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Billions Funded. Direct Lender.
The Experience is the Difference
Billions Funded. Direct Lender.
The Experience is the Difference
at 0.000 pts
45 day lock rate
Est payment: $1,442.07
Fees in APR: $807
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The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.
Conforming 30 year mortgage rates hit another new low in 2014, falling to 4.16 percent this week. 30 year mortgage rates are down from last week’s average of 4.21 percent. Mortgage rates have made a series of new lows in 2014, following 10 year U.S. Treasury yields lower. Current 10 year bond yields are at 2.50 percent, the lowest point this year. Back in early January, 10 year bond yields were just over 3.00 percent.
Mortgage rates today on 15 year conforming lows also made a new low this week, averaging 3.22 percent. 15 year rates are down from the prior week’s average of 3.27 percent. These rates are average rates but there are lenders quoting both 30 year and 15 year rates below the averages. For example, in our rate database for the state of Florida, we have lenders quoting 30 year refinance rates as low as 3.75 percent and 15 year rates as low as 2.625 percent.
Current mortgage rates on 30 year jumbo loans are averaging 4.82 percent, down from last week’s average 30 year jumbo mortgage rate of 4.87 percent. The best jumbo mortgage rates available in our database of 30 year refinance rates in California are at 4.00 percent with zero mortgage points.
Today’s mortgage rates on 15 year jumbo loans are currently averaging 4.03 percent, down slightly from the previous week’s average 15 year jumbo rate of 4.05 percent. The lowest 15 year jumbo refi rates we have listed in our database for Connecticut are at 3.125 percent with 2 points. The lowest 15 year rate without points is slightly higher at 3.25 percent.
5 year conventional adjustable mortgage rates are averaging 3.23 percent this week, down from last week’s average 5 year adjustable rate of 3.28 percent. The lowest adjustable refinance rates in our database for all states is far below the average rate. The best 5 year rates today in our databases are at 2.25 percent with 2 mortgage points. The best 5 year refi rate without points is at 2.50 percent.
Jumbo 5 year adjustable rates today are averaging 3.35 percent, down from last week’s average 5 year jumbo rate of 3.41 percent. The lowest 5 year jumbo rates in our database for the state of Florida are also at 2.25 percent with 2 points. The lowest 5 year jumbo rate without points is also at 2.50 percent.
Uncertainty in the financial markets in the United States and abroad is causing mortgage rates to move lower. Average 30 year conforming mortgage rates have fallen to 4.25 percent this week, a new low this year. Investors have indirectly forced mortgage rates lower by purchasing U.S. Treasuries.
When investors buy bonds, prices move higher and bond yields move lower. Mortgage lenders tie their rates to long term bond yields, so when bond yields fall, mortgage rates follow lower. Average 30 year mortgage rates started 2014 near 5.00 percent and looked to move above 5.00 percent but now rates might drop as low as 4.00 percent.
Fed’s Actions Will Lead to Higher Mortgage Rates in 2014
Everyone believed bond rates and mortgage rates would move higher because the Federal Reserve started tapering their monthly purchases of long term bonds and mortgage-backed securities. The Fed cut their purchases from $85 billion a month to $65 billion a month and will continue slowing their buys throughout 2014.
The Fed’s actions will eventually lead to higher mortgage rates sometime in 2014, so if you’re thinking of getting a mortgage you should lock in a rate now. Average 30 year rates are at 4.00 percent but there are many lenders quoting 30 year rates with points below 4.00 percent.
The lowest 30 year rates in our database have fallen 0.125 percent this past week. The best 30 year mortgage rates today on our rate table for the state of California are now at 3.75 percent with 2 mortgage points. The two lenders quoting 30 year rates at 3.75 percent are Aimloan.com and Nations Choice Mortgage. We also have five other lenders quoting 30 year rates at 3.875 percent with various point combinations.
The lowest 30 year rates without points on our table are still below the average rate of 4.25 percent. The lowest 30 year refinance rates quoted on our table for CA are currently at 4.00 percent. The three lenders quoting a 4.00 percent rate with no points are Loan Depot, Home Loan Enterprise, and Sebonic Financial.
Today’s Mortgage Rates on 15 Year Conforming Loans
15 year mortgage rates have fallen to a new low for 2014 and will continue to move lower this week because of lower bond rates. 15 year conforming mortgage rates today are currently averaging 3.29 percent, a decline from last week’s average 15 year mortgage rate of 3.40 percent.
The best 15 year conforming refinance rates available on our rate table have also fallen 0.125 percent this past week. The best 15 year mortgage rates in our database for the state of Massachusetts are currently at 2.75 percent. We have three lenders quoting this rate, Roundpoint Mortgage Company, Aimloan, and American InterBanc.com Mortgage Bankers.
Current 30 Year Jumbo Mortgage Rates
30 year jumbo mortgage rates are back under 4.50 percent, which is also a new low for average 30 year jumbo rates this year. 30 year jumbo rates are averaging 4.41 percent, a decline from the previous week’s average 30 year jumbo rate of 4.52 percent. In early January, 30 year jumbo rates were near 5.00 percent but now it looks like rates will head back down to around 4.25 percent.
The best 30 year jumbo refinance rates in our database for the state of Maryland are currently at 4.25 percent with no mortgage points. The two lenders quoting 30 year jumbo rates that low are Citi Mortgage and BB&T Home Mortgage. We also have lenders in most of the other states quoting 30 year jumbo refi rates as low.
15 Year Jumbo Mortgage Rates Today
Average 15 year jumbo mortgage rates today are down to 3.63 percent, a decline from the prior week’s average 15 year jumbo rate of 4.74 percent. 15 year jumbo rates are now at a new low for 2014 but still above the all-time low of 3.27 percent, set just over a year ago.
The best 15 year jumbo refi rates in our database for the state of Connecticut are much lower than the average rate. The lowest quoted rate is currently at 3.125 percent with 1 mortgage point from Merrimack Mortgage Company. The lowest 15 year jumbo rate without points is also from Merrimack Mortgage Company at 3.25 percent.
5/1 Adjustable Mortgage Rates
Adjustable mortgage rates on 5 year loans are currently averaging 3.45 percent, down from last week’s average 5 year adjustable mortgage rate of 3.51 percent. Average 5 year rates are around 3.50 percent but there are many lenders quoting 5 year rates more than a full percentage point below the average.
The best adjustable rate in our database for the state of Texas is at 2.375 percent with just over 1 mortgage point. We have two lenders quoting that rate and point combination, Aimloan and Roundpoint Mortgage Company. The lowest 5 year adjustable rate without points on our table for TX is currently at 2.625 percent from Loan Depot.
Jumbo Adjustable Mortgage Rates on 5 Year Loans
5 year jumbo adjustable mortgage rates have fallen back below 3.00 percent this week. Current 5 year jumbo rates are averaging 2.92 percent, which is a decline from last week’s average 5 year rate of 3.04 percent.
The best 5 year jumbo rates in our database for the state of New Jersey are currently at 2.50 percent with just under 2 mortgage points. The lowest 5 year loan rates without points for NJ are currently at 2.875 percent, just below the average rate.
Average mortgage rates in the most recent Primary Mortgage Market Survey (PMMS) released by Freddie Mac changed little this week. For the entire 2013 year, mortgage rates have gone up from record lows set earlier in the year. Average 30 year conforming mortgage rates are at 4.48 percent with 0.7 point, an increase from last week’s average 30 year rates of 4.47 percent.
A year ago at this time, 30 year rates averaged 3.35 percent, which was the lowest point for average 30 year rates in 2013. Looking forward to 2014, average mortgage rates on all loan types will be moving higher all year long.
Mortgage Rates Forecasted to Move Higher in 2014 and 2015
In the most recent Mortgage Finance Forecast released in December by the Mortgage Bankers Association, average 30 year rates are forecasted to increase to 4.7 percent in the first quarter of 2014. By the end of 2014, average 30 year mortgage rates are forecasted to move above 5.00 percent to around 5.10 percent on average.
The forecast for mortgage rates in 2015 is also higher, though rates are expected to remain under 6.00 percent. In the first quarter of 2015, average 30 year rates are expected to be around 5.10 percent and by the end of 2015, average 30 year rates are expected to increase to 5.30 percent.
Now is a Good Time to Buy a Home
While rates are moving higher and will continue to move higher overall, the increases are not that bad. This is a good thing because the housing market is still recovering and any large increases in mortgage rates will certainly derail the recovery.
If you’re thinking about buying a home, now is one of the best times in over a decade. Since the housing collapse, housing prices have come down considerably.
Another factor making now a good time to buy is low mortgage rates. With current mortgage rates on 30 year loans averaging around 4.50 percent, you can still find lenders quoting 30 year rates for home purchases below the average. The lowest 30 year mortgage rates in our database of rates are at 4.00 percent with points.
Now is a Good Time to Refinance a Mortgage
Already own a home and have been thinking about refinancing your mortgage? Because refinance rates are still very low, you should look into refinancing. Because home prices on average moved 20 percent higher the past 2 years, you might be able to refinance now because you may have built up enough equity in your home.
Refinancing to a shorter term loan if you can afford the higher monthly payments is one of the best ways to save money. Refinancing from a 30 year loan to a 15 year loan will probably save you hundreds of thousands of dollars in mortgage interest payments. Literally. Likewise, refinancing from a 30 year loan to a 10 year loan or even a 15 year loan to a 10 year loan will also save you a great deal of money. The clincher is that you will have somewhat higher mortgage payments but the shorter term and lower interest rates make a huge difference in the total amount you pay for your home.
You can use a mortgage calculator with interest and an amortization schedule to see how much you can save in interest.
Mortgage rates moved slightly higher today on higher 10 year bond yields. Today’s mortgage rates on 30 year conventional home loans are averaging 4.38 percent, an increase from an average 30 year rate of 4.35 percent. Average rates are higher because 10 year bond yields moved higher the past week.
Today’s Mortgage Rates on 30 Year Loans Still Low
Although rates have moved higher since the beginning of the year, rates are not much higher from all-time record lows and are still low, historically speaking. The low point for average 30 year mortgage rates was 3.27 percent back in January 2013. During the housing boom, average 30 year rates were above 6.00 percent. Back in the early 1980′s 30 year rates hit a high of over 17 percent!
The future direction of rates will be higher in 2014 because the Federal Reserve will start scaling back and ending the purchases of securities designed to keep mortgage rates low. If you have been thinking about buying a home or refinancing your current loan, now is a good a time to start the process.
15 Year Conforming Mortgage Rates Today
Average mortgage rates today on 5 year conforming loans are at 3.42 percent, up from an average 15 year mortgage rate of 3.37 percent. The low point for average 15 year mortgage rates in 2013 was just above 2.50 percent. I don’t expect 15 year rates to move back down to those levels in our lifetime but rates are still historically low.
Back during the housing boom, average 15 year mortgage rates were also above 6.00 percent. Back in the early 1980′s 15 year mortgage rates were also in the double digits so current rates which are below 3.50 percent are a really good deal. If you’re thinking about refinancing your mortgage, you should seriously consider a shorter term loan like a 15 year loan. You will save tens of thousands if not hundreds of thousands of dollars over the life of the loan. You can use a mortgage calculator with an amortization schedule to see the cost difference.
Current Mortgage Rates on 30 Year Jumbo Mortgages
While fixed conforming mortgage rates moved higher this week, average 30 year jumbo mortgage rates are lower. Current 30 year jumbo rates are averaging 4.44 percent, down from an average 30 year jumbo rate of 4.46 percent. Earlier in 2013, average 30 year jumbo rates were under 4.00 percent, the low point was at 3.91 percent back in January.
The rate spread between 30 year conforming loans and 30 year jumbo loans has been in a vary narrow range for months. Just last month for the first time ever, average 30 year jumbo rates were actually lower than 30 year conforming rates. Right now, average conforming rates are only 7 basis points lower than average jumbo rates.
Jumbo 15 Year Mortgage Rates
The current average on 15 year jumbo mortgages is at 3.72 percent, a small increase from last week’s average 15 year jumbo mortgage rate of 3.69 percent. The low point for average 15 year jumbo rates this year was at 3.14 percent, so current rates are still very low. Right now on our rate table for the state of California, the best 15 year jumbo refinance rates are at 3.25 percent with points.
Current Adjustable Mortgage Rates
5 year conforming adjustable mortgage rates are currently averaging 3.58 percent, up from an average 5 year adjustable mortgage rate of 3.53 percent. If you’re searching for adjustable refinance rates we have lenders quoting 5 year refi rates as low 2.125 percent with points.
Jumbo adjustable mortgage rates on 5 year mortgages are averaging 2.82 percent, up from an average 5 year jumbo rate of 2.79 percent. Average 5 year jumbo rates have been lower than average 5 year conforming rates for many months now. The lowest 5 year jumbo refinancing rates offering by lenders on our rate tables are much lower at 2.25 percent with points.
Mortgage rates today are lower thanks to averting a default on the nation’s debt and the Federal Government finally reopening for business. Mortgage rates followed U.S. bond rates lower as a result of the deal reached between some Republicans and Democrats. Mortgage rates will continue to drift down from current levels in the short term because of the bite the government shutdown has taken out of the economy. Standards & Poor’s estimates the 16 day government shutdown took a $24 billion bite out of the economy and negatively affected GDP growth by 0.6 percent.
Another factor that will keep a lid on mortgage rates moving higher is that the short term deal is just that – only a short term deal. There could be another fight over the same issues early in 2014. I expect average 30 year conforming mortgage rates will fall back under 4.00 percent by the end of 2013.
Future Direction of Mortgage Rates in 2013 and 2014
The direction of rates has completely turned around since summer when it looked like 30 year rates would break above 5.00 percent by the end of 2013. Analysts believed by the summer of 2014, average 30 year rates would be around 5.50 percent and at the end of 2014 move above 6.00 percent.
30 year rates at 6.00 percent seems high when average 30 year rates today are at 4.23 percent but historically speaking, 6.00 percent is low. Since the housing market is fragile and still recovering, a sharp uptick could derail the housing recovery. 5.00 percent average mortgage rates by the end of 2013 is unlikely now.
30 year conforming rates are averaging 4.23 percent this week, down from the previous week’s average 30 year rate of 4.28 percent. This coming week 30 year rates will probably move down to the 4.20 percent range and possibly as low as 4.15 percent. Currently, you can find lenders quoting 30 year refinance rates below 4.00 percent with mortgage points.
The lowest 30 year refinance rates in our rate database are currently at 3.75 percent with points. Depending on the state you search for, you can find rates quoted at 3.75 percent with 1.113 mortgage points or 2.00 mortgage points. We also have several lenders quoting 30 year refinancing rates at 3.875 percent with as high as 2.00 points or as low as 0.00 points.
15 Year Mortgage Rates Today
Average 15 year conventional mortgage rates today are at 3.30 percent, down from the prior week’s average 15 year mortgage rate of 3.35 percent. 15 year rates have come down significantly the past month. In early September it looked as if 15 year rates would break above 4.00 percent. Now rates are headed down towards 3.00 percent.
I always recommend if it’s financially feasible, get a 15 year loan instead of a 30 year loan because of the huge savings on interest alone. Obviously, the drawback to a 15 year loan is the monthly mortgage payments will somewhat be higher, but not double. If you can afford the higher payments, you’ll save tens of thousands or even hundreds of thousands of dollars in mortgage interest. To figure out how much you can save use our mortgage calculator.
The lowest 15 year mortgage refinance rates in our database right now are much lower than the average rate. There are many lenders quoting 15 year rates at either 2.75 percent with points or 2.875 percent with points. The lowest rate we have without points is also at 2.875 percent.
Today’s 30 Year Jumbo Mortgage Rates
Average 30 year jumbo mortgage rates are currently at 4.43 percent, down from last week’s average 30 year jumbo mortgage rate of 4.47 percent. Back on September 6, 30 year jumbo rates averaged 4.86 percent and looked to move above 5.00 percent. Now rates are back below 4.50 percent and will probably move towards 4.25 percent in the coming weeks.
The best jumbo mortgage rates quoted right now are below the average rate of 4.43 percent. The best jumbo mortgage rate today in our database with points is at 4.00 percent with 1.716 mortgage points. The best jumbo refinance rate without points today is also below the average at 4.125 percent.
Current 15 Year Jumbo Mortgage Rates
15 year jumbo mortgage rates are averaging 3.81 percent, a decline from the previous week’s average 15 year jumbo rate of 3.86 percent. Just over a month ago average 15 year jumbo rates were above 4.00 percent averaging 4.18 percent. In the coming week’s average 15 year rates will fall below 3.65 percent.
The best 15 year jumbo rates on our rate list are from one of the biggest credit union’s around. Pentagon Federal Credit Union’s mortgage rates on 15 year jumbo loans are quoted at 3.125 percent with 1.25 mortgage points. The lowest 15 year jumbo refi rates without points on our list are at 3.625 percent, still below the average rate.
5 Year Adjustable Mortgage Interest Rates
Average 5 year conforming adjustable mortgage rates are currently at 3.48 percent, down from last week’s average 5 year adjustable mortgage rate of 3.51 percent. The best 5 year adjustable refinance rates considerably lower than the average rate. The lowest rate we have is at 2.125 percent with 2.00 points. The lowest rate without points is at 2.50 percent.
5 year adjustable jumbo mortgage rates are at 3.03 percent, down from an average 5 year jumbo rate of 3.06 percent. The best jumbo rates on 5 year adjustable loans in our database are at 2.25 percent with 2 mortgage points. The best rate without points are at 2.625 percent.
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