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Current Mortgage Rates Move Slightly Higher on Employment Report

Current mortgage rates moved slightly higher in Freddie Mac's Primary Mortgage Market Survey (PMMS) this week. Average mortgage rates increased on the heals of a better than expected employment report. The former CEO of General Electric, Jack Welsh, had some bizarre comments on the report. He Tweeted "Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers”. Come on Jack, you just lost a big amount of credibility with such a stupid comment. Back to mortgage rates.... Average mortgage rates moved slightly higher in the survey for both fixed mortgage rates and adjustable mortgage rates.

30 year mortgage rates increased to 3.39 percent with 0.7 mortgage points for the week ending October 10, 2012,. The average 30 year mortgage interest rate increased from the prior week's average of 3.36 percent. Although rates moved slightly higher week over week, rates will fall again in the coming weeks and months because the Fed will continue to drive rates lower by buying $85 billion a month in mortgage backed securities.

There are lenders offering 30 year mortgage refinance rates below the average of 3.39 percent. Right now no our 30 year mortgage rate list for the state of Massachusetts there are several lenders offering rates below the average. First Internet Bank is offering the lowest 30 year rates at 3.00 percent with 2 mortgage points.

The second lowest mortgage rate is from Roundpoint Mortgage with a current rate of 3.125 percent with 2 points. If you rather not pay points there are lenders offering 30 year rates with zero points that are still below the average of 3.39 percent. The lowest rate without points on our MA mortgage rates list is from Foxboro Federal Savings at 3.25 percent with no points.

15 year conventional mortgage rates averaged 2.70 percent with 0.6 mortgage points in the PMMS for the week ending October 10, 2012. In the previous week's survey 15 year mortgage rates averaged 2.72 percent. Today's mortgage rates on 15 year conventional loans are averaging 2.83 percent in Bankrates's national rate survey.

If you're thinking about refinancing your 30 year mortgage you should think about refinancing to a 15 year loan. Refinancing to a 15 year loan can save you ten of thousands if not hundreds of thousands of dollars in mortgage interest. The only negative to a shorter term loan is the monthly mortgage payments will be higher. Besides that with a 15 year loan you'll get a lower refinance rate and you'll own your home in half the time.

Right now there are many lenders offering 15 year refinance rates today well below the average rate. On our refinance rates list for the state of Ohio today's refinance rates from Amerisave are at 2.375 percent with 1.648 mortgage points.The lowest 15 year refi rate without points for a list in Ohio is from Roundpoint Mortgage at 2.75 percent.

Average 5 year adjustable mortgage rates were at 2.73 percent with 0.6 mortgage points in Freddie's survey for the week ending October 10, 2012,  up from the prior week's average 5 year adjustable mortgage rate of 2.72 percent. Right now on our 5 year adjustable refinance rates list in Maryland there are rates as low as 2.25 percent. Roundpoint Mortgage is offering 5 year adjustable refinancing rates at 2.00 percent with 2 mortgage points.

Average 1 year adjustable conforming mortgage rates averaged 2.59 percent with 0.4 mortgage points in this week's mortgage survey. Average 1 year mortgage rates are higher from the prior week's average rate of 2.57 percent.
Author: Robert Till
October 11th, 2012