Mortgage Rates Return to All-Time Record Lows Today

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Average mortgage rates today are back down to record lows in this week's Primary Mortgage Market Survey released by Freddie Mac. In the survey average 30 year conforming mortgage rates matched a record low set in July and average 15 year conforming mortgage rates hit a new record low for the week ending September 20, 2012. Current mortgage rates hit new lows on the heels of the Federal Reserve announcing another round of quantitative easing to drive interest rates and mortgage rates lower.

Average 30 year conventional mortgage interest rates matched an all-time record low of 3.49 percent with 0.6 mortgage points for the week ending September 20, 2012, down from the prior week's average 30 year mortgage rate of 3.55 percent. With the latest round of Fed easing of buying mortgage-backed securities and buying loan term bonds to drive down rates we would see average 30 year mortgage rates head down to the 3.25 percent range in the coming months.
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There are lenders offering 30 year mortgage refinance rates well the average of 3.49 percent. Right now on our 30 year refinance rates list for the state of Ohio there are lenders offering 30 year refinance rates at 3.125 percent with points. If you prefer not to pay any points on a home loan you can still find 30 year refinance mortgage rates as low as 3.25 percent on our rate list in Ohio.

Conventional 15 year mortgage rates hit a new record low of 2.77 percent with 0.6 mortgage points in Freddie Mac's survey for the week ending September 20, 2012. Average 15 year mortgage interest rates are down from the prior week's average of 2.85 percent.

There are lenders offering current mortgage rates below the average of 2.77 percent. Right now on our refinancing rates list for the state of Maryland you can find home loan lenders offering 15 year refi rates at 2.50 percent with points.Without points there are lenders offering 15 year rates at 2.625 percent.

Average adjustable mortgage rates were mixed in Freddie's mortgage survey this week. Average 5 year adjustable mortgage interest rates were up to 2.76 percent with 0.6 points, up from the prior week's average 5 year adjustable mortgage rate of 2.72 percent. Today's mortgage rates on 5 year conforming loans can be found as low as 1.88 percent on our rate tables. 1 year adjustable mortgage rates averaged 2.61 percent with 0.4 mortgage points, the same as the prior week's average rate.
 
Author: Brian McKay
September 24th, 2012