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Today’s Mortgage Rates at Record Lows are Finally Helping Housing: FHFA Housing Price Index +0.8% for May

Today's mortgage rates which are at record lows are finally helping the housing market recover. The Federal Housing Finance Agency said that home prices increased 0.8 percent on a on a seasonally adjusted basis in May, following a revised 0.7% increase in April.

The past year (May 2011 to May 2012) home prices rose 3.7% but are still down from 17% from its all-time peak set in April 2007. The FHFA purchase-only index is based on transactions bought or guaranteed by Fannie Mae or Freddie Mac.

Over the past several years the Federal Reserve has driven current mortgage rates to record lows to help housing and it looks like the Fed's efforts are finally working.

Average 30 year conforming mortgage rates hit yet another record low today averaging 3.57 percent. Down from an average 30 year mortgage rate of 3.59 percent.

Refinance demand has been strong and has made up the majority of home loan applications this year according to the Mortgage Bankers Association. Record low refinance rates has enticed millions of home owners to refinance.

Today's mortgage rates on 15 year conforming mortgage loans are averaging 2.99 percent, down from an average 15 year mortgage rate of 3.01 percent. 15 year rates are just above an all-time record low of 2.97 percent.

Jumbo mortgage rates today on 30 year loans are averaging 4.21 percent, unchanged from yesterday's average 30 year jumbo mortgage rate. You can find many lenders offering 30 year jumbo refinance rates below the average on our rate table below.

Mortgage rates current on 15 year jumbo home loans are averaging 3.38 percent. A decline from yesterday's average 15 year jumbo mortgage interest rate of 3.41 percent.

Average 5 year adjustable mortgage rates on both conforming loans and jumbo loans are unchanged today. Current mortgage rates on 5 year adjustable conforming loans are at 2.76 percent and 5 year jumbo adjustable loans are at 2.85 percent.
Author: Robert Till
July 24th, 2012