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Fixed Conforming Mortgage Rates Average 3.40%, Lowest 30 Year Refinance Rates at 3.00%

Fixed conforming mortgage rates are higher this week but will head lower in the coming weeks. 30 year mortgage rates are averaging 3.40 percent with 0.7 mortgage points in Freddie Mac's Primary Mortgage Market Survey for the week ending January 10, 2012. Average 30 year mortgage rates are higher from last week's average of 3.34 percent on higher bond yields. 30 year rates only 9 basis points above the all-time record low of 3.31 percent set on November 21, 2012.

Average mortgage rates will make new record lows in 2013 since the Federal Reserve is buying billions a month in mortgage-backed securities (MBS) to drive rates lower. Currently on our rate tables there are lenders right now offering 30 year mortgage refinance rates as low as 3.00 percent if you're willing to pay points. Without points you can find lenders still quoting 30 year rates below the average at 3.25 percent.

Mortgage rates today on 15 year conforming loans are averaging 2.84 percent which is higher than the average of 2.66 percent in Freddie Mac's survey this week. Average 15 year mortgage interest rates this week are higher than last week's average of 2.64 percent. Average 15 year rates are also just above record lows of 2.63 percent also set the week of November 21, 2012. During the first quarter of 2013 average 15 year rates will make new lows and possibly as low as 2.40 percent.

Adjustable mortgage rates were mixed in this week's mortgage survey. Average 5 year adjustable mortgage rates decreased to 2.67 percent with 0.6 mortgage points, down from last week's average 5 year adjustable mortgage rate of 2.71 percent. Current mortgage rates on 5 year adjustable conforming loans are averaging 2.85 percent but you can find many lenders quoting rates a lot lower.

Right now on our 5 year adjustable refinance rates list for the state of California, the lowest rate available is from Amerisave at an incredibly low rate of 1.625 percent with 1.751 points. If you'd rather not pay points to get a lower rate, you can still find many lenders quoting 5 year adjustable refinance rates today as low as 2.25 percent in California.

Average 1 year adjustable mortgage rates were at 2.60 percent with 0.5 mortgage points for week ending January 10, 2012. Average 1 year adjustable mortgage rates are slightly higher from the January 3, 2012, average of 2.57 percent.
Author: Brian McKay
January 10th, 2013