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.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from E-Click Lending
E-Click Lending
https://www.brimg.net/system/img/inst/4213_logo.gif
300000
Refinance
4.981
4.750
USD
E-Click Lending Logo
NMLS # 227765
State Lic # MC-5920
(877) 387 - 3899
at 1.000 pts
30 day lock rate
Est payment: $1,564.94
Fees in APR: $4,835
 
 
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.168
3.990
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
at 1.000 pts
30 day lock rate
Est payment: $1,430.52
Fees in APR: $3,359
 
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.269
4.250
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $675
 
30 yr fixed Mortgage Loan from E-Click Lending
E-Click Lending
https://www.brimg.net/system/img/inst/4213_logo.gif
300000
Refinance
5.179
5.125
USD
E-Click Lending Logo
NMLS # 227765
State Lic # MC-5920
(877) 387 - 3899
at 0.000 pts
30 day lock rate
Est payment: $1,633.46
Fees in APR: $1,825
 
 
30 yr fixed Mortgage Loan from JG Wentworth Home Lending
JG Wentworth Home Lending
https://www.brimg.net/system/img/inst/10054_logo.gif
300000
Refinance
4.375
4.375
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # MC-1875
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from Citibank, N. A.
Citibank, N. A.
https://www.brimg.net/system/img/inst/8189_logo.gif
300000
Refinance
4.672
4.625
USD
Citibank, N. A. Logo
NMLS # 412915
(877) 387 - 1820
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,635
 
 
30 yr fixed Mortgage Loan from E-Click Lending
E-Click Lending
https://www.brimg.net/system/img/inst/4213_logo.gif
300000
Refinance
4.877
4.490
USD
E-Click Lending Logo
NMLS # 227765
State Lic # MC-5920
(877) 387 - 3899
at 2.000 pts
30 day lock rate
Est payment: $1,518.27
Fees in APR: $7,176
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.662
4.625
USD
Raymond James Bank, NA
4.662%
2/19/2019
4.625%
at 0.000 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.686
4.625
USD
Fulton Bank, NA
4.686%
2/19/2019
4.625%
at 0.375 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.665
4.625
USD
Citizens Bank, NA
4.665%
2/15/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.465
4.375
USD
Virginia Credit Union
4.465%
2/19/2019
4.375%
at 0.500 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.557
4.500
USD
State Department Federal Credit Union
4.557%
2/18/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.683
4.625
USD
Santander Bank, N.A.
4.683%
2/21/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.295
4.250
USD
Bank of Oak Ridge
4.295%
2/21/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.238
4.125
USD
Bank of America
4.238%
2/20/2019
4.125%
at 0.913 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.470
4.375
USD
Apple Federal Credit Union
4.470%
2/20/2019
4.375%
at 1.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.545
4.500
USD
Northwest Federal Credit Union
4.545%
2/20/2019
4.500%
at 0.500 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.406
4.375
USD
LincolnWay Community Bank
4.406%
2/19/2019
4.375%
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $1,085
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.





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.
 
 
Author: Brian McKay
August 11th, 2013
Posted in: Bank Mortgage Rates