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Mortgage Rates Hit New Lows: Best 15 Year Mortgage Rates at 2.25% Today

Fixed conventional mortgage rates hit new record lows in Freddie Mac's Primary Mortgage Market Survey for the week ending November 15, 2012. Average mortgage rates decline this week on the heels of higher consumer confidence and lower wholesale prices. 30 year and 15 year mortgage interest rates hit record lows back in October 2012 and have broken through those lows today.

Current mortgage rates on 30 year fixed conforming loans averaged 3.34 percent with 0.7 mortgage discount points, down from the prior week's average 30 year mortgage rate of 3.40 percent. Prior to today's, the all-time record low for 30 year rates back on October 4, was 3.36 percent.

Average 30 year rates will fall even further before the end of 2012. I believe rates will fall as low as 3.15 percent since the Fed is continuing to purchase $85 billion a month in mortgage-backed securities and will continue to purchase that amount every month into 2013. In fact we might see average 30 year rates fall even further in 2013 and probably below 3.00 percent.

Right now you can find lenders already offering 30 year mortgage refinance rates below the average of 3.34 percent and even below 3.00 percent if you're willing to pay points. Right now on our 30 year refinance rates list for Florida we have two lenders, and Amerisave, both offering 30 year refi rates at 2.875 percent with points.

Florida isn't the only place you can find home loan lenders offering 30 year rates below 3.00 percent on our rate tables. Checking our rate lists in Georgia and Arizona we also have lenders offering rates at 2.875 percent with points. If you'd rather not pay points we have lenders in Florida, Georgia and Arizona offering rates around 3.25 percent without points.

In Freddie Mac's survey this week average conforming 15 year mortgage rates declined to 2.65 percent with 0.7 points, an all-time record low and down from the previous week's average 15 year rate of 2.69 percent. The prior all-time record low was 2.66 percent set the week of October 18.

Before the end of 2012 I believe average 15 year rates will fall below 2.50 percent and in 2013 average rates will probably move down to 2.40 percent or lower. There are lenders already offering 15 year mortgage rates today below the average of 2.65 percent and below my prediction for 2013.

Currently on our 15 year refinance mortgage rates list for the state of Texas we have quoting 15 year rates at 2.25 percent with around 1 mortgage point, Amerisave quoting 15 year rates at 2.375 percent with points, Residential Finance Corporation also quoting rates at 2.375 percent with points and the lowest refinancing rate without points in Texas is from at 2.375 percent.

Average adjustable mortgage rates were mixed in Freddie Mac's survey this week. 5 year adjustable mortgage interest rates averaged 2.74 percent with 0.6 points, a slight increase from last week's average 5 year adjustable rate of 2.73 percent. Average 1 year adjustable rates declined to 2.55 percent with 0.3 points, down from last week's average of 2.59 percent.
Author: Brian McKay
November 15th, 2012