Current Bank Mortgage Rates Move Lower From Recent Highs, 30 Year Mortgage Rates at 4.35 Percent

The past two months mortgage rates have been on a tear, increasing at the fastest pace ever. In just over two months fixed conforming mortgage rates on 30 year loans went from an average of 3.52 percent to an average of 4.52 percent, a 1.00 percent increase. The increase has stopped for now as average 30 year mortgage rates declined to 4.35 percent this past week.

Rates soared higher because 10 year bond yields also soared the past two months as investors were scared into believing the Federal Open Market Committee would vote to end their stimulus measures. This sent 10 year bond yields from an average of 1.60 percent in the beginning of May to 2.70 percent in the beginning of July.

Bond Yields and Mortgage Rates Move Lower

Investors have a tendency to over react and this time isn't different. Cooler heads have prevailed the past week and as a result 10 year bond yields are down from recent high of 2.70 percent to 2.50 percent. The decrease in yields will send current mortgage rates lower as well.

Mortgage rates today on 30 year loans are at 4.35 percent and will fall to around 4.20 percent in the coming days. While rates are higher from record lows made earlier this year, overall rates are still low historically speaking. If you have been thinking about buying a home now is probably going to be the best time ever as far as rates are concerned. We probably won't see mortgage rates this low again in our lifetime.

Low Mortgage Rates Make Now a Good Time to Buy

Another reason to buy a home now is home prices have bottomed out last year and are moving higher. The forecast if for double digit increases in home prices across most of the United States in 2013. Future increases in home prices will be as higher for many years to come. The increases won't be in the double digits but back to the more historical norm of 1 percent to 2 percent above the inflation rate.

Today's mortgage rates on 15 year conventional loans are averaging 3.43 percent, a decline from the prior week's average 15 year mortgage rate of 3.50 percent. This coming week average 15 year mortgage interest rates will fall to 3.30 percent. While average rates on 15 year loans are above 3.00 percent there are still some lenders quoting rates below 3.00 percent.

Right now on our rate tables we have two lenders quoting 15 year rates at 2.875 percent with points. We also have many lenders quoting 15 year refinance rates with points and without points that below the current average of 3.43 percent. The lowest 15 year rate without points is at 3.125 percent.

Jumbo Mortgage Rates Decline

Average 30 year jumbo mortgage rates this week are at 4.63 percent, a decline from the prior week's average jumbo rate of 4.73 percent. This coming week average 30 year jumbo rates will fall to around 4.50 percent. Current jumbo mortgage rates are up from record lows but the increase in rates hasn't been as sharp as conforming rates.

The all-time record low for 30 year jumbo rates was at 3.92 percent, current jumbo rates are only 71 basis points higher. The all-time record low for 30 year conforming rates was at 3.27 percent, current conforming rates are 1.25 basis points higher.

Whether your looking for a mortgage to buy a home or refinance your current loan you can always find a list of the lowest rates right here at Monitor Bank Rates.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

Mortgage Rates December 9, 2023