One year later, mortgage rates remain below 4%

According to Freddie Mac's Primary Mortgage Market Survey, the average 30-year fixed rate mortgage rate ticked higher by 0.01 percentage points this week to 3.40% nationwide.

Mortgage rates first broke 4.00% in November 2011 feels like just yesterday.


Mortgage Rates Still Below 3.5% on a 30 year fixed with No Points and No Bank fees

In Freddie Mac's weekly mortgage rate survey, the average 30-year fixed rate mortgage climbed 1 basis point to 3.40 percent nationwide for borrowers willing to pay an average of 0.7 discount points.

A discount point is a closing cost where "1 discount point" is a fee equal to one percent of your loan size. At your discretion, discount points may be paid as cash at closing, or added to your loan balance.

Discount points are optional, too. However, mortgage applicants choosing to waive discount points should expect to receive higher rates from their lender, Some rates even include a lender credit to be used towards closing costs.

In general, opting to pay 1 discount point will lower your mortgage rate by 0.25 percentage points.

Mortgage Rate Survey Results

Although the Freddie Mac survey highlights mortgage rates nationwide, you may find differences from lender-to-lender.

We have the most competitive bank partners here in the East Coast.

With this in mind, here are Freddie Mac's weekly mortgage rate averages :
o30-year fixed rate mortgage : 3.40%with 0.7 discount points
o15-year fixed rate mortgage : 2.69% with 0.7 discount points
o5-year adjustable rate mortgage : 2.73% with 0.6 discount points

All three mortgage rates are significantly improved as compared to one year ago.

Low mortgage rates have made U.S. homes more affordable to both home buyers and would-be refinancing households. Mortgage activity remains strong nationwide and lenders remain eager to get refinancing programs such as HARP 2 into the hands of underwater homeowners.


Get started with a rate quote online because, although mortgage rates may fall between now and next week, they have potential to rise, to and there's more room to rise than to go down these days, Contact US today, our team of First Time Home Buyer Specialist are available 24-7 to answer any of your questions.