

Next >

NMLS #3030

5.886%

15-Year Fixed

5.750%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,322 /mo

Next >

NMLS #401822

5.962%

15-Year Fixed

5.750%

$5,500

Includes 0.375 points for $1,500

Lender Fees: $4,000

$3,322 /mo

Next >

NMLS #1835285

6.013%

30-Year Fixed

5.875%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #401822

6.048%

30-Year Fixed

5.875%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$2,367 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.105%

30-Year Fixed

5.990%

$5,125

Includes 0.793 points for $3,172

Lender Fees: $1,953

$2,396 /mo

Next >

NMLS #1025894

6.231%

30-Year Fixed

6.125%

$4,544

Includes 0.961 points for $3,844

Lender Fees: $700

$2,431 /mo

Next >

NMLS #3030

6.722%

30-Year Fixed

6.625%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,562 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.761%

5-Year ARM

6.625%

$5,829

Includes 0.969 points for $3,876

Lender Fees: $1,953

$2,562 /mo

Next >

NMLS #1835285

7.011%

5-Year ARM

6.875%

$5,560

Includes 0.890 points for $3,560

Lender Fees: $2,000

$2,628 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

Freddie Mac's rates in the Primary Mortgage Market Survey are average rates; you can find lenders offering rates even lower than the averages. Right now on our rate tables there are many lenders offering 15 year interest rates below 3.00%.

If you're looking into refinancing you should really consider a 15 year loan over a 30 year loan. The monthly payments will be higher but you'll save ton of money in interest payments.

Rates on adjustable mortgages were mixed in this week's survey. 5 year adjustable mortgage rates are down to 2.81% with 0.5 points, down from last week's average rate of 2.85%. 1 year adjustable mortgage rates are higher averaging 2.73% with 0.5 points, up from last week's average rate of 2.70%.

I personally wouldn't chose an adjustable rate mortgage over a fixed rate mortgage since fixed rate mortgages are so low. You might argue an adjustable rate loan is better for someone who is planning to stay in their home for only a few years.  Current 5 year adjustable rates are about 1.00% lower than 30 year rates.

I would argue if you're only planning on staying in a home for a few years don't buy rent. While rates are low housing prices are still falling overall.

There are some areas that are once again seeing home prices increase but the increases will be small, probably not enough to outweigh the expenses of buying and selling. Between closing costs and the 5% to 6% broker fee you pay when selling any price gain will be wiped out.