A bleak jobs report for May is yet another weak economic report that points to a slowdown in the U.S. economy which will keep mortgage rates low. The recovery from the Great Recession will take longer than most economists expected and as a result mortgage rates will probably go lower in the coming months. There is speculation that the Fed will have to take more measures (QE3) to help the economy recover.

10 year U.S. Treasury yields broke 3.00% this week and have remained under 3.00% as investors flee equities for the safety of U.S. Treasuries. This drove conforming 30 year mortgage rates under 4.50%. Current 30 year mortgage rates are averaging 4.46%.



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15 year conforming mortgage rates are averaging 3.76%. Three weeks ago the 15 year national average mortgage rate was just above 4.00%. We might see 15 year mortgage rates drop to 3.50% if the bad news keeps coming.  

The current national average 30 year jumbo mortgage rate is now under 5.00% averaging 4.96%, the lowest average ever recorded by MonitorBankRates.com. Today's average 15 year jumbo mortgage rate is at 4.35%.

Following is a more in-depth home mortgage rate survey released by MonitorBankRates.com earlier this week:

Mortgage Rates

Conforming Adjustable Mortgage Rates and Conforming Adjustable Refinance Rates Today

The current refinancing rate and mortgage rate on 1 year adjustable rates are averaging 2.96 percent, a decline from last week’s average 1 year adjustable home mortgage refi rate and loan rate of 3.02 percent.

3 year adjustable mortgage refinance rates and adjustable mortgage rates are averaging 3.03 percent, down from last week’s average 3 year adjustable mortgage rate of 3.12 percent.

Current refinance rates and mortgage rates on 5 year adjustable mortgages are averaging 3.41 percent, up from the prior week’s average rate of 3.40 percent.

Current refinance mortgage rates and mortgage rates on 7 year adjustable home loans are averaging 3.47 percent, down from the previous week’s average 7 year loan rate of 3.54 percent.

10 year adjustable mortgage loan rates are averaging 3.99 percent this week, down from last week’s average 10 year adjustable rate of 4.00 percent. Current mortgage refinance rates on 10 year home loans are also averaging 3.99 percent.

Adjustable Jumbo Refinance Rates and Jumbo Mortgage Rates Current

1 year jumbo adjustable loan rates are averaging 4.05 percent, unchanged from the prior week’s average 1 year jumbo adjustable loan interest rate. Refinance rates on 1 year jumbo loans are also averaging 4.05 percent.

3 year adjustable jumbo rates are averaging higher at 3.85 percent, down from last week’s average 3 year jumbo adjustable rate of 3.91 percent. Today’s refinance interest rates on 3 year jumbo loans are also lower, averaging 3.85 percent.

5 year adjustable jumbo interest rates today are averaging 3.44 percent, a decrease from last week’s average jumbo adjustable rate of 3.46 percent. Today’s refinancing mortgage interest rates are also averaging 3.44 percent.

7 year jumbo adjustable loan rates today are averaging 4.01 percent, down from last week’s average 7 year adjustable home loan rate of 4.04 percent. 7 year jumbo refinance loan rates are also lower at 4.01 percent.

10 year jumbo loan rates are averaging 4.48 percent, down from the prior week’s average 10 year jumbo home loan rate of 4.56 percent. 10 year jumbo refinance interest rates are also lower, averaging 4.48 percent.

Conventional Interest Only Adjustable Mortgage Rates Today and Adjustable Interest Only Refinancing Rates

3 year interest only adjustable mortgage loan rates are averaging 3.26 percent, up from last week’s average interest only mortgage loan rate of 3.12 percent. 3 year interest only adjustable refinance mortgage rates are also averaging 3.16 percent.

5 year IO adjustable loan rates are averaging 3.19 percent, down from last week’s average five year interest only mortgage loan rate of 3.26 percent. Current 5 year interest only adjustable refinance mortgage loan rates are also averaging 3.19 percent.

7 year interest only adjustable mortgage loan rates are averaging 3.73 percent, up from last week’s average 7 year interest-only mortgage interest rate of 3.71 percent. 7 year adjustable refi loan rates are averaging 3.73 percent.

Current Interest Only Jumbo Mortgage Refinancing Rates and Interest Only Jumbo Mortgage Rates

3 year jumbo interest only adjustable loan rates are averaging 3.76 percent, down from last week’s average jumbo adjustable interest only rate of 4.12%. 3 year interest only adjustable jumbo refi rates are also averaging 3.76 percent.

5 year adjustable jumbo interest only rates are averaging 3.85 percent, up from last week’s average IO home mortgage interest rate of 3.83%. 5 year jumbo adjustable IO loan rates are also averaging at 3.85 percent.

7 year jumbo interest only adjustable rates are averaging 4.24 percent, down from last week’s average jumbo 7 year home loan rate of 4.28%. Current 7 year jumbo adjustable interest-only rates are also averaging 4.24  percent.

Today's Home Equity Loan Rates

10 year home equity loan rates are averaging 6.77 percent, unchanged from last week’s average home equity loan rate.

15 year home equity rates are averaging 6.87 percent, unchanged from the prior week’s average home equity loan rate.

Current HELOC Rates

Home equity line of credit rates are averaging 4.95 percent, unchanged from last week’s average rate HELOC rate.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

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 28, 2023