Mortgage Rates Decline as Fed Continues to Taper

Mortgage rates continue to decline following 10 year U.S. Treasury yields lower. Average 30 year mortgage refinance rates are at 4.22 percent, down from the prior week's average 30 year mortgage rate of 4.30 percent. So far in 2014 average 30 year mortgage rates have fallen more than 30 basis points and 10 year bond yields have fallen 40 basis points.

Lower interest rates wasn't supposed to be the trend in 2014 as the Federal Reserve continues to taper their bond purchases and the unemployment rate ticks lower. Economic growth hasn't been on fire which has kept a lid on inflation and interest rates. In fact this week's decline in bond rates can be linked to investors fleeing to the safety of U.S. Treasuries as the trouble in Ukraine intensifies.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 95816, 2, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from HighTechHomeLoans
HighTechHomeLoans
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112330.gif
300000
Purchase
3.526%
3.375%
USD
HighTechHomeLoans Logo
NMLS # 7147
State Lic # 4130937
10/21/2019
at 1.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $5,704
HighTechLending is Here To Help
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from New American Funding
New American Funding
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111741.gif
300000
Purchase
3.514%
3.375%
USD
New American Funding Logo
NMLS # 6606
10/21/2019
at 1.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $5,250
Direct lender specializing in helping you save money on your home loan.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Apple Financial Network, Inc
Apple Financial Network, Inc
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112378.gif
300000
Purchase
3.556%
3.375%
USD
Apple Financial Network, Inc Logo
NMLS # 1846010
State Lic # 01527337
10/21/2019
at 1.625 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,972
Be ready to buy. Get pre-approved by a local lender
 
PERIOD_FIXED_30YEARS Mortgage Loan from Interest Smart Home Loans
Interest Smart Home Loans
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112369.gif
300000
Purchase
3.702%
3.500%
USD
Interest Smart Home Loans Logo
NMLS # 1157416
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,348
Fees in APR: $7,618
SPEAK WITH ONE OF OUR LICENSED MORTGAGE BANKERS NOW!
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.






Low rates won't last forever and rates will eventually move higher in 2014. The Fed's purchases have dwindled to $45 billion a month, down from $85 billion a month in 2014. If the Fed continues to lower their purchases by $10 billion a month after each Fed meeting, by the October meeting they will have stopped buying these securities.

The Fed's purchases does have some impact on interest rates but the bigger impact is economic growth. The first indication of better growth came this past week when the Labor Department reported 288,000 jobs created and the unemployment rate falling to 6.3 percent in the month of April. Forecasts were for 200,000 jobs being created and an unemployment rate of 6.6 percent.

If this trend continues bond rates will move higher and mortgage rates will also increase. The future direction of mortgage rates is higher for 2014 and beyond. By the end of this year, 30 year mortgage rates are forecasted to be around 5.00 percent. You should lock in a mortgage rate now if you're planning on buying a home. If you're thinking about refinancing your current mortgage, you should try to do so before rates move higher.

Mortgage rates today on 30 year loans are averaging 4.22 percent but there are many lenders quoting 30 year rates below the average. In our database of rates, we see many lenders quoting 30 year refinance rates around 4.00 percent. As you can see in most states listed below, there is at least one lender quoting 30 year rates below 4.00 percent.

Lowest 30 Year Rates Across the United States

  • California - 3.875% with 0.10 mortgage point

  • Nevada - 4.125% with 1 mortgage point

  • Texas - 3.875% with 0.10 mortgage point

  • Colorado - 3.875% with 0.10 mortgage point

  • Illinois - 3.875% with 0.10 mortgage point

  • Georgia - 3.875% with 0.10 mortgage point

  • Florida - 3.875% with 0.10 mortgage point

  • Maryland - 3.875% with 0.10 mortgage point

  • Connecticut  - 3.875% with 0.10 mortgage point


 
 
 
Author: Brian McKay
May 7th, 2014
Posted in: Bank Mortgage Rates