Current Mortgage Rates Thanksgiving Weekend: 15 Year Refinance Mortgage Rates at 2.86%

Current mortgage rates this Thanksgiving weekend are just above record lows set earlier this past week. Mortgage rates today are lower than Friday's average rates and the future direction of mortgage rates for the rest of 2012 and into 2013 will be lower. Congress comes back from the Thanksgiving Holiday to tackle the fiscal cliff - we hope they will come to an agreement to avoid the cliff.  Conventional 15 year refinance mortgage rates are averaging 2.86 percent, down from Friday's average 15 year mortgage rate of 2.89 percent and just above a record low of 2.77 percent.

Before the end of 2012, average 15 year mortgage interest rates will make new record lows, you can count on it! How low rates go is the big question. I believe we will see 15 year rates fall through the 2.75 percent level and possibly as low as 2.65 percent in December. The reason being is the Federal Reserve continues to force mortgage rates lower by buying $85 billion a month in mortgage-backed securities (MBS) to drive rates lower.

The average 15 year rate of 2.86 percent is just an average, you can already find lenders quoting 15 year mortgage rates to purchase a home and 15 year refinance rates to refinance an existing loan well below the average. Several factors will determine how much below the average rate you will be quoted by lenders. The biggest factor will be your credit history and credit score. The higher the score the more favorable the rate you'll receive.

Many lenders are still requiring well above average credit scores to even get a loan which is an impediment to the housing recovery. Back during the bubble years, lenders were too loose with requirements, now the pendulum has swung to far to the other side but since there are many signs of a housing recovery and home prices increasing once again, hopefully lenders will start loosening restrictions in the future.

Today's mortgage rates can be found as low as 2.25 percent if you're willing to pay about 1.5 to 2 mortgage discount points. Paying "mortgage discount points" allows you to receive a lower rate than you normally would without paying points. One point is equal to one percent of the home loan and you pay points upfront at closing. If you plan to stay in your home a long time, paying points will save you money in mortgage interest payments.

Conforming 30 year mortgage rates today are averaging 3.45 percent, a decline from Friday's average 30 year mortgage rate of 3.48 percent. Average 30 year mortgage interest rates are also just above record lows of 3.37 percent set last week. Before the end of this year we will probably see 30 year conforming refinance rates fall through 3.25 percent to as low as 3.15 percent.

You can already find home loan lenders quoting refinance rates well below the average of 3.45 percent. Right now on our 30 year refinance mortgage rates list for the state of California we have lenders quoting rates as low as 2.875 percent with points. I have to admit, I never thought I'd see conforming 30 year refi rates as low as 2.87 percent.

Average jumbo mortgage rates today on 30 year loans are at 4.04 percent, down from Friday's average 30 year jumbo mortgage rate of 4.07 percent. Average jumbo mortgage interest rates are also just above record lows of 3.97 percent set this past week. In 2013 I believe average jumbo refinance rates will fall below 3.90 percent, possibly as low as 3.85 percent.

Depending on the state you live in you can find jumbo rates quoted on 30 year loans well below the average of 4.04 percent. Currently on our California jumbo refinance rates list we have lenders quoting rates as low as 3.50 percent with points. The lowest jumbo rates without points are available at 3.625 percent.

Mortgage rates currently on 15 year jumbo loans are averaging 3.41 percent, a decline from Friday's average jumbo mortgage rate of 3.45 percent. Average 15 year jumbo interest rates are also just above record lows of 3.39 percent set earlier this past week. Right now on our 15 year jumbo rates list for CA we have lenders quoting rates as low as 3.00 percent with points and at 3.125 percent without points.

Feel free to search our rate lists for the lowest available rates in your state. Unlike most websites, we do not require any personal information to view a list of rates.