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Mortgage Rates Today Match All-Time Record Lows

Average fixed conforming mortgage rates today matched all-time record lows for both 30 year loans and 15 year loans in Freddie Mac's Primary Mortgage Market Survey (PMMS). In this week's survey conforming 30 year mortgage rates declined to 3.66 percent with 0.7 points for the week ending June 28, 2102, matching an all-time low set last week.

Today's mortgage rates on 15 year conforming loans declined to 2.94 percent with 0.7 points for the week ending June 28, 2012, down from last week's average 15 year rate of 2.95 percent. Current mortgage rates on 15 year home loans match an all-time low set earlier this month.

Adjustable mortgage rates were mixed in this week's survey. Average 5 year mortgage interest rates are at 2.79 percent with 0.6 points for the week ending today, up from last week's average 5 year adjustable rate of 2.77 percent. 1 year adjustable mortgage rates today are averaging 2.74 percent with 0.4 percent, unchanged from last week's average 1 year adjustable rate.

Frank Nothaft, vice president and chief economist at Freddie Mac had the following comments about this week's report:
Mortgage rates were virtually unchanged this week hovering at or near record lows and should further help to support a recovering housing market. Both the S&P/Case Shiller® 20-city composite and the Federal Housing Finance Agency’s house price indexes showed over a 0.5 percent monthly increase in April. Meanwhile, pending existing home sales rebounded in May by 5.9 percent to match a two year high and new home sales jumped 7.6 percent to its fastest pace since April 2010.

Mortgage rates and refinance rates have made a series of new lows in 2012. The future direction of rates will depend on the economy. Recent economic data released points to a slowdown in the U.S. economy. This will keep a cap on rates moving higher but don't expect rates to fall much further unless the economy contacts.

30 year conforming mortgage rates today are averaging 3.63 percent on our rate tables. This average rate on our table is down from last week's average of 3.64 percent. 30 year jumbo mortgage rates are averaging 4.26 percent today which is also down 1 basis point from last week's average rate.
Author: Brian McKay
June 28th, 2012