Just when you thought we hit the bottom on current mortgage rates we find rates have decreased yet again. Mortgage rates today on fixed conforming 30 year mortgage rates declined to a record low of 3.73 percent. 30 year rates today are lower than the Mortgage Banker Association’s average 30 year rate of 3.91 percent set on May 25th which is also a low. You can expect next week’s MBA survey to have even lower average rates.
30 year jumbo current mortgage rates averaged 4.23 percent in the survey, this is down from the May 18th average jumbo mortgage rate of 4.25 percent. There are many lenders offering 30 year jumbo mortgage rates under 4.00 percent.
Average 15 year mortgage rates declined for the week ending May 25th 2012,to 3.23 percent, this is also down from the May 18th record low of 3.26 percent. Today’s mortgage rates on 15 year loans are even lower averaging 3.02 percent. If you want to refinance and can you should do so, we might not see 15 year mortgage rates this low again in our lifetime!
30 year FHA loans are also lower at 3.70 percent for the end that ended on May 25th. This is down from another record low of 3.73 percent that was set on May 18th.
Last but not l
Just when you thought mortgage rates today couldn’t move any lower they have causing a boom in homeowners looking to refinance their mortgage loan. Current mortgage rates on conforming 30 year loans, conforming 15 year loans and FHA loans all hit a new all-time low in this week’s Mortgage Bankers Association’s application survey causing refinance applications to increase 5.6 percent.
Refinance demand was fueled by conforming 30 year mortgage rates hitting an all-time record low of 3.93 percent for the week ending May 18, 2012. This rate is down from last week’s average rate of 3.96 percent. Mortgage rates today are even lower than the MBA’s rate since the MBA’s rate is as of May 18, 2012. Rates have fallen since then and you can find some lenders offering 30 year conforming mortgage rates as low as 3.50 percent if you’re willing to pay mortgage points.
Also contributing to refinance demand today is ultra low 15 year mortgage interest rates. In the survey 15 year mortgage rates averaged 3.26 percent, unchanged from last week’s all-time record low. You can get 15 year mortgage rates today from lenders as low as 2.75 percent, again if you’re willing to pay mortgage points to get a lower rate it’s available.
Current FHA mortgage rates today averaged 3.73 percent, down from last week’s record low FHA mortgage rate of 3.75 percent. FHA mortgages are government guaranteed mortgage loans. Lenders offer FHA mortgage rates lower than regular conforming mortgage rates since the government guarantees they will be paid back.
Jumbo mortgage rates, which are rates for jumbo mortgages not backed by the government run higher than both conforming and FHA rates. Current jumbo mortgage rates today on 30 year loans are averaging 4.25 percent, an increase from the previous week’s average of 4.20 percent.
Also moving higher in this week’s survey on mortgage rates on adjustable conforming loans. Current adjustable mortgage rates today are averaging 2.83 percent, an increase from 2.80 percent last week.
Mortgage rates current are higher compared to interest rates on 4/5. 30 year conforming mortgage rates currently and refinance rates are averaging 4.92 percent, up from yesterday’s average 30 year mortgage rate and refinance rate of 4.87 percent.
Conforming 15 year current mortgages rates and refinance rates are averaging 4.18 percent, up from yesterday’s average 15 year mortgage rate and refi rate of 4.16 percent.
Jumbo mortgage rates today are lower compared to yesterday’s average jumbo rates. 30 year jumbo mortgage rates today and jumbo refinancing rates are averaging 5.44 percent, down from yesterday’s average jumbo loan rate of 5.46 percent.
Current 15 year jumbo mortgage rates and jumbo mortgage refinance rates are averaging 4.61 percent, down from the yesterday’s average jumbo rate of 4.65 percent.
The current mortgage rates and current refinance rates listed above are only average rates. You can get mortgage loan rates lower than the averages.