Bank Mortgage Rates Move Higher on Higher Bond Yields Sending Mortgage Applications Lower

For the third consecutive week, bank mortgage rates have moved higher due to higher 10 year bond yields. As a result of higher mortgage rates the past three weeks, demand for mortgage loans has moved lower. The Mortgage Bankers Association's Weekly Application Survey showed demand for loans for both home purchases and refinancing declined for the week ending January 25, 2012.

Mortgage rates today on 30 year conforming loans increased to 3.60 percent, up from last week's average 30 year mortgage rate of 3.52 percent. In the MBA's survey, the average contract rate on 30 year loans was also higher at 3.67 percent, up from the prior survey's average of 3.62 percent.

Mortgage rates have been moving higher recently but are still just above record lows. The all-time average record low for 30 year conforming mortgage rates is at 3.27 percent. You can find lenders offering 30 year mortgage rates below the average. The lowest 30 year mortgage refinance rates in our rate database today are at 3.125 percent with points. Depending on the state you search for in our database, the lowest refinance rates without points are around 3.375 percent to 3.50 percent.

Today's mortgage rates on 15 year conventional loans are averaging 2.93 percent, an increase from last week's average 15 year mortgage rate of 2.88 percent. We have lenders in our database quoting 15 year refinance rates today - much lower than the average rate. The lowest 15 year refinancing rates with points are at 2.25 percent and the lowest refi rates without points are at 2.50 percent.

Jumbo mortgage rates today on 30 year loans are averaging 4.19 percent, an increase from an average 30 year jumbo mortgage rate of 4.06 percent. Lenders in our California database of rates are offering 30 year jumbo refinance rates today as low as 3.75 percent with 2 points. The lowest 30 year jumbo refi rates without points in CA today are at 4.125 percent, still below the average rate.

15 year jumbo mortgage interest rates today are averaging 3.47 percent, up from last week's average 15 year jumbo rate of 3.38 percent. Depending on the state, the lowest 15 year jumbo rates today are at 2.875 percent with points. The lowest 15 year rates without points are currently at 3.375 percent.

Average 5 year adjustable mortgage rates are at 2.82 percent, unchanged from last week's average 5 year adjustable rate. Current mortgage rates on 5 year adjustable loans can be found as low as 1.50 percent to 1.75 percent with points. The lowest 5 year rates without points are between 2.125 percent and 2.375 percent.

5 year jumbo adjustable mortgage rates are averaging 2.97 percent, up from the prior week's average 5 year jumbo rate of 2.93 percent. The best mortgage rates on 5 year jumbo loans in our database are between at 2.375 percent and 2.50 percent with points and around 2.625 percent without points.