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Mortgage Rates Today: Lowest 15 Year Conforming Rates at 2.75 Percent

Even with the increase in interest rates since this summer, mortgage rates today are still very low, historically speaking. Rates are still low right now but will be moving higher in 2014 so if you're thinking about buying a home you should lock in a rate today. Likewise, if you have been thinking about refinancing now is the time before rates move higher.

Home prices have been rising across the United States and if your home's value has increased you might have enough equity to refinance. If you have tried refinancing in the past but couldn't because you didn't have enough equity, you should look into it again. There is also a government program called Home Affordable Refinance Program (HARP) available to help you refinance. Visit this Federal Government website to see if you qualify for a HARP refinance: HARP

Current Conforming Mortgage Rates

Current mortgage rates on 15 year conforming mortgages are averaging 3.42 percent but the lowest rates available are much lower than the average. There are many mortgage lenders currently offering 15 year conforming mortgages with rates as low as 2.75 percent if you're willing to pay points.

A 2.75 percent 15 year rate is only 0.50 percent higher than the lowest rate ever offered in our database. The lowest 15 year rate without points is still below the average at 3.125 percent. Historically speaking, 30 year conforming mortgage rates are also low. The current average 30 year mortgage rate is at 4.38 percent but the lowest 30 year rates are much better.

The lowest 30 year refinance rates right now in our database are at 3.75 percent with points, more than 0.50 percent below the average rate. The lowest 30 year rate without points right now is at 4.125 percent, still below the average rate.

Jumbo Mortgage Rates Today

As with conforming rates, jumbo mortgage rates are also just above record lows. In fact, the spread difference between conforming loans and jumbo loans is very narrow these days and at many times, average 30 year jumbo rates are lower than average 30 year conforming rates.

30 year jumbo mortgage rates today are averaging 4.44 percent but the lowest jumbo refinance rates are lower. Right now, the best 30 year jumbo refi rates in our database are at 4.00 percent. The lowest 30 year jumbo rates without points right now are also below the average at 4.125 percent.

Average 15 year jumbo mortgage rates are currently at 3.72 percent, higher than last week's average rate of 3.69 percent. The lowest 15 year jumbo rate available in our database is much lower at 3.25 percent with points. The best 15 jumbo rate without points is also below the average at 3.50 percent.

5 Adjustable Mortgage Rates

Today's mortgage rates on 5 year conforming adjustable mortgages are averaging 3.58 percent, up from the previous week's average 5 year adjustable rate of 3.53 percent. The best 5 year adjustable refinance rates quoted by lenders in our database are almost 1.50 percent lower.

The lowest 5 year refi rate with points in our database is at 2.125 percent with 1.647 points. The lowest 5 year rate without points is at 2.49 percent, still more than 1.00 percent lower than the average.

Jumbo adjustable rates on 5 year mortgages are averaging 2.82 percent, up from last week's average jumbo rate of 2.79 percent. The lowest jumbo 5 year rate in our database is at 2.25 percent and the lowest rate with no points is at 2.625 percent.
Author: Brian McKay
December 3rd, 2013