Average Mortgage Rates Made New Lows in Freddie Mac’s Survey Today

In this week's Primary Mortgage Market Survey released by Freddie Mac average 30 year and 15 year mortgage rates hit new record lows for the week ending July 12, 2012. With this week's lows average 30 year mortgage rates have been below 4.00 percent for 16 consecutive weeks and average 15 year rates have been below 3.00 percent for 7 consecutive weeks.

Average 30 year mortgage rates are at 3.56 percent with 0.7 mortgage points for the week ending July 12, 2012, a decline from the prior week's average 30 year mortgage rate of 3.62 percent. Current mortgage rates today on 30 year loans are averaging 3.65 percent on our average rates list.

With 30 year refinance rates so incredibly low if you're in a position to refinance you should do so now. Millions of homeowners who have refinanced in the past three years are finding it makes financial sense to refinance again.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

Show Advertiser Disclosure

The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

5.440%

15-Year Fixed

5.250%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$3,216 /mo

Next >

NMLS #2059741

5.606%

15-Year Fixed

5.490%

$3,032

Includes 0.758 points for $3,032

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.650%

15-Year Fixed

5.490%

$4,172

Includes 0.868 points for $3,472

Lender Fees: $700

$3,267 /mo

Next >

NMLS #6606

5.773%

15-Year Fixed

5.625%

$3,848

Includes 0.962 points for $3,848

Lender Fees: $0

$3,295 /mo

Next >

NMLS #1835285

6.262%

5-Year ARM

6.125%

$5,860

Includes 0.965 points for $3,860

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.356%

30-Year Fixed

6.250%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #2059741

6.569%

30-Year Fixed

6.490%

$3,292

Includes 0.823 points for $3,292

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.600%

30-Year Fixed

6.490%

$4,592

Includes 0.973 points for $3,892

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.714%

30-Year Fixed

6.625%

$3,684

Includes 0.921 points for $3,684

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.734%

30-Year Fixed

6.625%

$4,495

Includes 0.625 points for $2,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #401822

7.698%

15-Year Fixed

7.375%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,680 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

Mortgage interest rates on 15 year mortgage loans averaged 2.86 percent with 0.7 mortgage points for the week ending July 12, 2012. The average 15 year mortgage rate is lower from the prior week's average 15 year rate of 2.89 percent. Mortgage rates today on 15 year conforming loans are averaging 3.03 percent on our average rates list.

Millions of homeowners to have a 30 year loan refinanced to a 15 year loan since 15 year refinancing rates are so low. You can see the benefits to refinancing to a 15 year loan not only because 15 year refi rates are lower than 30 year refi rates but you pay your home off 15 years early.

In the process you also save tens of thousands or even hundreds of thousands of dollars in mortgage interest payments. Use a mortgage calculator to see how much you can save by refinancing to a 15 year mortgage.

Adjustable mortgage rates were mixed in this week's survey. Average 5 year conforming adjustable mortgage rates were lower while 1 year adjustable mortgage rates increased.

5 year adjustable mortgage rates are averaging 2.74 percent with 0.6 points, down from last week's average 5 year adjustable mortgage rate of 2.79 percent. Average 5 year adjustable mortgage rates today are at 2.68 percent on our average rate list.

1 year adjustable mortgage rates averaged 2.69 percent with 0.4 points for the week ending July 12, 2012. The average 1 year adjustable mortgage rate is up from the prior week's average of 2.68 percent.