Freddie Says Mortgage Rates Remain Low

Freddie Mac (FMCC.OB), one of the government sponsored enterprises created by the U.S. Congress, releases a weekly mortgage survey. In this week's Primary Mortgage Market Survey both 30 year and 15 year fixed conforming mortgage interest rates were lower.

30 year mortgage rates are averaging 3.88 percent with 0.7 mortgage points, down from last week's average 30 year mortgage rate of 3.90%. 30 year rates have been under 4.00% for most of 2012 and just above an all-time record low. 

Current mortgage rates on 15 year conforming mortgages are averaging 3.12% with 0.6 mortgage points, down from last week's average 15 year mortgage rate of 3.13%. 15 year mortgage interest rates have also been hear record lows and hovering just above 3.00% for most of 2012.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

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The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

4.846%

15-Year Fixed

4.625%

$5,912

Includes 0.978 points for $3,912

Lender Fees: $2,000

$3,086 /mo

Next >

NMLS #1513908

5.201%

15-Year Fixed

4.990%

$5,822

Includes 0.879 points for $3,516

Lender Fees: $2,306

$3,162 /mo

Next >

NMLS #1689962

License: 02053435

5.391%

15-Year Fixed

5.250%

$3,708

Includes 0.927 points for $3,708

Lender Fees: $0

$3,216 /mo

Next >

NMLS #2578474

5.393%

15-Year Fixed

5.250%

$3,750

Includes 0.675 points for $2,700

Lender Fees: $1,050

$3,216 /mo

Next >

NMLS #401822

5.409%

15-Year Fixed

5.125%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,190 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.436%

15-Year Fixed

5.250%

$5,077

Includes 0.781 points for $3,124

Lender Fees: $1,953

$3,216 /mo

Next >

NMLS #2006915

License: 60DBO-149268

5.457%

15-Year Fixed

5.250%

$5,445

Includes 0.875 points for $3,500

Lender Fees: $1,945

$3,216 /mo

Next >

NMLS #1025894

5.632%

15-Year Fixed

5.490%

$3,712

Includes 0.753 points for $3,012

Lender Fees: $700

$3,267 /mo

Next >

NMLS #1835285

5.864%

30-Year Fixed

5.750%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$2,335 /mo

Next >

NMLS #1835285

6.007%

5-Year ARM

5.875%

$5,696

Includes 0.924 points for $3,696

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #1513908

6.105%

30-Year Fixed

5.990%

$5,186

Includes 0.720 points for $2,880

Lender Fees: $2,306

$2,396 /mo

Next >

6.201%

30-Year Fixed

6.125%

$3,228

Includes 0.625 points for $2,500

Lender Fees: $728

$2,431 /mo

Next >

NMLS #2578474

6.236%

30-Year Fixed

6.125%

$4,750

Includes 0.925 points for $3,700

Lender Fees: $1,050

$2,431 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.249%

30-Year Fixed

6.125%

$5,469

Includes 0.879 points for $3,516

Lender Fees: $1,953

$2,431 /mo

Next >

NMLS #401822

6.265%

30-Year Fixed

6.125%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,431 /mo

Next >

NMLS #1689962

License: 02053435

6.319%

30-Year Fixed

6.250%

$2,908

Includes 0.727 points for $2,908

Lender Fees: $0

$2,463 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.355%

30-Year Fixed

6.250%

$4,445

Includes 0.625 points for $2,500

Lender Fees: $1,945

$2,463 /mo

Next >

NMLS #3030

6.368%

15-Year Fixed

6.250%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$3,430 /mo

Next >

NMLS #1025894

6.461%

30-Year Fixed

6.375%

$3,608

Includes 0.727 points for $2,908

Lender Fees: $700

$2,496 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.881%

5-Year ARM

6.750%

$5,581

Includes 0.907 points for $3,628

Lender Fees: $1,953

$2,595 /mo

Next >

NMLS #3030

6.973%

30-Year Fixed

6.875%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,628 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

15 year mortgages are the main choice for home owners refinancing a loan. Although monthly payments on 15 year mortgages are higher than 30 year mortgages if you can afford the extra monthly cost it makes financial sense to refinance from a 30 year loan to a 15 year loan. 15 year refinance rates are also lower than 30 year refinance rates, about 0.75% on average.

With a 15 year home loan you end up owning your home outright in half the time and also save tens of thousands or even hundreds of thousands of dollars in mortgage interest payments. Don't believe me? Use a mortgage calculator with extra payments to see for yourself.

In Freddie's mortgage survey 5 year adjustable mortgage rates are averaging 2.85% with 0.6 mortgage points, up from last week's average 5 year adjustable loan rate of 2.78%. 1 year adjustable rates are averaging 2.74% with 0.6 points, down from the previous week's average of 2.81%.

Thinking of getting an adjustable loan now to wait for even lower fixed rates? That probably isn't a smart move since fixed 30 year rates and fixed 15 year rates are so low they probably won't go much lower unless the economy falls into a depression.