Mortgage Rates Break Through Record Lows: 30 Year Rates at 3.49% Today

Average mortgage rates continued their streak of record breaking new lows this week. Fixed conforming 30 year and 15 year mortgage rates today have made new all-time lows in Freddie Mac's Primary Mortgage Market Survey for the week ending July 26, 2012.

Concerns about a slowdown in the economies from the U.S. to China sent bond yields to record lows allowing conforming mortgage rates to also set new record lows.



Today's mortgage rates on 30 year conforming loans are now below 3.50 percent, hitting a record low of 3.49 percent with an average of 0.7 mortgage points. Average 30 year mortgage rates are down from last week's record low of 3.55 percent.

Current mortgage rates on 15 year conforming loans hit a record low of 2.80 percent with 0.7 points, down from the prior week's record low 15 year mortgage rate of 2.83 percent.

15 year loans have become the loan of choice for homeowners refinancing their loans. Homeowners refinancing are discovering how low 15 year refinance rates are enabling them to afford the monthly carrying costs of a shorter term loan.

As a result they are saving tens of thousands or even hundreds of thousands of dollars in mortgage interest over the life of the loan when refinancing from a 30 year loan to a 15 year loan.

Although fixed conforming mortgage interest rates have hit new record lows this week 5 adjustable mortgage rates increased. Average 5 year adjustable conforming mortgage rates are at 2.74 percent with 0.6 mortgage points, up from last week's average 5 year adjustable rate of 2.69 percent.

1 year adjustable mortgage rates also increased for the week ending July 26, 2012. Average 1 year adjustable mortgage rates are at 2.71 percent with 0.5 mortgage points, an increase from the previous week's average 1 year adjustable rate of 2.69 percent.