Mortgage Rates Today Slightly Higher as U.S. will Hit Debt Ceiling at the End of 2012
Mortgage rates today moved slightly higher as news that the U.S. debt ceiling will be reached at the end of 2012. News that the debt ceiling will be hit before a "fiscal cliff" agreement is hashed out in Congress puts more pressure on politicians to come up with a compromise. Treasury Secretary Timothy Geithner, notified Congress in a letter yesterday that the nation technically hits its $16.394 trillion debt ceiling on Monday, but his department can take "extraordinary measures" to keep paying the bills for another few months.
The lack of progress on the debt talks hasn't fased the markets as investors still believe a comprimise will me made before we fall off the cliff or just after falling off the cliff. Stock prices have held up over the past few weeks and bond yields have risen sending current mortgage rates higher as well. We don't expect mortgage rates to move much higher and rates will fall to new lows in 2013 as the Federal Reserve continues to buy mortgage-backed securities forcing rates lower.
Fixed conforming 30 year mortgage rates are averaging 3.45 percent today, a slight increase from yesterday's average 30 year mortgage rate of 3.44 percent. Average 30 year mortgage interest rates have increased over the past two weeks sending mortgage loan demand lower. The Mortgage Bankers Assocation reported applications for mortgages decreased 12.3 percent last week. Loan demand for home purchases and refinances both declined week over week as higher rates dampened demand for loans.
Although average 30 year mortgage rates are higher this week rates are still increadibly low. You can find lenders quoting 30 year refinance rates well below the average of 3.45 percent, in fact right now on our 30 year refinance rate list for the state of California we have two lenders quoting rates as low as 2.875 percent with points. The lowest refinancing rates without points are just below the averages at 3.25 percent.
Today's mortgage rates on 15 year conforming loans increased to 2.84 percent, up from an average 15 year conforming mortgage rate of 2.81 percent set last week. I personally never thought I'd see 15 year conventional mortgage refinance rates below 3.00 percent. Rates will fall and make new lows in 2013 thanks to the Fed.
Mortgage rates currently on 15 year conforming loans are available well below the average of 2.84 percent with points and without points. Right now on our 15 year refinance mortgage rates list for the state of Texas you can find lenders quoting 15 year rates as low as 2.25 percent with points. The lowest 15 year refi rates without points are also below the average at 2.50 percent.
Jumbo mortgage rates are also higher this week over last following bond yields higher. Current jumbo mortgage rates today on 3o year loans are back over 4.00 percent averaging 4.08 percent, up from last week's average 30 year jumbo mortgage rate of 3.98 percent. Currently on our jumbo refinance rates list for Florida the lowest rates on 30 year jumbo loans are at 4.00 percent with zero mortgage discount points.
Average 15 year jumbo mortgage rates today are averaging 3.44 percent, up from the prior week's average 15 year jumbo mortgage rate of 3.39 percent. If you're looking for 15 year jumbo rates right now on our rate table for the state of South Carolina we have one lender quoting 15 year jumbo refi rates as low as 2.875 percent with zero mortgage discount points.
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Average Mortgage Rates