Mortgage Rates Drift Higher for the Third Consecutive Week

Average mortgage rates have drifted higher for the third consecutive week in the most recent mortgage rate survey released this morning. In Freddie Mac's Primary Mortgage Market Survey (PMMS) for the week ending May 23, 2013, average fixed conforming 30 year and 15 year rates moved higher while adjustable rates were mixed.

The average 30 year mortgage rate increased to 3.59 percent with 0.7 mortgage points, up from the prior week's average 30 year rate of 3.51 percent. National average mortgage rates today on our rate tables are slightly higher averaging 3.73 percent. These rates are average rates - there are many lenders offering rates well below the averages.

Right now in the state of California we have lenders quoting 30 year refinance rates as low as 3.25 percent with points. Right now we also have one lender, Nations Choice Mortgage, offering 30 year refinance rates without points at 3.25 percent. These 30 year rates can also be found as low in other states by searching our rate lists here: mortgagerates.monitorbankrates.com.

15 year conventional mortgage rates averaged 2.77 percent with 0.7 mortgage points for the week ending May 23, up from the previous week's average 15 year rate of 2.69 percent. Current mortgage rates on 15 year conforming loans on our national rate list are averaging 2.85 percent but we do have lenders offering rates well below the averages.

The lowest 15 year mortgage interest rates right now in the state of Texas are offered at 2.375 percent with points. We also have one lender offering the same 2.375 percent rate with zero points. The lender offering that rate/point deal right now in the state of Texas is American First Rate Mortgage Group LLC.

Also in Freddie Mac's survey this week 5 year conforming adjustable mortgage rates averaged 2.63 percent with 0.5 mortgage points, up slightly from last week's average 5 year adjustable rate of 2.62 percent. The lowest 5 year adjustable refinance rates today on our rate table are much lower than Freddie Mac's average.

In the state of Connecticut we have one lender quoting 5 year adjustable refi rates at 1.625 percent with points and many others quoting 5 year rates at 1.75 percent with points. The lowest 5 year adjustable rate without points right now is from Aimloan at 2.125 percent. The rate and point combinations can also be found in our database for most other states.