According to Freddie Mac’s latest Primary Mortgage Market Survey, 30-year fixed-rate mortgage rates averaged 3.49 percent (with 0.6 points) for the week ending today, down from 3.55 percent last week, versus 4.09 percent a year ago, and back to the all-time low recorded this past July.
The average 15-year fixed mortgage rate has dropped to a new all-time record low of 2.77 percent, down from 2.85 percent last week and versus 3.29 percent a year ago.
As rates dropped, mortgage applications to purchase homes in the U.S. increased 8 percent last week on an unadjusted basis, year-over-year, but fell 4 percent on an adjusted basis, week-over-week. Refinancing activity increased 1 percent last week according to the Mortgage Bankers Association.
Mortgage Rates Back To Record Lows [Freddie Mac]
Whoops, They Did It Again: Mortgage Rates Hit New All-Time Lows [SocketSite]
Mortgage Rates Drop to New Survey Lows [mbaa.org]

Comments from Plugged-In Readers

  1. Posted by Lance

    I just got the ball rolling on a 15-year refinance. I’m expecting my rate to come in at 2.75 with no points, so this is a good time to pull the trigger if you qualify.

  2. Posted by BernalDweller

    I locked in the remaining term of my 30 year ARM to a fixed rate of 3.375 last week.

  3. Posted by bigV

    @bernalDweller — what lender did you go to?
    are you under the $417 conforming limit?
    I have not seen that low of a rate for the (standard sf) agency jumbo loans.

  4. Posted by Lance

    Actually, 3.375 sounds about right for a 30 year super-conforming ($625K). If you go to http://www.amerisave.com, you can get a feel for the going rate. A good mortgage broker should be able to offer something similar.

  5. Posted by Q

    I have investment property with a lingering 6.75% 30-yr fixed. Anyone know what kind of rates you can get nowadays for investment property? I used to have a fair amount of equity, but that’s mostly evaporated now.

  6. Posted by BernalDweller

    My original mortgage was written with a one-time only conversion option that was available to me for one year following the original fixed-rate period. My choice was therefore to accept a variable rate loan that adjusted annually or lock in for the remaining term of the original loan. I chose to lock in, even though the variable rate for the next year would have been 3.00%. I just want the comfort of the fixed rate. Happens to be Union Bank.

  7. Posted by BernalDweller

    Oh…forgot to answer your other question. It’s non-conforming.

  8. Posted by two beers

    Blowin’ bubbles, baby, yeah! Helicopter Ben is back, With A Vengeance. Pump it to the moon, Alice. Housing never drops!

  9. Posted by Lance

    I realize this thread is basically dead, but I think Bernal Dweller is mistaken. I have been doing a good amount of due diligence due to my refinance, and that rate doesn’t exist for a non-conforming loan. The loan is likely a high value or “super conforming” loan, which has an upper limit of $625,500 in San Francisco. Above that, you are looking at jumbo rates, and they are about a half point higher.

  10. Posted by Anon1

    Super conforming in SF is $729750.

  11. Posted by BernalDweller

    Actually, Lance, you are correct, my language was incorrect. I didn’t understand the difference between “conforming” and “superconforming”. I mistakenly assumed that anything that was above the “conforming” limit would be considered “non-conforming” but forgot about the superconforming areas.

  12. Posted by anon

    Lance is right. The Fannie/Freddie loan limit in SF is $625,500 since late 2011. Freddie says these super-confirming loans have to be funded by 12/31/12. Not sure what happens after that. Jumbos are maybe 1/2 point higher but also have far stricter underwriting and down payment requirements.

  13. Posted by Lance

    BD, I figured as much. The various limits and terminology are confusing IMO, so I get it.
    Anon1, the super-conforming is $729,750 only for FHA purposes. For Fannie and Freddie loans, it is $625,500. FHA loans require insurance (i.e. – are more expensive), but you do have the option of putting down less than 20%.

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