Mortgage Rates Continue to Trend Lower as the Federal Government Shuts Down

Average mortgage rates are heading lower again after making highs for 2013 as the Federal Government shut down for the first time in 17 years. Mortgage rates made highs for this on the fears the Federal Open Market Committee would start tapering their purchases of mortgage backed-securities and long term U.S. Treasuries.

The FOMC surprised every when they announced they wouldn't start tapering, the news sent 10 year bond yields lower which in turn sent mortgage rates lower. Where mortgage rates head in the coming weeks will depend on how long the government is shut down and if Congress can agree to increase the debt ceiling.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 95816, 2, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from New American Funding
New American Funding
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111741.gif
300000
Purchase
3.514%
3.375%
USD
New American Funding Logo
NMLS # 6606
10/21/2019
at 1.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $5,250
Direct lender specializing in helping you save money on your home loan.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Interest Smart Home Loans
Interest Smart Home Loans
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112369.gif
300000
Purchase
3.702%
3.500%
USD
Interest Smart Home Loans Logo
NMLS # 1157416
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,348
Fees in APR: $7,618
SPEAK WITH ONE OF OUR LICENSED MORTGAGE BANKERS NOW!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from HighTechHomeLoans
HighTechHomeLoans
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112330.gif
300000
Purchase
3.526%
3.375%
USD
HighTechHomeLoans Logo
NMLS # 7147
State Lic # 4130937
10/21/2019
at 1.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $5,704
HighTechLending is Here To Help
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from Apple Financial Network, Inc
Apple Financial Network, Inc
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112378.gif
300000
Purchase
3.556%
3.375%
USD
Apple Financial Network, Inc Logo
NMLS # 1846010
State Lic # 01527337
10/21/2019
at 1.625 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,972
Be ready to buy. Get pre-approved by a local lender
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.





The Federal Reserve Remains Open During the Government Shut Down


In case you're wondering the Federal Reserve will be kept open during the government shut down don't worry it will. All government agencies with independent sources of funding, which includes the Federal Reserve will remain open.

Conforming Mortgage Rates Today


Mortgage rates today continue to trend lower, average 30 year mortgage rates are averaging 4.32 percent, down from an average 30 year rate of 4.45 percent. Earlier this year 30 year mortgage rates were well under 4.00 percent, at the low point for this year average 30 year rates were as low as 3.37 percent.

Average rates moved over 4.00 percent back in early and at one point 30 year rates moved 50 basis points higher in just one week. Current mortgage refinance rates on our rate tables are quoted as low as 3.75 percent with points, the lowest 30 year refinance rates without points are quoted at 4.00 percent.

Today's mortgage rates on 15 year conforming loans are averaging 3.37 percent, down from the prior day's average 15 year mortgage rate of 3.42 percent. 15 year mortgage rates have also come down from considerably from 2013 highs. Back in July of this year 15 year rates hit a high of 3.85 percent and looked to push above 4.00 percent but have since declined.

The lowest point for 15 year average conventional rates this year as 2.74 percent but you can still find lenders quoting rates as low. The lowest refinance rates today on our rate table for 15 year conforming loans are at 2.75 percent with two points. The lowest 15 year refinancing rates without points are at 3.00 percent.

Jumbo Mortgage Rates Today


30 year jumbo mortgage rates today are averaging 4.69 percent, down from yesterday's average 30 year jumbo mortgage rate of 4.73 percent. Jumbo rates followed the same up and own trends in 2013 as conforming rates have. The rate spread between conforming and jumbo rates has been narrowing for several years now.

Today's spread between both types of loans is averaging 0.37 percent. Back during the financial crisis even if you could find a lender that would give you a jumbo loan the rate was over 200 basis points higher than a conforming rate.

Currently, the lowest 30 year jumbo refinance rates available on our rate table are at 4.125 percent with points. The lowest 30 year jumbo rates without points right now are still under the average rate at 4.375 percent.

Today's Adjustable Mortgage Rates


Short term adjustable mortgage rates today are lower on both conforming loans and jumbo loans. Current 5 year conforming adjustable mortgage rates are averaging 3.44 percent, down from yesterday's average 5 year adjustable rate of 3.49 percent. 5 year jumbo adjustable rates are averaging 3.13 percent, down from the previous day's average jumbo rate of 3.17 percent.

The lowest 5 year adjustable refinance rates in our rate database today are at 2.25 percent with points. The lowest 5 year conforming refinancing rates without points in our database are at 2.50 percent. The best 5 year jumbo refinance rates right now in our database are at 2.59 percent with zero mortgage points.
 
 
Author: Brian McKay
October 2nd, 2013
Posted in: Mortgage Rates