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Mortgage Rates Decline: Current Fixed 15 Year Refinance Rates as Low as 2.25 Percent

For the second consecutive week fixed conforming mortgage rates declined in Freddie Mac's Primary Mortgage Market Survey. Current mortgage rates on 15 year conforming loans are now below 5 year adjustable conforming loans. Average rates are lower again on weak economic news and on mortgage securities purchases by the Federal Reserve.

Fixed conventional 30 year mortgage rates today hit an all-time record low of 3.36 percent with 0.6 mortgage point for the week ending October 4, 2012. The average 30 year mortgage rate in the survey is down from last week's record low of 3.40 percent. Average 30 year mortgage rates will probably head down to 3.00 percent before the end of 2012.

There are lenders out there offering 30 year refinance rates below Freddie Mac's average 30 year mortgage rate. Right now we have one lender listed offering 30 year refinance rates today at an incredibly low rate of 3.125 percent with points in the state of New Jersey.

The Federal Reserve buying $40 billion a month in mortgage securities combined with the Fed's program of investing process from maturing agency securities back into mortgage securities will keep downward pressure on mortgage rates. The Fed's program of reinvesting $45 billion a month into mortgage securities will end this year but the $40 billion a month purchases has no end date which will keep mortgage rates low unto 2013.

Conforming 15 year mortgage rates are averaging 2.69 percent with 0.5 mortgage discount points, down from the prior week's average 15 year mortgage rate of 2.73 percent. The average fixed 15 year mortgage rate is now below short term 5 year adjustable mortgage rates. 

Freddie Mac's average 15 year mortgage rate of 2.69 percent is very low but did you know you can get 15 year mortgage refinance rates even lower? Right now on our 15 year refinance mortgage rates list in New Jersey First Internet Bank is offering 15 year refi rates at 2.25 percent with points.

If you don't want to pay points on a mortgage Generation Mortgage LLC is listed on our New Jersey refinance rates list offering 30 year rates at 2.50 percent with no points. You can compare refinancing rates in your state by searching our interest rate tables and best of all you don't have to provide any information to see a list of rates.

In Freddie Mac's mortgage survey this week 5 year adjustable mortgage rates were actually higher. Today's mortgage rates on 5 year conforming adjustable loans are averaging 2.72 percent with 0.6 mortgage points, up from last week's average 5 year adjustable mortgage rate of 2.71 percent.

There are home loan lenders offering 5 year adjustable mortgage refi rates well below the average rate of 2.72 percent. Right now on our 5 year adjustable refinance rates list for the state of Florida you can find lenders offering 5 year adjustable rates at 2.125 percent with points and at 2.50 percent with no points.
Author: Brian McKay
October 4th, 2012