Housing Market Recovery Continues as Mortgage Rates Hit New Lows
Mortgage rates continue to move lower this week, helping the housing market recover. Fixed conforming mortgage rates on 30 year and 15 year loans hit record lows in this week's Primary Mortgage Market Survey released by Freddie Mac. New home construction and home builder confidence indexes are both at multi-year highs. New home construction was up 3.6 percent in October, the strongest pace since July 2008. Home builder confidence in November rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index.
Recent data also show existing home sales are stronger. Existing home sales increased 2.1 percent in October to an annualized pace of 4.79 million, higher than market consensus forecast. The Federal Reserve's policy of forcing mortgage rates to record lows seems to finally be helping housing. Average 30 year mortgage interest rates in Freddie Mac's survey this week were at 3.31 percent with 0.7 points, down from the prior week's average 30 year rate of 3.34 percent.
You can find lenders quoting 30 year mortgage rates today below the average of 3.31 percent and even under 3.00 percent if you are willing to pay points on a loan to get a lower rate. Current mortgage rates on our 30 year rate table for Texas lists lenders quoting rates as low as 2.875 percent with points, the lowest 30 year rates without points are at 3.25 percent.
15 year mortgage rates in this week's PMMS (Primary Mortgage Market Survey) averaged 2.63 percent with 0.7 mortgage points, a decline from the prior week's average 15 year rate of 2.65 percent. Average 15 year refinance rates today can be found well below the survey average. Currently, on our 15 year refinancing rate table for California, lenders are quoting rates as low as 2.25 percent without points.
Average adjustable mortgage rates were mixed in this week's survey. 5 year conventional adjustable mortgage rates averaged 2.74 percent with 0.6 mortgage points, no change from the prior week's average 5 year adjustable rate. Average 1 year adjustable mortgage rates were at 2.56 percent with 0.5 points, a slight increase from the previous week's average of 2.55 percent.
Right now on our 5 year adjustable refinance rates list for the state of Florida we have lenders quoting rates well below the average of 2.74 percent. The lowest 5 year adjustable rate quote is at 1.875 percent with points and the lowest 5 year adjustable rate quote without points is at 2.44 percent.
Our rate tables below find the lowest mortgage rates to purchase a home or the lowest refinance rates if you're refinancing your current loan. Best of all, you don't need to provide any personal information to view a list of rates in your state.
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