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Today’s Mortgage Rates Increase: 30 Year Conforming Mortgage Rates Averaging 3.46 Percent

Average mortgage rates which hit record lows for several consecutive weeks in September are higher this week. Today's mortgage rates on 30 year conventional mortgage loans are averaging 3.46 percent, an increase from last week's average 30 year mortgage rate of 3.43 percent. Although average 30 year mortgage rates are up two weeks in a row average rates are just above an all-time record low of 3.36 percent.

The increase in mortgage interest rates is only temporary; the Federal Reserve is stilling buying $85 billion a month in mortgage-backed securities (MBS) to drive rates lower. Mortgage rates today on 30 year conforming loans are probably at a high right now and will fall through 3.25 percent sometime in the fourth quarter of 2012.

You can already find some lenders offering 30 year conforming mortgage refinance rates below 3.25 percent. Currently on our 30 year refinance rates today list for North Carolina, Amerisave is offering 30 year refinance rates at 3.125 percent with 1.564 mortgage points. If you rather not pay points on a loan we also have Seckel Capital offering 30 year refinancing rates in North Carolina at 3.25 percent with no points.

Record low current mortgage rates have finally helped the housing market in a recent housing report. Yesterday, the Commerce Department reported that builders broke ground on building new single-family houses and apartments at the fastest pace in over four years. Housing starts surged to an annual rate of 872,000 in September, which was well above estimates.

Refinance demand for mortgages has been strong for several years now as refinance rates made a series of record lows. Millions of homeowners who have a mortgage have refinanced more than once to take advantage of falling rates. In a recent report by Freddie Mac, in the second quarter of 2012, 95 percent of homeowners who refinanced their loan refinanced to a fixed rate mortgage and 30 percent of reduced the term of the mortgage.

With fixed mortgage rates at record lows it makes sense to lock in a long term rate and if you can afford higher monthly mortgage payments that accompany a shorter term loan, like a 15 year loan, it makes financial sense. Current mortgage rates today on 15 year mortgage loans are averaging 2.84 percent, up from last week's average 15 year mortgage rate of 2.83 percent.

You can already find lenders offering current refinance rates on 15 year mortgage loans below the average of 2.84 percent. Currently, on our refinance rates list for the state of Arizona we have lenders offering 15 year rates as low as 2.50 percent with points and as low as 2.75 percent without points.

30 year jumbo mortgage rates today are also slightly higher this week over last. Average 30 year jumbo mortgage rates are at 4.03 percent, an increase from the previous week's average 30 year jumbo mortgage rate of 4.01 percent. If you have a jumbo loan because you live in a higher priced housing market like in California you can find lenders on our California refinance rates list offering 30 year jumbo refinance rates below the average. Right now Citi Mortgage is offering 30 year jumbo refi rates as low as 3.50 percent 1.75 mortgage points.

Today's mortgage interest rates on 15 year jumbo loans are averaging 3.36 percent this week, unchanged from last week's average 15 year jumbo mortgage rate. Average 15 year jumbo mortgage rates might possibly break through 3.00 percent before the end of 2012. Right now you can find lenders offering 15 year jumbo refi rates as low as 3.00 percent on our rate lists.

Average conforming 5 year adjustable mortgage rates are at 2.99 percent this week, unchanged from last week's average 5 year adjustable mortgage rate. If you're comparing 5 year adjustable rates we have lenders in the state of Texas offering 5 year adjustable conventional refinance rates as low as 2.125 percent with points.

Average 5 year jumbo adjustable mortgage rates are up 1 basis point this week over last. Refinance rates today on 5 year jumbo loans are averaging 2.82 percent, an increase from last week's average 5 year jumbo refinance rate of 2.81 percent. Current on our 5 year jumbo refinancing rates list for the state of New Jersey we have lenders listed offering rates as low as 2.375 percent with 1 mortgage point.
Author: Brian McKay
October 18th, 2012