FHA Refinance Volume Jumps as Mortgage Rates Today Remain Stable
Although conforming 30 mortgage rates remained at record lows this week, mortgage applications for home purchases declined more than 9 percent and mortgage applications for refinancing was flat showing an increase of only 1 percent this week.
Lower refinance rates and new lower FHA premiums on streamlined refinance loans came fully into effect and borrowers took advantage of the lower fees to refinance their mortgages without increasing their FHA premiums.
Today's mortgage rates on 30 year conforming mortgages averaged 3.87 percent with 0.49 mortgage points this week, a decrease from the prior week's average 30 year mortgage rate of 3.88 percent with 0.43 mortgage points. Average 30 year rates matched the record low set on June 1, 2012.
Mortgage rates today on 15 year conventional home loans are averaging 3.25 percent with 0.45 mortgage points, and increase from the previous week's average 15 year mortgage rate of 3.23 percent with 0.48 points. This is the second consecutive week average 15 year mortgage rates increased. Current mortgage rates on 15 year loans are averaging 2.99 percent as reported by MonitorBankRates.com.
Current mortgage rates today on 30 year jumbo mortgages are averaging 4.06 percent with average points at 0.38 percent. This is the lowest point for jumbo mortgage rates in the history of the MBA's survey and down from last week's average of 4.13 percent with 0.41 points.
FHA mortgage rates todays are averaging 3.72 percent with 0.47 points, an increase from last week's average FHA mortgage rate of 3.71 percent with 0.59 points.
5 year mortgage rates this week are at the lowest point in the history of the survey. Mortgage rates currently on 5 year conforming adjustable loans are averaging 2.75 percent with 0.33 points. This is down from last week's average 5 year adjustable mortgage rate of 2.78 percent with 0.49 points.
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