Find Mortgage Rates & Refinance Rates in Your State or Area
First Mortgage Direct is now quoting 30 year mortgage rates at 4.50 percent with 1 mortgage point. This is a very competitive mortgage rate and below the current average 30 year mortgage rate of 4.61 percent.
Mortgage rates haven’t moved higher in 2014 despite the Federal Open Market Committee continuing to reduce the latest round of quantitative easing. In last week’s committee meeting, the Fed decided to reduce their purchases of mortgage-backed securities and long term bonds by another $10 billion a month.
Since the beginning of the year, the amount the Fed has been purchasing has gone from $85 billion a month down to $55 billion a month and they plan to continue reducing the amount throughout 2014. Mortgage rate analysts believed the Fed reducing their purchases would send mortgage rates higher but that hasn’t happened…yet.
30 year mortgage rates today are averaging 4.33 percent, down from last week’s average 30 year mortgage rate of 4.36 percent. Back on January 1, 2014, average 30 year mortgage rates were actually higher at 4.56 percent. Average mortgage rates will eventually move higher in 2014 but not by much. The Mortgage Bankers Association is predicting average 30 year rates will hit 5.00 percent by the end of the year.
Current mortgage rates on 15 year conforming loans are averaging 3.36 percent this week, unchanged from last week’s average 15 year mortgage rate. So far during 2014, average 15 year mortgage rates have also moved lower. On January 1st of this year, 15 year mortgage rates were averaging 3.57 percent.
Today’s mortgage rates on 30 year jumbo mortgage loans are currently averaging 4.74 percent, a sharp increase from last week’s average 30 year jumbo mortgage rate of 4.39 percent. The sharp increase is only temporary and average 30 year jumbo mortgage rates will fall back below 4.50 percent this coming week.
30 year jumbo rates are higher this week but overall lower for 2014. 30 year rates are only up 10 basis points. On January 1st, average 30 year jumbo rates were at 4.64 percent. These rates are only average rates, as there are many lenders quoting 30 year jumbo rates well below the average. Lenders in our database are currently quoting 30 year jumbo refinance rates as low as 4.125 percent with 2 mortgage points.
15 year jumbo mortgage rates today are averaging 4.17 percent, down from last week’s average 15 year jumbo mortgage rate of 4.20 percent. Average 15 year jumbo rates were slightly lower at the beginning of the year, back on January 1, when average 15 year rates were at 3.89 percent. The best 15 year jumbo refinance rates in our database are much lower at 3.50 percent with 1.10 mortgage points.
5/1 conforming adjustable mortgage rates are averaging 3.37 percent, down from last week’s average 5 year adjustable mortgage rate of 3.40 percent. Average 5 year conforming adjustable rates are also lower this year. Back on January 1st, average 5 year rates were at 3.74 percent. The best adjustable refinance rates in our database are more than 1.00 percent lower. The lowest rates quoted in our database this week are at 2.375 percent with 1.912 mortgage points.
Jumbo adjustable mortgage rates on 5/1 loans are currently averaging 3.54 percent, up sharply from last week’s average 5 year jumbo rates of 2.92 percent. As with 15 year jumbo rates, 5 year adjustable rates will decline next week and will probably be around the 3.00 percent level. At the beginning of 2014, average 5 year jumbo adjustable rates were at 3.02 percent. The lowest 5 year jumbo refi rates quoted by lenders in our database are at 2.625 percent with 1.10 points.
Demand for mortgages declined this past week due to higher mortgage rates and the holiday shortened week. Current mortgage rates on 30 year conventional loans increased 0.10 percent to 4.33 percent today. As a result of higher mortgage rates, loan demand declined 12.8 percent from the week before, according to the Mortgage Bankers Association.
While mortgage rates today are higher than they were just a month ago, rates are still incredibly low. A conforming 30 year mortgage rate under 4.50 percent is a really low rate. In fact, there are lenders offering mortgage rates even lower than the average 30 year rate. Right now in our database we have lenders quoting 30 year mortgage rates under 4.00 percent with points.
Higher Mortgage Rates This Week Zap Refinance Demand
Unfortunately for homeowners looking to refinance, higher rates makes refinancing less attractive. In the MBA report this week, applications to refinance fell the most – down 18 percent week over week, to the lowest level since the first week of September.
Slightly higher mortgage rates haven’t killed demand for loans when it comes to home purchases. Mortgage applications to purchase a home fell only 4 percent. Seasonally speaking, this time of year the demand for mortgage loans generally slows down as homebuyers and sellers wait for the new year.
Today’s Mortgage Rates on Jumbo Mortgages
30 year jumbo mortgage rates are averaging 4.46 percent today, an increase from last week’s average 30 year jumbo mortgage rate of 4.41 percent. If you’re shopping for jumbo rates, we have lenders in our database quoting rates below the average and below 4.00 percent, depending on the state in which you live.
Today’s mortgage rates on 15 year jumbo mortgage loans are slightly higher this week, averaging 3.74 percent. Last week’s average 15 year jumbo mortgage rate was lower at 3.69 percent. The lowest 15 year jumbo rates in our database are lower than the average, which is around 3.25 percent.
Refinance to a 15 Year Mortgage Instead of Another 30 Year Mortgage
Today’s mortgage rates on 15 year conforming mortgages also rose this week to 3.46 percent, an increase from the previous week’s average 15 year mortgage rate of 3.36 percent. If you’re thinking about refinancing a 30 year loan, have you considered refinancing to a shorter term loan?
Refinancing from a 30 year loan to a 15 year or even 10 year loan will save you an incredible amount of money in the form of interest payments. On a $400,000 loan you will save hundreds of thousands of dollars in interest payments with a 15 year loan instead of a 30 year loan.
Using our mortgage calculator to compare the difference on a $400,000 loan, the total mortgage interest payments on a 30 year loan with a rate of 4.33 percent comes to $315,153.34. For a 15 year $400,000 loan with a rate of 3.46 percent, the total interest payments come to $113,302.34. That is savings of $201,851.00!
The one drawback to a 15 year loan over a 30 year loan is that your monthly payments will be higher. Using the example above, the monthly payment on the 30 year loan is $1,986.54, whereas the monthly payment on a 15 year loan is $2,851.68. The difference of $865.14 a month may well be worth it.
Mortgage rates have been on the decline for a few months now after hitting 2013 highs over the summer. Average conforming 30 year mortgage rates hit 4 month lows last week and are now averaging 4.23 percent. 30 year rates are higher than last week’s average of 4.15 percent.
Mortgage Rates are Still Low and Will Remain Low for Now
Overall mortgage rates are higher from the record lows that were set early in 2013 but historically speaking, rates are still low. Higher rates in 2013 combined with home prices rising 12% over the past 12 months have made homes less affordable than they were in 2012. While home affordability has declined as mortgage rates and home prices have increased, homes are still more affordable than during the housing bubble.
Home Affordability Falls to 5 Year Low
Lawrence Yun, The National Association of REALTORS® chief economist, said “Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” he said. “Expected rising mortgage interest rates will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown.”
The rate of home price appreciation can’t be sustained simply because personal income growth doesn’t support it. Income growth over the past 12 months was only 1.5 percent, much lower than the home price growth of 12 percent. Home prices have increased 12 percent because home prices are bouncing back from depressed prices since the housing bust.
Home Price Appreciation to Return to Historical Norm
Over the next several years, home price appreciation will return to the historical norm of 1 percent higher than the inflation rate. The current inflation rate is at 1.7 percent and will remain around 2.00 percent for years to come. The Federal Reserve’s target rate for inflation is 2 percent so home price increases will be in the 3 percent range.
15 Year Mortgage Rates Today
Mortgage rates today on 15 year conventional loans are averaging 3.29 percent, an increase from the previous week’s average 15 year mortgage rate of 3.21 percent. The slight increase in average 15 year mortgage rates this week won’t last because long term bond yields are still declining.
By the end of November, average 15 year mortgage rates will fall below 3.00 percent and possibly as low as 2.85 percent. Although the average 15 year rate is still above 3.00 percent, you can find many lenders quoting 15 year refinance rates below 3.00 percent.
Currently, the lowest 15 year refinance rates in our database are at 2.75 percent with points. The best 15 year refi rates without points right now are exactly at 3.00 percent.
Current 30 Year Jumbo Mortgage Rates
Current mortgage rates on 30 year jumbo loans are averaging 4.44 percent, an increase from last week’s average 30 year jumbo mortgage rate of 3.35 percent. We expect 30 year jumbo rates to remain below 4.50 percent for the rest of 2013 and possibly fall to the 4.00 percent level.
Searching for the best jumbo rates in our database, the lowest rate is exactly at 4.00 percent with two mortgage points. The lowest 30 year jumbo refi rates available without points are still below the average at 4.125 percent.
Today’s Mortgage Rates on 15 Year Jumbo Loans
Today’s 15 year jumbo mortgage rates are currently averaging 3.78 percent, down from the prior week’s average 15 year jumbo rate of 3.81 percent. For the rest of this year, average 15 year jumbo rates will stay under 4.00 percent but right now you can find lenders quoting rates below 4.00 percent.
The lowest 15 year jumbo refinancing rates in our database are more than 0.50 percent lower than the average rate. The lowest rate right now is at 3.125 percent with points. The lowest rate without points is at 3.50 percent, still more than 0.25 percent below the average.
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.
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.
Higher mortgage rates the past three months hasn’t put a damper on the housing market as existing home sales soar to the highest level since 2009. Fixed conforming mortgage rates increased over 100 basis points since early May and will likely continue to move higher in the coming months.
The increase in rates has killed the demand for homeowners looking to refinance but not for home purchases. Not yet anyway. The National Association of Realtors® reported existing home sales increased 6.5 percent in July. Existing home sales includes single-family homes, townhomes, condominiums and co-ops, increased 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July.
The pace of home sales this July is also 17.2 percent above the 4.60 million unit pace in July 2012. You can view the NAR’s chief economist Lawrence Yun, discuss the report in this video:
If current mortgage rates continue to rise, eventually the pace of home sales will slow. 30 year mortgage rates today are averaging 4.59 percent, up 20 basis points from last week’s average 30 year mortgage rate of 4.39 percent.
Earlier in the year analysts were predicting the high point in 2013 for 30 year rates would be 4.50 percent. The same analysts also predicted 30 year rates wouldn’t move above 5.00 percent until late 2014. Currently, 30 year rates are on pace to break above 5.00 percent sometime in 2013.
Today’s mortgage rates on 15 year conforming loans are averaging 3.60 percent, up from last week’s average 15 year rate of 3.41 percent. Average 15 year rates were below 3.00 percent in June 2013 and moved above 3.00 percent in early July. 15 year rates will probably move above 4.00 percent this year.
Jumbo mortgage rates today on 30 year loans are averaging 4.75 percent, an increase from last week’s average 30 year jumbo mortgage rate of 4.64 percent. 30 year jumbo rates are also on pace to move above 5.00 percent this year. In fact, we probably will see rates above that point sometime by late October.
Average 15 year jumbo mortgage rates are at 4.08 percent, up from last week’s average 15 year jumbo rate of 4.02 percent. The lowest point for 15 year jumbo rate in 2012 was just below 3.50 percent. You still can find lenders quoting 15 year jumbo refinance rates at 3.50 percent with points.
For the past couple of years, homeowners who have a mortgage on their property have enjoyed the lowest mortgage rates in the past 60 years. Those days have come to an abrupt end as mortgage rates continue their relentless increases higher, following 10 year Treasury yields higher.
Mortgage rates today on 30 year conventional loans are averaging 4.61 percent, a big increase from last week’s average 30 year conforming mortgage rate of 4.34 percent. During the past week, 10 year Treasury yields moved from an average of 2.50 percent to 2.65 percent.
The increase in mortgage rates over the past two months has been considerable. In early May, 30 year mortgage rates were more than 1.00 percent lower, around 3.50 percent. There are lenders still quoting 30 year rates below the averages around 4.00 percent if you’re willing to pay points but not as low as 3.50 percent.
While higher mortgage rates have killed demand for homeowners looking to refinance their loans, the housing market overall is still on a tear. Home prices posted the sharpest increases in 7 years in CoreLogic’s most recent housing report. Average home prices shot up 2.6 percent from April to May and up 12.9 percent compared to last year’s home prices.
CoreLogic economists are also predicting an acceleration of home price increases for the month of June. They are predicting home prices will have increased 2.9 percent from May to June, which will drive the year-over-year price increase up to 13.2 percent. The biggest factor that is driving home prices higher is the low number of homes for sale in inventory.
Another benefit to higher home prices is millions of homeowners once again have positive equity in their homes. Unfortunately, the change comes too late to refinance for many since record low refinance rates are a thing of the past. The Mortgage Bankers Association reported that their Refinance Index decreased 16 percent from the previous week and is at its lowest level since July 2011.
As refinance rates move higher from record lows, refinance demand decreases. The general rule when refinancing a home loan is if refinance rates are at least 1.00 percent lower than your current loan rate, it makes financial sense to refinance. Another factor when refinancing is whether or not there are upfront costs to pay. You may need to plan to stay in your existing home at least a few more years in order for the refinancing to payoff.
Average 15 year mortgage rates today are at 3.61 percent, up 20 basis points from last week’s average 15 year mortgage rate of 3.41 percent. If you are refinancing a loan and you can afford for your mortgage payments to be higher than your current payment, you should seriously consider a 15 year loan instead of a 30 year loan. You can use a mortgage calculator to see how much you will save in interest payments refinancing to a 15 year loan from a 30 year loan.
Average 30 year jumbo mortgage rates currently are at 4.82 percent, up from last week’s average 30 year jumbo mortgage rate of 4.69 percent. Today’s mortgage rates on 15 year jumbo loans are averaging 4.10 percent, up from the previous week’s average 15 year jumbo rate of 3.97 percent.
After 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.
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.
Average mortgage rates have drifted higher for the third consecutive week in the most recent mortgage rate survey released this morning. In Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending May 23, 2013, average fixed conforming 30 year and 15 year rates moved higher while adjustable rates were mixed.
The average 30 year mortgage rate increased to 3.59 percent with 0.7 mortgage points, up from the prior week’s average 30 year rate of 3.51 percent. National average mortgage rates today on our rate tables are slightly higher averaging 3.73 percent. These rates are average rates – there are many lenders offering rates well below the averages.
Right now in the state of California we have lenders quoting 30 year refinance rates as low as 3.25 percent with points. Right now we also have one lender, Nations Choice Mortgage, offering 30 year refinance rates without points at 3.25 percent. These 30 year rates can also be found as low in other states by searching our rate lists here: mortgagerates.monitorbankrates.com.
15 year conventional mortgage rates averaged 2.77 percent with 0.7 mortgage points for the week ending May 23, up from the previous week’s average 15 year rate of 2.69 percent. Current mortgage rates on 15 year conforming loans on our national rate list are averaging 2.85 percent but we do have lenders offering rates well below the averages.
The lowest 15 year mortgage interest rates right now in the state of Texas are offered at 2.375 percent with points. We also have one lender offering the same 2.375 percent rate with zero points. The lender offering that rate/point deal right now in the state of Texas is American First Rate Mortgage Group LLC.
Also in Freddie Mac’s survey this week 5 year conforming adjustable mortgage rates averaged 2.63 percent with 0.5 mortgage points, up slightly from last week’s average 5 year adjustable rate of 2.62 percent. The lowest 5 year adjustable refinance rates today on our rate table are much lower than Freddie Mac’s average.
In the state of Connecticut we have one lender quoting 5 year adjustable refi rates at 1.625 percent with points and many others quoting 5 year rates at 1.75 percent with points. The lowest 5 year adjustable rate without points right now is from Aimloan at 2.125 percent. The rate and point combinations can also be found in our database for most other states.
The Federal Reserve’s monetary policies designed to drive mortgage rates lower are having a positive impact on housing prices. The National Association of Realtors reported March existing home sales dropped but the average home prices continues to move higher. Another factor driving home prices higher is the low number of homes for available for sale.
March existing-home sales were down 0.6 percent to a seasonally adjusted annual rate of 4.92 million in March from a downwardly revised 4.95 million in February. Although home sales were down month over month, sales were 10.3 percent higher in March 2013 when compared to March 2012.
The national median existing-home price for March was up 11.8 percent compared to a year ago. The increase in March’s year over year number is the strongest increase since the height of the housing bubble. Back in November 2005 home prices rose 12.9 percent from a year earlier.
The March 2013 increase in home prices is the 13 consecutive month prices have moved higher, when comparing year-over-year prices. This stretch of price increases is the longest stretch since prices increased between May 2005 to May 2006.
Mortgage rates fell over the past month which has helped the demand for homes as buyers are taking advantage of near record low rates. Mortgage rates today on 30 year conforming loans are averaging 3.51 percent, a decline from the prior week’s average 30 year mortgage rate of 3.54 percent. 30 year rates on average are just above record lows of 3.27 percent set in November of 2012.
Right now the lowest 30 year conforming refinance rates on our rate list for the state of California are at 3.00 percent with 2 mortgage points. The lowest 30 year refinancing rates without points on our list for California are at 3.25 percent. You can find lenders quoting these rates for most other states in our database of rates.
Average 15 year conventional mortgage rates today are at 2.74 percent, down from the prior week’s average 15 year mortgage rate of 2.78 percent. The lowest 15 year refinancing rates today in our database for the state of Colorado are at 2.25 percent. The lowest 15 year refi rates without points in our database for Colorado are at 2.50 percent.
Current jumbo mortgage rates on 30 year loans are averaging 3.95 percent, a slight decline from last week’s average 30 year jumbo mortgage rate of 3.96 percent. The lowest 30 year jumbo refinance rates in our database for the state of Illinois are current at 3.375 percent with 0.5 mortgage point and the lowest rates without points are at 3.50 percent.
Today’s mortgage rates on 15 jumbo loans are averaging 3.33 percent, down from last week’s average 15 year jumbo rate of 3.41 percent. The lowest 15 year jumbo rates in our database right now for the state of Texas are at 2.625 percent. The lowest 15 year jumbo refi rates without points in our Texas database of rates are at 3.125 percent.
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