Fixed Conforming Mortgage Rates Today Hit Record Lows

Fixed conforming mortgage rates today have made another round of record lows. Both fixed 30 year rates and fixed 15 year rates hit all time lows in Freddie Mac's Primary Mortgage Market Survey (PMMS). Weak economic data released the past week has driven bond yields and average mortgage rates down to record lows.

In this week's PMMS 30 year mortgage rates averaged 3.67 percent with 0.7 mortgage points for the week ending June 7, 2012, down from last week's average 30 year mortgage rate of 3.75 percent.

Just last year when 30 year rates averaged 4.49 percent no one thought rates would decline further let alone break through 4.00 percent. These days you can find some lenders offering 30 year mortgage rates or refinance rates at less than 3.50 percent if you're willing to buy down the rate by paying points.

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

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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 #757416

5.521%

15-Year Fixed

5.375%

$3,812

Includes 0.953 points for $3,812

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1025894

5.546%

15-Year Fixed

5.375%

$4,476

Includes 0.944 points for $3,776

Lender Fees: $700

$3,242 /mo

Next >

NMLS #6606

5.765%

15-Year Fixed

5.625%

$3,628

Includes 0.907 points for $3,628

Lender Fees: $0

$3,295 /mo

Next >

NMLS #401822

6.194%

15-Year Fixed

6.000%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$3,376 /mo

Next >

NMLS #757416

6.562%

30-Year Fixed

6.490%

$2,988

Includes 0.747 points for $2,988

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.590%

30-Year Fixed

6.490%

$4,188

Includes 0.872 points for $3,488

Lender Fees: $700

$2,526 /mo

Next >

NMLS #401822

6.644%

30-Year Fixed

6.500%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,529 /mo

Next >

NMLS #6606

6.713%

30-Year Fixed

6.625%

$3,628

Includes 0.907 points for $3,628

Lender Fees: $0

$2,562 /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.

The current average 15 year mortgage rate is at 2.94 percent with 0.7 mortgage points for the week ending June 7, 2012, down from the prior week's average 15 year mortgage rate of 2.97 percent.

15 year rates have declined considerably the past year as well. Back in May of 2011 15 year mortgage rates averaged 3.68 percent. At the time who would have though 15 year rates would be under 3.00 percent?

There are also lenders offering 15 year rates even lower then the averages pending on your credit score, where you live and how many mortgage points your willing to pay. Current refinance rates on 15 year loans can be found as low as 2.75 percent.

Today's mortgage rates on adjustable mortgages were mixed in this week's survey. Mortgage rates today on 5 year adjustable conforming loans averaged 2.84 percent with 0.7 points, unchanged from the previous week's average 5 year adjustable mortgage rate. Right now some lenders are offering 5 year refinance rates today at 2.75 percent or lower.

Current mortgage rates on 1 year adjustable loans were actually higher in this week's survey. Average 1 year adjustable mortgage rates were at 2.79 percent with 0.4 mortgage points, up from last week's average 1 year rate of 2.75 percent. Some lenders are offering 1 year today's refinance rates at less than 2.75 percent.