Current Mortgage Rates on Fixed Conforming Loans Hit Record Lows
Two weeks ago the Federal Reserve announced another around of quantitative easing (QE3) to drive interest rates lower to help stimulate the housing market and the economy. The Fed announced they will buy $40 billion a month in mortgage backed securities to specifically force mortgage rates lower. The Fed's actions are already driving current mortgage rates down to record lows. In this week's Primary Mortgage Market Survey, released by Freddie Mac, fixed conforming mortgage rates on 30 year and 15 year mortgages hit record lows. Average 1 year adjustable mortgage rates also hit a record low in the survey.
Fixed conventional 30 year mortgage interest rates hit a new record low of 3.40 percent 0.6 mortgage discount points for the week ending September 27, 2012. The average 30 year mortgage rate is down from last week's average of 3.49 percent.30 year mortgage rates today on Bankrate's national rate survey are even lower averaging 3.38 percent.
You can find lenders offering 30 year mortgage refinance rates below the averages on our rates tables. In the state of Pennsylvania there are several lenders offering 30 year refinance rates at 3.00 to 3.25 percent with points and without points. Feel free to search our tables to find the lowest mortgage refinance rates in your state.
Fixed conforming 15 year mortgage rates averaged 2.73 percent with 0.6 mortgage points for the week ending September 27, 2012, a record low and down from an average 15 year mortgage interest rate of 2.77 percent the prior week. Right now on our 15 year refinance rates list you can find lenders offering 15 year rates below the averages. Currently on our rate list for the state of Florida there are lenders offering today's mortgage rates on 15 year conforming loans as low as 2.50 percent without points.
Average 5 year conforming adjustable mortgage rates were at 2.71 percent with 0.6 mortgage points, down from an average 5 year adjustable mortgage rate of 2.76 percent. Although average 5 year conforming adjustable mortgage interest rates didn't make a record low this week you can find lenders offering 5 year adjustable refinance rates below the averages. On our refinance rates list for the state of California you can find lenders offering 5 year refi rates as low as 2.375 percent with points.
1 year adjustable mortgage rates hit an all-time record low of 2.60 percent with 0.4 mortgage points for the week ending September 27, 2012. The average 1 year adjustable mortgage rate is down from the previous week's average rate of 2.61 percent.
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