Mortgage Rates Easing As We Head Into the Holiday Weekend

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Mortgage rates headed lower as we move into the Labor Day weekend reversing an uptrend of the past four weeks. In Freddie Mac's most recent Primary Mortgage Market Survey (PMMS) fixed conforming 30 year mortgage rates averaged 3.59 percent with 0.6 mortgage discount point for the week ending August 30, 2012, a decline from last week's average 30 year conforming mortgage rate of 3.66 percent.


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Mortgage rates today on 30 year fixed conventional mortgage loans are averaging 3.55 percent. There are many lenders advertising 30 year mortgage rates below the averages. Right now on our 30 year refinance rates list for the state of North Carolina there are lenders offering 30 year refinancing rates at 3.25 percent with points. The lowest 30 year refi rates on our list is from Amerisave and Aimloan at 3.13 percent with points.

In Freddie's mortgage rate survey this week 15 year conventional mortgage interest rates averaged 2.86 percent with 0.6 mortgage discount point. In the prior week's average 15 year mortgage rates averaged 2.89 percent. Current mortgage rates on 15 year conforming loans are averaging 2.91 percent.

There are home loan lenders advertising 15 year conforming refinance mortgage rates currently that are below the averages. For example, there are lenders in the state of Massachusetts that are offering current refinance rates on 15 year loans as low as 2.50 percent with points. American Interbanc is offering 15 year refinance rates today at 2.50 percent with 1 point, Aimloan is offering today's refinance rates at 2.50 percent with 1.101 point and Amerisave is offering 15 year refi rates also at 2.50 percent with 1.363 point.

5 year conforming adjustable mortgage rates averaged 2.78 percent with 0.6 mortgage point for the week ending August 30, 2012. In the prior week's survey the average 5 year conforming adjustable mortgage rate was at 2.80 percent. Today's mortgage rates for 5 year adjustable loans are averaging 2.87 percent.

Right now on our 5 year adjustable mortgage refinance rates list for the state of Minnesota there are lenders offering 5 year adjustable rates almost 1 percent below the average rates. Round Point Mortgage Company is offering 5 year adjustable refi rates at 1.88 percent with 2 mortgage points.

Average 1 year conforming adjustable mortgage rates averaged 2.63 percent with 0.4 mortgage discount point for the week ending August 30, 2012, a decline from the prior week's average 1 year adjustable mortgage rate of 2.66 percent.

 
Author: Brian McKay
August 31st, 2012