Mortgage Rates Decline: 30 Year Conforming Rates Fall Below 4.00%

Mortgage Rates Decline 30 Year Conforming Rates Fall Below 400After many weeks of higher average mortgage rates, this week average rates have finally declined. 30 year conforming mortgage rates which spent the past two weeks above 4.00 percent have declined to 3.94 percent, down from last week's average rate of 4.03 percent. Average 30 year rates hit a recent high of 4.16 percent on June 5 and have fallen 22 basis points.

Average rates are lower because 10 year bond yields have also fallen from recent highs. The recent high for 10 year bond yields was at 2.25 percent and on Friday the 10 year yield closed at 2.14 percent. Mortgage rates will also move lower over the weekend and early next week. 30 year conforming rates will probably fall to 3.85 percent.

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
3.651%
3.500%
USD
HomePlus Mortgage Logo
NMLS # 78669
01/21/2020
at 1.875 pts
30 day lock rate
Est payment: $1,348
Fees in APR: $5,643
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.651%
3.500%
USD
HomePlus Mortgage Logo
NMLS # 78669
01/21/2020
at 1.875 pts
30 day lock rate
Est payment: $1,348
Fees in APR: $5,643
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from Figure Lending LLC
Figure Lending LLC
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112447.gif
300000
Purchase
3.216%
3.125%
USD
Figure Lending LLC Logo
NMLS # 1717824
01/21/2020
at 0.125 pts
45 day lock rate
Est payment: $1,286
Fees in APR: $3,465
Put your money where you need it sooner.
 
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
4.189%
3.990%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
01/21/2020
at 2.000 pts
45 day lock rate
Est payment: $1,431
Fees in APR: $7,250
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 

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 recent run-up in rates has caused loan demand for refinancing to drop off a cliff but the recent drop in refinance rates should spur demand again. Homeowners who thought they missed the boat on a refinance since 30 year rates moved above 4.00 percent will jump at the chance to refinance to a rate below 4.00 percent.

Mortgage rates today on 15 year conventional loans are moving back down toward 3.00 percent. The average 15 year mortgage rate is at 3.07 percent, down from last week's average rate of 3.18 percent. By Monday morning, average 15 year rates will probably be back below 3.00 percent since 10 year bond yields declined 5 basis points on Friday.

Current jumbo mortgage rates on 30 year loans bucked the downtrend and moved higher this week over last. The current average 30 year jumbo mortgage rate is at 4.35 percent, an increase from the previous week's average 30 year jumbo mortgage rate of 4.29 percent. 30 year jumbo rates will fall to around the 4.25 percent range early next week.

Average 15 year jumbo mortgage interest rates were also higher this week over last. 15 year jumbo mortgage rates today are averaging 3.68 percent, an increase from last week's average 15 year rate of 3.64 percent. This coming week average 15 year rates will fall back below 3.65 percent.

Adjustable mortgage rates which are less affected by long term bond yields haven't moved much higher the past several weeks. This past week, average 5 year conforming adjustable rates increased slightly to 2.82 percent, up from the prior week's average rate of 2.79 percent. Average 5 year jumbo mortgage rates declined 1 basis point this week to 2.98 percent, down from last week's average rate of 2.99 percent.

 
 
 
Author: Brian McKay
June 15th, 2013
Posted in: Mortgage Rates