Credit Union Mortgage Rates Move Sharply Higher
Current mortgage rates are on a tear, moving higher daily due to higher Treasury yields. Mortgage rates at credit unions are not immune to the recent increase in rates. Mortgage rates today on 30 year conventional loans are averaging 4.58 percent, a very sharp increase from last week's average rate of 4.01 percent.
Just over a month ago, the average 30 year mortgage rate was almost a full percentage point lower at 3.59 percent. This is the sharpest increase in average rates in many years. For over a year now, we have gotten accustomed to average rates making record lows week after week so the increase in rates isn't a surprise.
What is surprising is how quickly mortgage rates have increased the past several weeks. If this trend continues, we could see 30 year mortgage rates top 5.00 percent in 2013. Most analysts predicted 30 year rates would stay under 4.50 percent for all of 2013 but we have already moved above 4.50 percent with six more months to go in 2013.
Today's mortgage rates on 15 year conventional loans are averaging 3.58 percent, up considerably from last week's average 15 year mortgage rate of 3.11 percent. 15 year rates have also been on a tear the past month. Back on May 23, we reported 15 year mortgage rates averaged 2.85 percent. Average 15 year rates are up 73 basis points in about a month and will break 4.00 percent in 2013.
One of the largest credit unions, Pentagon Federal Credit Union, has increased the rates they quote online at Penfed.org. About a month ago PenFed credit union mortgage rates were quoted at 3.75 percent. Right now PenFed is quoting 30 year mortgage rates much higher at 4.375 percent with zero mortgage points.
Navy Federal Credit Union's mortgage rates have also moved higher the past month. Checking back on the credit union's mortgage rates in mid May we see the advertised rate as at 3.50 percent. Current mortgage rates advertised by NFCU are higher at 4.25 percent with an APY of 4.464 percent.
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