Current Mortgage Rates: 30 Year Fixed Current Mortgage Rate at 5%, Last Year 6.47%.
By: Ed Ferrara
Current mortgage rates are reported by Freddie Mac to be at their lowest levels since May. Freddie Mac reports the average current 30 year fixed mortgage rate at 5.12%.
Our research of wholesale lender’s current mortgage rates shows:
30 year fixed mortgage rates as low as 5% with zero buy down points available. Buy down points are points paid to lower the mortgage rate and are in addition to the regular points as fees associated with a mortgage. Current mortgage rates for 15 year fixed mortgages with zero buy down points are as low as 4.5%.
Last year at this time the mortgage rate for the same 30 year fixed mortgage was 6.47%, over a full percentage point higher.
Housing data released late last week shows big improvements in existing home sales month over month. While great for the overall economy current mortgage rates are pressured to move upward by stronger home sales.