Mortgage Refinance Rates Hit New Low Mortgage Rate Survey: 30 Year Refinance Rates at 3.72 Percent

In a survey released yesterday current mortgage refinance rates hit another record low for fixed conforming 30 year mortgages and fixed conforming 15 year mortgages. Also hitting a new all-time record low in the Mortgage Bankers Association's Weekly Application Survey were adjustable mortgage rates on 5 year conventional adjustable loans. Average 30 year conforming mortgage rates hit a record low of 3.72 percent with 0.45 mortgage points for the week ending September 14, 2012, a decline from the previous week's average 30 year mortgage rate of 3.75 percent with 0.44 points.

The MBA's application survey is a trailing indicator of average mortgage rates and rates have fallen since September 14, 2012. In today's Bankrate's national average mortgage rate survey, 30 year conforming mortgage rates are lower averaging 3.52 percent. These rates are average rates, you can find mortgage interest rates below the averages.



Demand for home loans fell this week even though several types of mortgage products hit record lows in the survey. The MBA's Market Composite Index, which measures mortgage loan application volume, is down 0.2 percent on a seasonally adjusted basis from one week earlier.  The Refinance Index, which is a measure of loan application volume for refinancing loans, increased 1 percent from the previous week. The seasonally adjusted Purchase Index, which is a measure of loan application volume for loans to buy homes, decreased 4 percent from one week earlier.

Refinance rates today can be found well below the average 30 year refinance rates. Right now on our 30 year refinance rates list for the state of New Jersey there are several lenders offering rates below the averages. Amerisave is offering 30 year refinance rates at 3.00 percent with 1.812 points. If you want a 30 year mortgage without having to pay points currently on our NJ refinance rates list Amerisave is also offering 30 year refinancing rates at 3.25 percent with no points.

Average conventional 15 year mortgage rates hit an all-time record low of 3.03 percent with 0.39 mortgage points for the week ending September 14, 2012. Average 15 year mortgage rates are down from the prior week's average of 3.07 percent with 0.39 points. Today's mortgage rates on 15 year conforming loans are averaging 2.94 percent in Bankrate's national rate survey.

As with 30 year average rates you can find lenders offering 15 year mortgage interest rates below the averages listed above. Current refinance rates on 15 year loans in Florida can be found as low as 2.375 percent with points. Both Amerisave and Roundpoint Mortgage Company are both offering 15 year refinance rates today at 2.375 percent with points on our rate list in FL.

Average 30 year jumbo mortgage rates for the week ending September 14, 2012, are once again below 4.00 percent averaging 3.99 percent with 0.35 points. The average 30 year jumbo mortgage rate is down from the prior week's average of 4.00 percent with 0.30 mortgage points.

Current mortgage rates on 30 year jumbo loans have declined further since the MBA's report since bond yields have declined. You can also find 30 year jumbo refinance rates currently below the averages. If you live in the state of California you can find jumbo refinance rates today on 30 year loans as low as 3.625 percent with points on our rate table for CA. Without points there are lenders offering 30 year jumbo mortgage refinance rates at 4.00 percent in California.

Average FHA 30 mortgage rates were at 3.50 percent with 0.57 mortgage points for the week ending September 14, 2012, matching an all-time record low for 30 year FHA mortgage rates. FHA mortgage rates today are even lower than the average in the MBA survey.

5 year adjustable mortgage rates hit an all-time record low of 2.61 percent with 0.32 mortgage points, down from an average 5 year adjustable mortgage interest rate of 2.63 percent with 0.47 mortgage points. You can find 5 year adjustable mortgage rates currently below the average of 2.61 percent. Right now on our 5 year adjustable refinance rates list for the state of Illinois there are lenders offering 5 year adjustable refi rates as low as 2.25 percent with points.

Loan Type

Purchase Refinance with Cash out Refinance

State

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FICO Score

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Loan Amount

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Points

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LTV

%

Loan Term

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

Mortgage Rates December 9, 2023