Mortgage Rates Hit Record-Low 3.49%


Posted on Sep 21, 2012

The 30-year fixed rate mortgage is averaging 3.49% nationwide, and the 15-year fixed rate mortgage is averaging 2.77%. Both are all-time lows.

At the start of each week, Freddie Mac asks more than 100 banks nationwide to report back on the "going mortgage rates" available to prime borrowers. In short, a "prime borrower" is defined as a mortgage applicant with good FICO scores, verifiable income, and at least 20 percent equity in their home.

Banks response are then compiled and published in the form of Freddie Mac's weekly Primary Mortgage Market Survey -- a listing of average mortgage rates available nationwide, and by region.

This week, Freddie Mac reports the average 30-year fixed rate mortgage rate down 6 basis points to 3.49%, marking the second time that the average 30-year fixed rate mortgage rate fell to 3.49% nationwide.

However, as compared to last 3.49% reading (which was 9 weeks ago), this week's reading is more favorable.

In late-July, banks had required borrowers to pay an average of 0.7 discount points to get access to the published 3.49% mortgage rate. Today, that average bank charge is down to just 0.6 discount points, or $100 in closing costs per $100,000 borrowed.

At larger loan sizes, the difference in magnified. Homeowners borrowing at the local conforming loan limit of $625,500 in Loudoun County, Virginia; or, New York City, New York; or, San Diego, California, for example, save $625.50 on discount points as compared to 9 weeks ago.

Today marks the best conforming mortgage rate market in the history of mortgage lending.

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