Current Mortgage Rates Keep Homebuyer Affordability High and Refinancing Strong

Homebuyer affordability remains high and refinancing remains strong as current mortgage rates remain largely unchanged, hovering just above record lows. In the Primary Mortgage Market Survey released by Freddie Mac, average 30 year mortgage rates declined to 3.38 percent with 0.7 mortgage points for the week ending January 17, 2013. 30 year conforming mortgage rates are down from the prior week's average of 3.40 percent.

After moving higher at the end of 2012, average mortgage rates started heading lower as the Federal Reserve continues their purchase of mortgage-backed securities to drive rates lower. In the coming weeks, average mortgage interest rates on fixed rate loans will make new record lows.



Mortgage rates today on 30 year loans can be found much lower than the average in Freddie Mac's survey this week. Depending on the state you live in, you can currently find lenders on our rate table quoting 30 year mortgage refinance rates as low as 2.875 percent with points. The lowest 30 year refinance rates without points can be found around 3.25 percent, which is also below the average rate.

15 year mortgage rates averaged 2.66 percent with 0.7 mortgage points for the week ending January 17, 2013. The average 15 year mortgage rate is unchanged from last week's average. 15 year rates made record lows back in November 2012 and will make new lows in 2013.

If you're applying for a mortgage to either buy a home or refinance your current loan, you should seriously consider a shorter term mortgage like a 15 year loan. You can save literally tens of thousands or even hundreds of thousands of dollars in interest payments over the life of the loan.  The monthly payments are somewhat higher than for a 30 year mortgage but not as much as you might think.  Take the time to research and see if the option is right for you and your budget.

Today's mortgage rates on 15 year conventional home loans can be found well below the average rate. Right now on our rate tables in most states you can find lenders quoting 15 year refinancing rates at 2.25 percent with points. The lowest rates without points are around 2.50 percent.

5 year adjustable mortgage rates were also unchanged in this week's survey at 2.67 percent with 0.6 points. Average 1 year adjustable mortgage interest rates are at 2.57 percent with 0.6 points, down from last week's average of 2.60 percent. Right now on our 5 year adjustable refinance rates lists in some states, you can find lenders quoting refi rates as low as 1.75 percent with 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

Mortgage Rates December 7, 2023