Mortgage Rates Take a Breather from Recent Gains, 30 Year Rates Averaging 4.31 Percent

The relentless uptick in mortgage rates the past few months has paused this week as average mortgage rates are slightly lower. The declines weren't unexpected because 10 year bond yields moved lower this past week. Lender's peg mortgage rates to 10 year bond yields, so when bond yields move lower mortgage rates follow suit.

Friday's close on 10 year bond yields was at 2.58 percent, down from the prior week's close of 2.64 percent. Mortgage rates today on 30 year conforming loans are averaging 4.31 percent, a decline from last week's average 30 year mortgage rate of 4.38 percent. Currently, the lowest 30 year refinance rates in Monitor Bank Rates' database of rates are at 3.75 percent with 2 mortgage points.

Uptick in Average 30 Year Mortgage Rates

The uptick in average 30 year rates has been rather quick and steep. In late May, average 30 year rates were at 3.65 percent, but mid June average 30 year rates moved up to 3.94 percent. By late July, average 30 year rates moved above 4.50 percent with the high being at 4.59 percent set on July 28th.

Current mortgage rates on 15 year conforming loans are averaging 3.39 percent, a decline from the previous week's average 15 year rate of 3.43 percent. Right now the lowest 15 year refinance rates you can find at MonitorBankRates are still under 3.00 percent at 2.875 percent with 1.5 points.

Jumbo Mortgage Rates Decline This Week

30 year jumbo mortgage rates today are averaging 4.66 percent, a decline from last week's average 30 year jumbo rate of 4.70 percent. The lowest 30 year jumbo refinance rates in our database are much lower than the average. The lowest 30 year jumbo rate without points is at 3.875 percent with 2 points and the lowest rate without points is at 4.25 percent.

Average 15 year jumbo mortgage rates fell below 4.00 percent this week. The current average 15 year jumbo mortgage rate is at 3.96 percent, a decline from the prior week's average 15 year jumbo rate of 4.03 percent. If you're looking for a 15 year jumbo loan the best rate in our database is at 3.25 percent with 2 points and the best rate without points is at 3.625 percent.

Adjustable Mortgage Rates

5 year conforming adjustable mortgage rates are averaging 3.37 percent this week, a slight decline from last week's average adjustable rate of 3.41 percent. The lowest 5 year conventional 5 year refi rates available in our database are at 2.50 percent with 1.50 percent and the lowest 5 year rates without points are at 2.60 percent.

Jumbo adjustable 5 year mortgage rates are averaging 3.14 percent, down from the prior week's average 5 year jumbo rate of 3.16 percent. The lowest 5 year jumbo refinance rates in our database are at 2.50 percent with 2 points and at 2.60 percent with no points.

Lowest Mortgage Rates in our Lifetimes

Unfortunately, the days of unfathomably low mortgage rates and refinance rates are over. Gone are the days of finding a 30 year mortgage rate as low as 3.00 percent and 15 year rates as low as 2.25 percent. We probably won't see rates as low as those again in our lifetime. While rates are moving higher, current rates are still low historically speaking but those days will be ending soon.

Future Direction of Mortgage Rates

Current 30 year rates are averaging 4.31 percent and will stay in the current range for the next several weeks but by the end of October, rates will be around 4.75 percent. By the end of 2013, average 30 year rates will move around 5.00 percent and by mid 2014 average 30 year rates will be in the 5.50 percent to 6.00 percent range.

Conventional 15 year rates are currently averaging 3.39 percent and will move above 3.50 percent by late September. By the end of 2013, average 15 year conforming rates will be around 4.00 percent and by the end of 2014, rates will move up to the 5.00 percent range.

Jumbo mortgage rates will also move higher in the coming months and year but the increase won't be as sharp as conforming rates. Average 30 year jumbo rates are currently at 4.66 percent. By the end of September rates will be around 4.80 percent and around 5.00 percent by the end of 2013. By the second quarter of 2014 30 year rates will be around 5.50 percent.

Today's mortgage rates on 15 year jumbo rates are averaging 3.96 percent. By October, rates will move to around 4.20 percent and by the end of the year rates will be around 4.40 percent. By the second quarter of 2014 15 year rates will move to around 4.60 percent.

Loan Type

Purchase Refinance with Cash out Refinance

State

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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 November 29, 2023