Mortgage Rates Today Surge Higher: 30 Year Conventional Rates Back Above 4.00 Percent

Mortgage rates surged today higher, marching in lockstep with 10 year bond yields which have on a tear recently. Just last week, average 30 year conforming mortgage rates fell to 3.94 percent, that was the first time in six weeks that average rates fell week over week. The good news didn't last as 30 year rates surged 30 basis points higher today and are averaging 4.24 percent.

Historically speaking, current mortgage rates available are still at bargain levels and still way below the highest rates the past decade. The all-time low rate for 30 year conventional lows was at 3.27 percent earlier this year. Current rates are only 1 percent higher from the all-time low. Back in the early 1980's, 30 year rates were at an incredibly high level of 17.25 percent so a rate around 4.25 percent is still a good deal.

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 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%
4/18/2019
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 Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.316
4.250
USD
Northwest Federal Credit Union
4.316%
4/17/2019
4.250%
at 0.750 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.343
4.250
USD
Bank of America
4.343%
4/17/2019
4.250%
at 0.671 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.345
4.250
USD
Apple Federal Credit Union
4.345%
4/17/2019
4.250%
at 1.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.278
4.250
USD
TD Bank, NA
4.278%
4/19/2019
4.250%
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.432
4.375
USD
State Department Federal Credit Union
4.432%
4/22/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.328
4.250
USD
Virginia Credit Union
4.328%
4/23/2019
4.250%
at 0.375 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.539
4.500
USD
Fulton Bank, NA
4.539%
4/23/2019
4.500%
at 0.125 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/23/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/23/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
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.





Conventional Mortgage Rates Will Surge Higher Next Week


Mortgage interest rates continue to move higher because 10 year bond yields are also moving higher. 10 year bond yields are up another 8 basis points today at 2.50 percent. This means mortgage rates will also move higher over the next several days. Early next week we could see 30 year conventional rates move up to 4.50 percent if bond yields continue to rise.

Just last week 15 year rates declined to 3.14 percent, also the first decline in six weeks. Current rates on 15 year conventional home loans are averaging 3.31 percent. By the end of June, 2013, average 15 year rates quite possibly will move above 3.50 percent and as high as 3.60 percent.

While average conforming mortgage rates are moving higher you still can find lenders quoting both 15 year and 30 year rates below the average. In our rate database right now for the state of California, we have lenders quoting 30 year refinance rates today as low as 3.625 percent with points. The lowest refinance rates without points in our database for CA as still below the average at 3.99 percent.

Jumbo Mortgage Rates Also Move Higher on Higher Bond Yields


Jumbo mortgage rates on both fixed 30 year and 15 year loans have also surged higher this past week. Today's mortgage rates on 30 year jumbo loans are averaging 4.49 percent, an increase from last week's average 30 year rate of 3.34 percent. Earlier in 2013 average 30 year jumbo rates spent many weeks below 4.00 percent but those days are long gone.

In our jumbo rate database for the state of Connecticut we will have three lenders quoting 30 year jumbo refinancing rates below the national average of 4.49 percent. Bank of Internet USA, Rate 30 and Integrity First are all quoting 30 year refi rates at 4.25 percent with 2 mortgage discount points.

Average 15 year jumbo mortgage rates today are at 3.81 percent, a sharp increase from last week's average 15 year jumbo rate of 3.56 percent. The lowest 15 year jumbo refinance rates available in our database for the New Jersey are also below the average. Integrity First is currently quoting 15 year jumbo rates in NJ at 3.125 percent with 2 mortgage points.

Future Direction of Jumbo Rates Next Week


This coming week we expect average 30 year jumbo rates to increase above 4.65 percent and possible move up to 4.75 percent. Average 15 year jumbo mortgage rates will move above 4.00 percent and possibly as high as 4.10 percent, which will be the first time in 2013 that average 15 year rates are above 4.00 percent.
 
 
Author: Brian McKay
June 21st, 2013
Posted in: Bank Mortgage Rates