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Posted April 7, 2013
in Mortgage Rates

Mortgage Rates : 30-Year Fixed Rate Slips To 3.54%

Mortgage rates dropping, shows Freddie Mac survey. The 30-year fixed is falling.

Mortgage rates dropping, shows Freddie Mac survey. The 30-year fixed is falling.

Conforming mortgage rates slipped this week as the Refinance Boom continues .

According to Freddie Mac's weekly Primary Mortgage Market Survey (PMMS), a poll of more than 100 banks nationwide, the average 30-year fixed rate mortgage rate fell 3 basis point to 3.54% this week. The rate is available to borrowers willing to pay 0.8 discount points plus a complete set of closing costs.

Click to see today's rates (Feb 9th, 2016).

30-Year Fixed Rate Mortgage Rate To 3.52%

Nationwide, the average 30-year fixed rate mortgage rate slipped 0.03 percentage points to 3.54% last week. It's not the lowest 30-year fixed mortgage rate of all-time, but today's mortgage rates remain far below historical norms. 

For example, two years ago, the average 30-year fixed rate mortgage rate was 4.87 percent and five years ago it was 5.92 percent. Over the last 41 years, rates have averaged near 8.75%. 

Today's rates in the 3s are downright cheap.

The 3.54% does come at a cost, however. For the right lock Freddie Mac's weekly published rate, mortgage applicants are paying an average of 0.8 discount points at the time of closing, in addition to whatever typical closing may accompany their home loan.

Paying 0.8 discount points on a $100,000 loan adds an $800 closing cost. On a $200,000 loan, it adds $1,600.

For loans at the jumbo loan limit of $625,500 in places like Fairfax, Virginia; Bethesda and Potomac, Maryland; and Huntington Beach, California, 0.8 discount points adds $5,004 in closing costs.

Click to see today's rates (Feb 9th, 2016).

Conforming 15-Year Mortgage Rate Falls To 2.74%

Freddie Mac's weekly mortgage rate survey showed the following average mortgage rates nationwide :

  • 30-year fixed rate mortgage : 3.54% with 0.8 discount points
  • 15-year fixed rate mortgage : 2.74% with 0.7 discount points
  • 5-year adjustable rate mortgage : 2.65% with 0.5 discount points

Note that these mortgage rates may not be available to everyone. For example, Freddie Mac backs conventional mortgages which means that FHA mortgages, VA home loans, jumbo mortgages, and other non-conventional loans are exempted from the survey.

In addition, mortgage rates can vary based on your loan's unique characteristics.

Applicants with a credit score of 740 or better can expect slightly better mortgage rates as compared to applicants with credit scores below 740. Condo buyers may also find higher mortgage rates, unless a 25% downpayment is made; as may homeowners using the HARP 2.0 mortgage program.

The Freddie Mac survey is a guide, not the gospel.

Search For Mortgage Rates Quickly

For home buyers and today's refinancing households, mortgage rates remain near all-time lows. The Refinance Boom is ongoing with many households dropping payments by 33 percent or more.

See how much home you can afford, and how much cash you can save. Get started with a quick, no-obligation, mortgage rate quote online.

Click to see today's rates (Feb 9th, 2016).

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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2016 Conforming, FHA, & VA Loan Limits

Mortgage loan limits for every U.S. county, as published by Fannie Mae & Freddie Mac, the Federal Housing Administration (FHA), and the Department of Veterans Affairs (VA)