Fixed Mortgage Rates Today Continue to Make Record Lows
Another week brings another round of record low mortgage rates on conforming loans. Mortgage rates today on fixed 30 year mortgages, 15 year mortgages and 1 year adjustable mortgages all hit record lows in Freddie Mac's Primary Mortgage Market Survey. Recent economic data showing less consumer spending and a contraction in the manufacturing industry sent average rates lower.
The current average 30 year fixed mortgage rate is at 3.62 percent with 0.8 points for the week ending July 5, 2012, down from last week's average rate of 3.66 percent. With this week's decline 30 year rates have matched or hit record lows in ten of the past eleven weeks.
Fixed conforming 15 year mortgage rates are averaging 2.89 percent with 0.7 points for the week ending July 5, 2012, down from the previous week's average 15 year mortgage rate of 2.94 percent.
Average 5 year adjustable mortgage rates are at 2.79 percent with 0.6 points for the week ending July 5, 2012, unchanged from the previous week's average 5 year adjustable rate.
Today's mortgage rates on 1 year adjustable loans are averaging 2.68 percent with 0.5 points for the week ending July 5, 2012, down from the prior week's average 2.74 percent.
Last year many analysts felt mortgage rates and refinance rates which were at record lows had no where to go but higher. That hasn't been the case and we will probably see current mortgage rates move lower in the coming weeks and months.
We probably won't see these incredibly low rates again in our lifetime so if you're renting you should really consider buying a home. Homes are more affordable then ever and with record low rates you can get more bang for your buck then you could have a few years ago.
If you already own a home and have a mortgage you should consider refinancing your loan. With current refinance rates at record lows even if you have already refinanced in the past year it might make financial sense to do so again. You can use a mortgage calculatorto see if doing another refi make sense.
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