Mortgage Rates at Credit Unions Decline on News the FOMC Won’t Taper
Mortgage rates at credit unions have already started moving lower on news the Federal Open Market Committee won't taper their bond purchases. The move lower for mortgage rates is great news for those seeking to buy a home or even refinance an existing loan. Rates are already low historically speaking and since rates are headed down again, today is a very good day to lock in a rate.
Since the financial crisis and Great Recession, the FOMC has forced mortgage interest rates down to record lows to help the housing market recover. The Fed has been very successful at this and has sent 30 year conforming mortgage rates down to a record low of 3.235 percent.
The 3.35 percent rate is an average rate set in November 2012. At the time you could find lenders quoting 30 year mortgage rates as low as 2.875 percent with points. When getting a loan you can "buy down" the rate by paying money upfront in the form of points. Each point is equal to 1 percent of the loan.
30 Year Mortgage Rates Today
Mortgage rates today on 30 year conforming loans are averaging 4.37 percent, down from an average mortgage rate of 4.55 percent set last week. Currently, on our rate tables Pentagon Federal Credit Union is quoting 30 year mortgage rates at 4.25 percent with 1.25 mortgage points.
The lowest mortgage rates on 30 year home loans on our rate table is from Aimloan.com at 3.875 percent with 1.817 mortgage points. While rates have moved higher from the all-time lows set back in November 2012, these rates are still very low historically speaking. 30 year rates will probably come down from their levels but I don't expect rates to fall as low as they were back in November.
Current Mortgage Rates on 15 Year Conforming Loans
Current mortgage rates on 15 year conforming home loans are also lower this week averaging in at 3.42 percent, down from last week's average 15 year mortgage rate of 3.57 percent. The all-time record low for 15 year mortgage rates was 2.66 percent, also in November 2012.
15 year rates are also on the decline again thanks to the Fed's decision to keep a lid on interest rates. The Fed has forced all long term interest rates lower by buying long term bonds and agency mortgage-backed securities (MBS). The Fed has been buying $40 billion a month in MBS and $45 billion a month in long term bonds.
30 Year Jumbo Mortgage Rates Today
30 year jumbo mortgage rates today are averaging 4.67 percent, down from last week's average 30 year jumbo rate of 4.84 percent. Jumbo 30 year mortgage rates have also increased since late last year. The lowest point last year for 30 year jumbo rates was at 3.94 percent. At the time some lenders including one of the biggest lenders, CitiMortgage, were quoting 30 year jumbo rates as low as 3.50 percent. These days, the lowest 30 year jumbo rates are quoted at 4.125 percent with points. PenFed Credit Unions mortgage rates on 30 year jumbo loans are quoted at 4.25 percent with 1.25 mortgage points.
Jumbo Mortgage Rates on 15 Year Loans
Average 15 year jumbo mortgage rates today are once again under 4.00 percent at 3.96 percent. This is the first time in a couple of months that 15 year rates moved under 4.00 percent. 15 year jumbo rates will continue to move down and probably fall as low as 3.75 percent in the coming weeks.
The lowest point for 15 year jumbo rates late last year was 3.18 percent. During that time lenders on our rate tables were quoting 15 year jumbo refinance rates as low as 2.875 percent with points. Currently, the lowest jumbo rates on 15 year loans are quoted by PenFed Credit Union at 3.25 percent with 1.25 points.
5 Year Conforming Adjustable Mortgage Rates
Adjustable mortgage rates on 5 year conforming loans declined this week to 3.66 percent, down from last week's average 5 year adjustable mortgage rate of 3.77 percent. The lowest point for average 5 year adjustable refinance rates in November of last year was at 2.86 percent. At that time, we had lenders quoting 5 year adjustable refinance rates as low as 1.50 percent with points. Currently the lowest 5 year rates available on our rate table are from Roundponit mortgage company at 2.375 percent with points. PenFed Credit Union is quoting 5 year adjustable rates at 2.75 percent with 1 point.
5 year Jumbo Adjustable Mortgage Rates
Today's mortgage rates on 5 year jumbo adjustable loans are still averaging below 5 year conforming rates. The current average rate is at 3.24 percent. Last week 5 year jumbo adjustable rates averaged 3.37 percent. The low point for 5 year jumbo loans late last year was just under 3.00 percent at 2.98 percent.
Searching our rate tables, the lowest quoted 5 year jumbo adjustable rates are from Diamond Mortgage Company at 2.625 percent with 1 mortgage point. PenFed Credit Union is quoting 5 year jumbo rates just above at 2.75 percent with 1 point.
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