Current Mortgage Rates and Home Inventories Hover Near Record Lows

Current mortgage rates which are just above historic lows are finally helping the housing market recover from the worst housing bust since the Great Depression. The National Association of Realtors®' Realtor®Mag reported that inventories of homes for sale continue to remain at record lows across the country.

In the NAR's report inventory of for-sale single-family homes, condos, town-homes, and co-ops is about 19 percent below inventory levels from a year ago. The NAR's analysis of July housing data of if based on 146 markets.

Today's mortgage rates on 30 year conforming loans are averaging 3.69 percent, up 13 basis points from an average 30 year mortgage rate of 3.56 percent. Right now on our rate tables in the state of Ohio you can find mortgage rates today on 30 year loans below the average and as low as 3.25 percent.

Also on our 30 year refinance rates list in California you can find 30 year refi rates as low as 3.25 percent on conforming mortgage loans. Search our rate tables in your state to find the lowest refinancing rates available.

Current mortgage rates on 15 year conforming loans are still under 3.00 percent averaging 2.98 percent. The average 15 year mortgage rate is up from the previous day's average of 2.97 percent. We will probably see 15 year mortgage interest rates move above 3.00 percent this weekend.

Currently on our refinance rates list for New York you can find lenders offering 15 year refinance rates today below the average rate. In fact there are some lenders advertising rates as low as 2.75 percent with points.

Jumbo mortgage rates today are averaging 4.25 percent on 30 year jumbo loans, an increase from an average 30 year jumbo mortgage rate of 4.21 percent set a day earlier. Right now on our 30 year jumbo refinance rates list in Florida there are lenders offering rates as low as 3.95 percent with points.

Average 15 year mortgage rates today are also higher averaging 3.47 percent, an increase from an average 15 year jumbo mortgage interest rate of 3.43 percent. Mortgage rates currently on our 15 year jumbo rate list for Virginia can be found as low as 3.13 percent with points.

Adjustable mortgage interest rates today on 5 year conventional loans are averaging 2.98 percent, up considerably from an average 5 year adjustable mortgage rate of 2.76 percent. Right now on our rate tables for 5 year adjustable loans there are lenders offering rates as low as 1.88 percent depending on the state you live in.

Today's mortgage rates on 5 year jumbo adjustable loans are averaging 2.84 percent, up from an average 5 year jumbo adjustable mortgage rate of 2.81 percent. Right now on our 5 year jumbo adjustable refinance rates list there are lenders offering rates as low as 2.24 percent.

Author: Robert Till
August 17th, 2012

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