Mortgage Rates Start 2013 Near Record Lows

We ring in 2013 with mortgage rates just above record lows, continuing the downtrend of 2012. In this week's Primary Mortgage Market Survey released by Freddie Mac, average 30 year conforming mortgage rates are at 3.34 percent with 0.7 mortgage points for the week ending January 3, 2013. Average conforming 30 year rates are down from last week's average of 3.35 percent.

The all-time record low rate in the PMMS was at 3.31 percent set November 21, 2012. In the coming months 30 year rates will probably break through the all-time record low and possibly hit new lows around 3.00 percent. You can already find mortgage lenders quoting mortgage rates below 3.00 percent if you have a credit score above 740 and are willing to pay points.

We have many lenders quoting mortgage rates today below 3.00 percent on our 30 year conforming rate table in many states. Currently on our 30 year refinance rates list for the state of Maryland we have Atlantic Mortgage and Funding quoting 30 year refinance rates at 2.99 percent with 1 mortgage point. Atlantic Mortgage and Funding is also quoting 30 year refinancing rates at 3.125 percent with no points.

On our 30 year mortgage refinance rates list in the state of Nevada we have several lenders quoting 30 year rates below the average of 3.34 percent. The lowest rate right now is at 3.125 percent with 2 mortgage points from Round Point Mortgage Company. The lowest 30 year refi rate without points is at 3.25 percent from Loan Depot.

Average 15 year conventional mortgage rates for the week ending January 3, 2013, are at 2.64 percent with 0.7 mortgage points, a decline from the previous week's average 15 year mortgage rate of 2.65 percent. The record low for average 15 year conventional mortgage interest rates Freddie Mac's survey was at 2.63 percent on November 21, 2o12.

In 2013, 15 year conventional rates will fall below 2.50 percent and possibly as low as 2.35 percent. You can already find mortgage companies quoting current mortgage rates on 15 year loans below 2.35 percent. Right now on our 15 year conforming refinance rates list for the state of Texas we have Amerisave quoting 15 year rates at 2.25 percent with 1.806 points. The lowest 15 year rate without points on our Texas rate list are at 2.375 percent from Home Loan Enterprise.

Today's mortgage rates on our 15 year rate list in the state of California can be found as low as 2.25 percent with zero mortgage points. The lender quoting 15 year refi rates at 2.25 percent with no points is In the state of Colorado the lowest 15 year rates are quoted from Amerisave at 2.375 percent with 1.384 mortgage points.

Adjustable mortgage rates in Freddie Mac's survey this week were higher. Average 5 year adjustable mortgage rates for the week ending January 3, 2013, are at 2.71 percent with 0.6 mortgage points. In the prior week's survey, average 5 year adjustable mortgage rates were at 2.70 percent. Average 1 year adjustable mortgage interest rates averaged 2.57 percent with 0.4 mortgage points, up from the prior week's survey average of 2.56 percent.
Author: Brian McKay
January 3rd, 2013