Conforming 30 Year Mortgage Rates Heading Back Down to 4.00 Percent

At one point this summer it looked like 30 year conforming mortgage rates would break through 5.00 percent sometime in 2013. Now it appears 30 year rates will fall back under 4.00 percent this year. Average 30 year mortgage rates today are down again at 4.27 percent, a decline from last week's average rate of 4.28 percent.

Current mortgage rates are heading lower again because 10 year bond yields are moving lower. In early September, 10 year bond yields hit a high of 2.97 percent, today's 10 year rate is at 2.65 percent. The future direction of both bond yields and mortgage rates will depend on the politicians in Washington.

30 Year Mortgage Rates Today Quoted Under 4.00 Percent

In the short term, whether or not budget and debt ceiling deals are made, rates will drift lower from here. 30 year mortgage rates on average will probably go as low as 4.00 percent sometime in October though right now you can find lenders quoting rates below 4.00 percent.

The lowest mortgage rates currently available in our rate database for 30 year loans are at 3.75 percent with points. The lowest 30 year mortgage refinance rates without points in our database are slightly higher at 4.00 percent.

Today's Mortgage Rates on 15 Year Conventional Loans

Today's average rates on 15 year conventional loans are at 3.34 percent, up one basis point from last week's average 15 year mortgage rate of 3.33 percent. While 15 year rates are slightly higher this week, rates are still down more than 50 basis points from the highs set this summer.

At one point 15 year rates were about to move to the 4.00 percent range but have since fallen five out of the last six weeks. It's quite possible 15 year rates on average will move down towards 3.00 percent again, but I don't see average rates falling below 3.00 percent.

You still can find lenders quoting 15 year refinance rates below the average rate and below 3.00 percent. The best 15 year refinancing rate right now in our database is at 2.75 percent with points. The lowest 15 year refi rate without points in our database is exactly at 3.00 percent.

Current Mortgage Rates on 30 Year Jumbo Mortgages

Average 30 year jumbo mortgage rates currently are at 4.51 percent, down 10 basis points from last week's average 30 year jumbo mortgage rate of 4.61 percent. 30 year jumbo rates were about to break above 5.00 percent this summer, getting as high as 4.88 percent.

The last time 30 year jumbo rates were above 5.00 percent was over three years ago when rates hit 5.13 percent back in July 2010. Right now in our jumbo rate database we have many lenders quoting 30 year jumbo refinance rates well below the average rate.

The lowest 30 year jumbo refinancing rate without points is at 3.75 percent with 2 mortgage points. The lowest 30 year jumbo rate without points today is available at 4.125 percent. Both jumbo rates are well below the current average rate of 4.51 percent.

15 year Jumbo Mortgage Rates Today Move Lower

15 year jumbo mortgage rates today are slightly lower averaging 3.82 percent, down from the previous week's average 15 year rate of 3.85 percent. 15 year jumbo rates have fallen considerably since July when the average rate hit 4.62 percent on July 15th.

The best 15 year jumbo rates in our database are much lower than the current average rate. The lowest rate right now is at 3.125 percent with points. The lowest rate without points is slightly lower than the average rate at 3.75 percent.