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Record Breaking Low Mortgage Rates Today: 30 Year Rates at 4.53%

Another week brings another round of record breaking low mortgage rates today. Fixed conforming 30 year mortgage rates, fixed conforming 15 year rates and 5 year adjustable rates all hit record lows in this week's Primary Mortgage Market Survey released by Freddie Mac.

Average 30 year mortgage rates have been below 4.00 percent for all but one week this year. Current mortgage rates on 30 year conforming loans are averaging 3.53 percent, down from the previous week's average 30 year mortgage rate of 3.56 percent.

After several years of the Fed driving mortgage interest rates lower to help the housing market their efforts are finally helping. New construction on one-family homes rose for the fourth consecutive month in June and is at the strongest pace since April 2010.

Today's mortgage rates on 15 year conforming loans are averaging 2.83 percent with 0.6 points, down from the previous week's record breaking low 15 year mortgage rate of 2.86 percent.

If you're searching for 15 year mortgage rates or refinance rates you can find rates below the averages. There are several lenders offering 15 year refinance rates in California and other states less then the average rates. The lowest rate on our table is 2.68 percent for a 15 year refinance loan in California.

Current mortgage rates on 5 year adjustable conforming loans are averaging 2.69 percent with 0.6 points, a decline from last week's average 5 year adjustable mortgage rate of 2.74 percent.

Just a few years ago I never thought you could get any mortgage rate below 3.00 percent, let alone almost at 2.50 percent. With fixed rates being so low right now I don't know why anyone would want an adjustable loan. Rates might go lower but they can't go much lower, where as rates could increase a lot in the coming years.

Mortgage rates current on 1 year conventional adjustable mortgages are averaging 2.69 percent with 0.4 mortgage points, unchanged from the previous week's average 1 year adjustable mortgage rate.

You can search and compare the lowest mortgage rates and lowest refinance rates by searching our rates lists below?
Author: Lisa Graham
July 19th, 2012