Mortgage Rates

| Search for Current Refinance Rates and Mortgage Rates from Many Lenders
Search and compare refinance rates and mortgage rates today from many lenders by using our search tool.The rate list below is displaying mortgage refinance rates for a $200,000 mortgage loan in your state. Change the search criteria to receive your own personalized mortgage quotes from many lenders at once.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
15 yr fixed refi in 08601, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
Sebonic Financial Logo
NMLS # 66247
(877) 661-8303
at 0.000 pts
30 day lock rate
Est payment: $1,393.22
Fees in APR: None
 
 
Next button
Columbia Bank Logo
NMLS # 504284
at 0.000 pts
60 day lock rate
Est payment: $1,393.22
Fees in APR: None
 
 
Next button
Garden State Home Loans Logo
NMLS # 473163
(877) 602-5604
at 0.000 pts
45 day lock rate
Est payment: $1,405.34
Fees in APR: None
The Experience is the Difference 
 
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Sebonic Financial Logo
NMLS # 66247
(877) 661-8303
at 1.000 pts
30 day lock rate
Est payment: $1,369.17
Fees in APR: None
 
 
Next button
Garden State Home Loans Logo
NMLS # 473163
(877) 602-5604
at 0.750 pts
45 day lock rate
Est payment: $1,393.22
Fees in APR: None
The Experience is the Difference 
 
Next button
Garden State Home Loans Logo
NMLS # 473163
(877) 602-5604
at 1.500 pts
45 day lock rate
Est payment: $1,381.16
Fees in APR: None
The Experience is the Difference 
 
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Citizens Bank
3.426%
2/27/2015
3.375%
at 0.000 pts
60 day lock rate
Est payment: $1,417.52
Fees in APR: $703
 
 
TD Bank, NA
3.447%
2/27/2015
3.375%
at 0.000 pts
60 day lock rate
Est payment: $1,417.52
Fees in APR: $982
 
 
Beneficial Bank
3.286%
2/25/2015
3.250%
at 0.000 pts
60 day lock rate
Est payment: $1,405.34
Fees in APR: $499
 
 
HSBC Bank USA, N.A.
3.426%
2/25/2015
3.375%
at 0.000 pts
60 day lock rate
Est payment: $1,417.52
Fees in APR: $705
 
 
Raymond James Bank, NA
3.474%
2/25/2015
3.375%
at 0.000 pts
45 day lock rate
Est payment: $1,417.52
Fees in APR: $1,354
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.



Average mortgage rates today are lower but will move higher in the coming months and years. Current 30 year conforming mortgage rates are averaging 3.92 percent, down from last week’s average rate of 3.97 percent. 30 year mortgage rates dropped to a 20 month low of 3.73 percent in January.

Mortgage rates are only 20 basis points higher from the January low but the increase has already zapped refinancing demand. The Mortgage Bankers Association (MBA) announced mortgage applications for refinancing decreased 8 percent in their latest MBA Survey.

Mortgage rates are forecast to move higher in 2015, by the end of the year average 30 year rate is expected to be around 5.00 percent. Rates will increase this year because bond yields are forecast to move higher because the Federal Reserve is expected to increases the federal funds rate.

The Federal Reserve will start tightening monetary policy by increasing the federal funds rate probably starting in June. Mortgage rates are not directly tied to the federal funds rate but will move higher when the rate is increased.

Most mortgage lenders set mortgage rates based on U.S. Treasury yields. When the fed funds rate is increased, Treasury yields move higher, which forces lenders to increase their lending rates.

Average Mortgage Rates TodayCurrent mortgage rates on 15 year conforming loans are averaging 3.00 percent, a decline from last week’s average 15 year mortgage rate of 3.08 percent. 15 year rates are not far from the 20 month low of 2.96 percent set in January. By the end of this year 15 year refinance rates are expected to hit 4.00 percent.

Today’s 30 year jumbo mortgage rates are averaging 4.23 percent, a sharp decline from the prior week’s average 30 year jumbo rate of 4.37 percent. 30 year jumbo refinance rates are also expected to head towards 5.00 percent of the end of 2015.

15 year jumbo rates are currently averaging 4.06 percent, down 9 basis points from the previous week’s average of 4.15 percent. The 17 basis point spread between average 30 year and 15 year jumbo rates is the lowest it has ever been. By the end of 2015 average 15 year jumbo rates will be between 4.60 percent and 4.80 percent.

Average 5 year conforming adjustable mortgage rates are at 3.48 percent today, up from last week’s average 5 year adjustable rate of 3.44 percent. 5 year adjustable refinance rates are expected to hit 4.00 percent by the end of this year.

5 year jumbo adjustable mortgage rates are slightly higher today at 3.66 percent, up 1 basis point from last week’s average rate. 5 year adjustable jumbo refi rates are also expected to be around 4.00 percent by the end of 2015.

The current cycle of higher mortgage rates and refinance rates is expected to last for at least a few years. If you’re thinking about buying a home this year is probably as good as time as any in recent memory. Mortgage rates are still low and housing prices in many markets are still below the bubble peak of 2006/2007.

If you’re in a position to refinance you should do so sooner in 2015 than later. Refinancing to a shorter term loan, like a 15 year loan instead of a 30 year loan, is an even smarter decision. You can save tens of thousands or even hundreds of thousands of dollars in mortgage interest by getting a shorter term loan.

 
Author: Brian McKay
March 2nd, 2015

Strong economic news sent bond yields and fixed mortgage rates higher this week. Despite the increase, mortgage rates today are still near record lows set two years ago. The Bureau of Labor Statistics released the January Employment report which showed the economy added 257,000 new jobs in January, higher than the expected 235,000 jobs forecast.

Source: Department of Labor Statistics

Source: Department of Labor Statistics

Sharply higher revisions to the two prior months jobs reports also contributed to higher interest rates. The change in total nonfarm payroll employment for November was revised from 353,000 to 423,000. The change for December was revised from 252,000 to 329,000

Less than two weeks ago, 10 year bond yields were near a record low of 1.67 percent. Today’s 10 year yields are trading at 1.99 percent, a 32 basis point increase.

This past week, average 30 year mortgage rates increased 2 basis points to 3.87 percent, up from to 3.85 percent the prior week. Mortgage rates haven’t increased as much as bond yields because lenders never lowered rates as much as bond yields fell.

Current 30 year rates are only 0.50 percent higher from the all-time record low of 3.35 percent set in May 2013. Many lenders are still quoting 30 year rates below the average, there are a few on MonitorBankRates.com offering rates at 3.625 percent.

As predicted last week, average conforming 15 year rates are above 3.00 percent. Current mortgage rates on 15 year loans are averaging 3.02 percent, up from the prior week’s average rate of 2.96 percent.

The all-time low for 15 year rates is only 40 basis points lower than current rates. The all-time low was 2.56 percent, also set in May 2013. There are lenders quoting 15 year rates near the record lows, the lowest 15 year rates on the tables right now are at 2.875 percent with points. The lowest rate without points is at 3.00 percent.

Average Mortgage Rates February 12, 2015Today’s mortgage rates on 30 year jumbo loans are averaging 4.41 percent, up from the prior week’s average of 4.35 percent. The spread difference between average 30 year jumbo rates, and the lowest jumbo rates on our table is more than 75 basis points. The lowest jumbo rate currently available is at 3.625 percent.

15 year jumbo rates are averaging 4.24 percent, up from last week’s average rate of 4.14 percent. The rate difference between average 15 rates and the lowest 15 year rate available is almost 1.50 percent. The best 15 year refinance rate available is 2.75 percent.

 
Author: Brian McKay
February 14th, 2015

U.S. homeownership rate has just hit a 20 year low despite near record low current mortgage rates. The U.S. Department of Commerce reported the homeownership rate fell to 64.3 percent in the 4th quarter of 2014. This is the lowest level since the 3rd quarter of 1994.

The all-time high rate for homeownership was during the housing bubble when ownership hit a high of 69.4 percent in 2004. Although homeownership recently hit a 20 year low, the outlook for housing in the future is positive. A stronger economy, lower unemployment, and other contributing factors will increase the ownership rate in the coming years.

A significant change that will promote homeownership is downpayment requirements by Freddie Mac and Fannie Mae. Starting last week, first time homebuyers can put down as little as 3 percent whereas the prior minimum was 5 percent.

Other changes include the FHA lowering insurance premiums by 0.05 percent, which will save 2 million homeowners $900 a year. This change is also expected to entice 250,000 new homebuyers to purchase their first home within the next three years.

Freddie Mac also announced their Home Possible Mortgages, which are designed to help low and moderate income borrowers. These borrowers will have more options for low down payment mortgages. All of these changes are designed to help the housing market recover from the worst bust since the Great Depression.

Mortgage rates are expected to increase in 2015 but will still be low, historically speaking. Current 30 year mortgage rates are averaging 3.80 percent, a decline from last week’s average 30 year rate of 3.85 percent. By the end of 2015, average 30 year rates are expected to be near 5.00 percent, which is still low considering the double digit rates we saw in the 1970s and early 1980s.

Mortgage rates today on 15 year conforming loans are averaging 2.98 percent, a slight increase from the prior week’s average of 2.97 percent. By the end of 2015, average 15 year rates are expected to rise to 4.00 percent, which is still a historically low rate.

Average 30 year jumbo mortgage rates are at 4.29 percent, up 1 basis point from last week’s average of 4.28 percent. 30 year rates on average will also be near 5.00 percent by the end of this year.

Today’s 15 year jumbo rates are averaging 4.10 percent, up from the previous week’s average rate of 4.07 percent. Forecasts for 15 year rates by the end of this year are around 5.00 percent.

If you’re thinking about buying a home, now is probably one of the best times over the past decade. Interest rates are still low and home prices are still lower than the peak bubble prices in many areas of the United States.

If you already own a home and are thinking about refinancing, now is the time. If you can refinance to a shorter term loan such as a 15 year instead of a 30 year loan, you will save tens of thousands or even hundreds of thousands of dollars in interest payments.

 
Author: Brian McKay
February 4th, 2015

Mortgage rates continue their downward spiral into 2015, defying predictions of higher rates. Mortgage rates moving lower in 2014 wasn’t supposed to happen. Experts in the industry, including the Mortgage Bankers Association (MBA), forecast mortgage rates to be much higher than current levels.

In March of 2014, the MBA’s Mortgage Finance Forecast had 30 year mortgage rates hitting 5.00 percent by the fourth quarter of 2015 and 5.10 percent in the first quarter of 2015. Current 30 year mortgage rates are averaging 3.80 percent and the lowest 30 year rates quoted today are at 3.50 percent.

The most recent MBA forecast for rates is their December Mortgage Finance Report. Forecasts were for 30 year rates to be at 4.40 percent in the first quarter of 2015 and hit 5.00 percent in the third quarter. These forecasts will probably have to be revised down again since rates have moved lower since December.

Lenders peg mortgage rates to 10 year bond yields and 10 year yields are almost at record lows. 10 year yields closed on Friday at 1.81 percent, only 14 basis points from the record low of 1.66 percent set in May 2013. You can view the history of bond yields on the U.S. Department of the U.S. Treasury website: U.S. Treasury Yields.

Forecasts on mortgage rates have been wrong because forecasts on bond yields have been wrong. When the Federal Reserve started winding down their purchases of long term bonds and mortgage backed securities, interest rates were supposed to move higher.

The Federal Reserve stopped their purchases in October 2014 and since that time bond yields have fallen considerably. At the end of October, 10 year bond yields closed at 2.35 percent, 54 basis points higher than the current rate. That is almost a 23 percent drop.

Average 30 year mortgage rates have fallen from 3.98 percent to 3.80 percent, 18 basis points or almost a 5 percent drop. Average mortgage rates haven’t dropped as much as bond yields because lenders have been slow to lower rates. This would suggest 30 year rates on average could fall even further, regardless of whether or not bond yields fall further.

Once the Federal Reserve increases rates, banks and other financial institutions will as well. Mortgage rates, other loan rates, CD rates and other deposit rates will all move higher.

 
Author: Brian McKay
January 22nd, 2015

A fourth round of Quantitative Easing by the Federal Reserve? Yes, there is another round of easing already happening that is forcing mortgage rates lower but the Federal Reserve doesn’t have anything to do with it. The easing comes in the form of lower oil prices.

You have heard about lower oil prices in the news and have seen sharply lower gas prices at the pump. The price per barrel of oil has fallen from over $100 a barrel last summer to $48 a barrel today. The plunge in oil, other commodity prices, and equity markets has forced investors to flee to the safety of U.S. Treasuries.

10 year U.S. Treasury yields, which were forecast to be around 3.00 percent during this stage of the economic recovery, have fallen back under 2.00 percent this month. The decline in Treasury yields has forced 30 year mortgage rates down near the all-time lows of spring 2013.

10 year bond yields are trading at 1.80 percent and 30 year mortgage rates today are averaging 3.85 percent. About a year ago, 30 year mortgage rates were forecast to be above 5.00 percent by this time. The average 30 year rate is at 3.85 percent but on our rate tables we have lenders quoting 30 year refinance rates as low as 3.25 percent in some states.

There is also another factor at play forcing U.S. bond yields lower – a truly global market for sovereign bonds. 10 year U.S. bonds are only yielding 1.80 percent right now but that is considerably higher than current Japanese and German bond yields. 10 year Japanese bond yields are at 0.25 percent and 10 year German bonds are yielding 0.41 percent.

Investors are flocking to the higher yields U.S. bonds offered and a strong dollar is enhancing their returns. Investors buying bonds drive bond prices higher and as a result, drive yields lower. Lenders peg mortgage rates to bond yields so mortgage rates also move lower.

History has taught us that eventually the Fed will take the punch bowl away by increasing the fed funds rate. The likelihood of this happening sometime is year is almost certain but the question is when. We look for an increase in the fed funds rate sometime in the summer of 2015.

A higher fed funds rate will force bank deposit rates, bond yields and mortgage rates higher. Be sure to position your finances for the upcoming increase in rates in 2015.

 
Author: Brian McKay
January 16th, 2015