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 95816, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
Pentagon Federal Credit Union Logo
at 0.000 pts
60 day lock rate
Est payment: $1,429.77
Fees in APR: None
 
 
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GoRefi Logo
NMLS # 991397
State Lic # 01926580
at 0.000 pts
30 day lock rate
Est payment: $1,417.52
Fees in APR: None
 
 
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NationsChoice Mortgage Logo
NMLS # 164626
State Lic # 4130556
(877) 621-7125
at 0.000 pts
60 day lock rate
Est payment: $1,429.77
Fees in APR: $995
 
 
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AimLoan.com Logo
NMLS # 2890
State Lic # 413-0477
at 0.000 pts
30 day lock rate
Est payment: $1,381.16
Fees in APR: $1,995
 
 
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CertusBank Mortgage Logo
NMLS # 445276
at 0.000 pts
30 day lock rate
Est payment: $1,405.34
Fees in APR: $1,375
 
 
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Greenlight Loans Logo
NMLS # 2119
State Lic # 6038216
at 0.000 pts
45 day lock rate
Est payment: $1,442.07
Fees in APR: $1,995
Corporate NMLS ID #2140 
 
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One True Loan, Inc. Logo
NMLS # 1132440
State Lic # 01946329
at 0.000 pts
45 day lock rate
Est payment: $1,405.34
Fees in APR: None
 
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e-Lend Logo
NMLS # 2826
State Lic # 413-0714
at 0.000 pts
35 day lock rate
Est payment: $1,405.34
Fees in APR: None
Call Now 
 
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Discover Home Loans, Inc Logo
NMLS # 837915
at 0.000 pts
40 day lock rate
Est payment: $1,429.77
Fees in APR: $1,750
 
 
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Sebonic Financial Logo
NMLS # 66247
State Lic # 603K498
(877) 661-8303
at 0.000 pts
30 day lock rate
Est payment: $1,405.34
Fees in APR: None
 
 
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loanDepot Logo
NMLS # 174457
State Lic # 4131040
at 0.000 pts
30 day lock rate
Est payment: $1,393.22
Fees in APR: $1,395
 
 
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Rate30 Logo
NMLS # 3013
State Lic # 4131061
at 0.000 pts
30 day lock rate
Est payment: $1,393.22
Fees in APR: $1,495
 
 
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Sebonic Financial Logo
NMLS # 66247
State Lic # 603K498
(877) 661-8303
at 2.000 pts
30 day lock rate
Est payment: $1,381.16
Fees in APR: None
 
 
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GoRefi Logo
NMLS # 991397
State Lic # 01926580
at 1.100 pts
30 day lock rate
Est payment: $1,380.20
Fees in APR: $773
 
 
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loanDepot Logo
NMLS # 174457
State Lic # 4131040
at 2.000 pts
30 day lock rate
Est payment: $1,405.34
Fees in APR: $1,950
 
 
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Discover Home Loans, Inc Logo
NMLS # 837915
at 1.625 pts
40 day lock rate
Est payment: $1,393.22
Fees in APR: $1,750
 
 
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AimLoan.com Logo
NMLS # 2890
State Lic # 413-0477
at 1.100 pts
30 day lock rate
Est payment: $1,357.24
Fees in APR: $2,885
 
 
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CertusBank Mortgage Logo
NMLS # 445276
at 2.000 pts
30 day lock rate
Est payment: $1,369.17
Fees in APR: $1,375
 
 
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Greenlight Loans Logo
NMLS # 2119
State Lic # 6038216
at 2.000 pts
45 day lock rate
Est payment: $1,405.34
Fees in APR: $1,995
Corporate NMLS ID #2140 
 
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NationsChoice Mortgage Logo
NMLS # 164626
State Lic # 4130556
(877) 621-7125
at 2.000 pts
30 day lock rate
Est payment: $1,393.22
Fees in APR: $1,895
 
 
Next button
One True Loan, Inc. Logo
NMLS # 1132440
State Lic # 01946329
at 1.625 pts
45 day lock rate
Est payment: $1,369.17
Fees in APR: $750
 
Next button
AimLoan.com Logo
NMLS # 2890
State Lic # 413-0477
at 0.100 pts
30 day lock rate
Est payment: $1,369.17
Fees in APR: $3,333
 
 
Next button
Pentagon Federal Credit Union Logo
at 1.000 pts
60 day lock rate
Est payment: $1,405.34
Fees in APR: None
 
 
Next button
Greenlight Loans Logo
NMLS # 2119
State Lic # 6038216
at 1.000 pts
45 day lock rate
Est payment: $1,429.77
Fees in APR: $1,995
Corporate NMLS ID #2140 
 
Next button
loanDepot Logo
NMLS # 174457
State Lic # 4131040
at 1.000 pts
30 day lock rate
Est payment: $1,381.16
Fees in APR: $695
 
 
Next button
Sebonic Financial Logo
NMLS # 66247
State Lic # 603K498
(877) 661-8303
at 1.000 pts
30 day lock rate
Est payment: $1,393.22
Fees in APR: None
 
 
Next button
Rate30 Logo
NMLS # 3013
State Lic # 4131061
at 1.000 pts
30 day lock rate
Est payment: $1,380.20
Fees in APR: $1,495
 
 
Next button
GoRefi Logo
NMLS # 991397
State Lic # 01926580
at 0.100 pts
30 day lock rate
Est payment: $1,393.22
Fees in APR: $1,303
 
 
Next button
One True Loan, Inc. Logo
NMLS # 1132440
State Lic # 01946329
at 0.750 pts
45 day lock rate
Est payment: $1,381.16
Fees in APR: $750
 
Next button
Discover Home Loans, Inc Logo
NMLS # 837915
at 0.375 pts
40 day lock rate
Est payment: $1,417.52
Fees in APR: $1,750
 
 
Next button
CertusBank Mortgage Logo
NMLS # 445276
at 1.000 pts
30 day lock rate
Est payment: $1,381.16
Fees in APR: $1,375
 
 
Next button
e-Lend Logo
NMLS # 2826
State Lic # 413-0714
at 1.000 pts
35 day lock rate
Est payment: $1,393.22
Fees in APR: None
Call Now 
 
Next button

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.



Mortgage rates today on 30 year loans are averaging 4.41 percent, a slight decline from the previous week’s average 30 year mortgage rate of 4.44 percent. This past week 10 year U.S. bond yields have traded in a tight range of 2.60 percent to 2.68 percent. There were no big changes in average mortgage rates this week because 10 year bond yields have been stable.

Mortgage rates and bond rates didn’t moved that much because there was no major economic news released. Next week’s economic calendar includes numbers for new home sales and existing home sales but neither report will move rates that much. We will have to wait until April’s unemployment numbers are released in early May to move rates significantly higher or lower.

Although current mortgage rates are low historically speaking, most new loan originations are for home purchases instead of refinances. Ellie Mae’s Origination Insight Report showed 60 percent of loan originations were for home purchases. A year ago, over 70 percent of new loans were for refinances.

You might have missed the refinance boat if you are looking to refinance a 30 year loan to another 30 year loan but refinancing to a shorter term loan is still an option. If you can swing the higher monthly mortgage payments, refinancing from a 30 year mortgage to a 15 year mortgage will save you a lot of money.

You can use a mortgage calculator with an amortization schedule to see how much the monthly payments will be and how much mortgage interest you can save with a 15 year loan versus a 30 year loan.

Average 30 year mortgage rates are at 4.41 percent this week but there are lenders still quoting 30 year rates with mortgage points below 4.00 percent. In our database of lenders for the state of California, we have five lenders quoting 30 year refinance rates below 4.00 percent.

30 Year Refinance Rates

  • Nations Choice Mortgage 3.75% with 2 points
  • One True Loan 3.875% with 1.50 points
  • Rate 30 3.99 percent with 1 point
  • Aimloan.com 3.875% with 0.10 point
  • Gorefi 3.99% with 1.10 points

Today’s mortgage rates on 15 year conforming loans are averaging 3.33 percent, a slight uptick from last week’s average 15 year mortgage rate of 3.31 percent. Average 15 year rates are above 3.00 percent but in our database of lenders we have five lenders still quoting 15 year refinance rates below 3.00 percent.

15 Year Refinance Rates

  • Aimloan.com 2.75% with 1.10 points
  • Certus Bank Mortgage 2.875% with 2.00 points
  • Roundpoint Mortgage Company 2.875% with 1.91 points
  • One True Loan 2.875% with 1.25 points
  • Aimloan.com 2.875% with 0.10 point
  • Rate 30 2.99% with 1.00 point

30 year jumbo mortgage rates today are averaging 4.62 percent, down from last week’s average 30 year jumbo mortgage rate of 4.66 percent. There aren’t any lenders quoting 30 year jumbo refinance rates below 4.00 percent but you can still find 30 year jumbo rates below the average of 4.66 percent. Listed below are the best jumbo rates available in our database.

30 Year Jumbo Refinance Rates

  • Aimloan.com 4.125% with 1.10 points
  • Nations Choice Mortgage 4.125% with 2.00 points
  • One True Loan 4.25% with 1.125 points
  • Go Refi 4.25 with 1.10 points
  • PenFed 4.25% with 1.00 point
  • Home Bridge Financial Services 4.375% with 0.00 point

Average 15 year jumbo mortgage rates are currently at 4.06 percent, up slightly from last week’s average 15 year jumbo mortgage rate of 4.04 percent. The lowest jumbo refinance rates on 15 year loans are still below 4.00 percent. Below is a list of the best 15 year jumbo rates in our database.

15 Year Jumbo Refinance Rates

  • Aimloan.com 3.50% with 1.10 points
  • PenFed 3.50% with 1 point
  • Go Refi 3.625% with 1.10 points
  • One True Loan 3.625% with 0.25 point
  • Aimloan.com 3.625% with 0.10 point
  • One True Loan 3.75% with 0.00 point

5/1 adjustable mortgage rates on conforming loans and jumbo loans are both lower this week. The biggest decline was in 5/1 conforming rates, falling from 3.55 percent on average to 3.34 percent. 5/1 jumbo mortgage rates fell from 3.43 percent to 3.39 percent. Below is a list of the best 5/1 adjustable rates.

5/1 Conforming Adjustable Refinance Rates

  • Aimloan.com 2.25% with 1.10 points
  • Certus Bank Mortgage 2.25% with 2 points
  • Rate 30 2.375% with 1 point
  • Roundpoint Mortgage Company 2.50% with 1.932 points
  • Aimloan.com 2.50% with 0.10 point
  • Rate 30 2.50% with 0.00 point
  • Discover Home Loans 2.50% with 2 points

5/1 Jumbo Adjustable Refinance Rates

  • W.J. Bradley Mortgage Capital 2.50% with 1 point
  • Aimloan.com 2.625% with 1.10 points
  • Third Federal Savings and Loan 2.65% with 0.00 point
  • W.J. Bradley Mortgage Capital 2.875% with 0.00 point
  • PenFed Credit Union 2.875% with 1.00 point

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Mortgage Rates Today

Mortgage Rates | Search for Current Refinance Rates and Mortgage Rates from Many Lenders

 

 
Author: Brian McKay
April 18th, 2014
Posted in: Mortgage Rates

Mortgage rates drifted slightly lower as the Fed Chairperson, Janet Yellen, spoke yesterday and said that interest rates will stay low for quite some time to help the job market recover. Average 30 year conforming mortgage rates today are down 1 basis point to 4.38 percent, down from yesterday’s average 30 year rate of 4.39 percent.

Yellen’s remarks made it clear that even after the Fed phases out its monthly bond and mortgage backed securities (MBS) purchases later this year, the Fed has no plans to raise the fed funds rate anytime soon. The Fed has been buying bonds and MBS to force long term bond rates and mortgage rates lower.

Average Mortgage Rates Fall as Janet Yellen says interest rates to stay low for nowCurrent mortgage rates on 30 year conforming loans are 1.00 percent higher from record lows set in early 2013. While mortgage rates are expected to increase in 2014, the increase from current levels will be small. Forecasts are for 30 year rates to increase to 5.00 percent by the end of 2014, a mere 60 basis points from today’s average rate.

Average 30 year mortgage rates are at 4.38 percent but you can still find lenders quoting 30 year refinance rates below the average. In our database of rates we have many lenders quoting 30 year refinance rates around 4.00 percent with and without points. We have one lender quoting 30 year refinance rates at 3.875 percent with 1.10 points.

Today’s mortgage rates on 15 year conforming loans are averaging 3.38 percent, down from yesterday’s average 15 year mortgage rate of 4.41 percent. Average 15 year mortgage rates are about 0.75 percent above record lows set early in 2013. The lowest point for average 15 year rates was at 2.64 percent in April last year.

The lowest 15 year refinance rates available in our database of rates are much lower than the average rate. The best 15 year refinance rate quoted in our database is at 2.75 percent with 1.10 mortgage points. The best 15 year refi rate without points in our database is also below the average rate at 3.125 percent.

Average 30 year jumbo mortgage rates today are at 4.74 percent, down from an average 30 year jumbo rate of 4.83 percent. 30 year jumbo rates are about 1.oo percent higher from the record low of 3.94 percent set in 2013. The best jumbo rates quoted in our database are currently at 4.125 percent with points and the best jumbo rate without points is quoted at 4.25 percent.

Current 15 year jumbo mortgage rates are averaging 4.18 percent, down from the previous day’s average 15 year jumbo mortgage rate of 4.23 percent. The lowest point in 2013 for average 15 year jumbo rates was at 3.37 percent set in April 2013. The lowest 15 year jumbo refinance rates available in our database are quoted at 3.50 percent with 1.10 points and at 3.625 percent with no points.

Conforming 5/1 adjustable mortgage rates are currently averaging 3.42 percent, a decline from the prior day’s average 5 year adjustable mortgage rate of 3.46 percent. The best 5 year adjustable refinance rates available in our database are more than 100 basis points below the average at 2.25 percent with 1.10 points. The best 5 year adjustable rate without points is also way below the average rate at 2.625 percent.

Jumbo 5 year adjustable mortgage rate are averaging 3.63 percent, down from the yesterday’s average 5 year adjustable jumbo mortgage rate of 3.67 percent. The lowest 5 year jumbo refinance rate in our database are also much lower than the average at 2.625 percent with 1.10 points. The lowest 5 year jumbo refi rate without points is at 2.875 percent.

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Mortgage Rates

Mortgage Rates | Search for Current Refinance Rates and Mortgage Rates from Many Lenders

 
Author: Brian McKay
April 10th, 2014
Posted in: Mortgage Rates

Last Friday’s employment report which was stronger than expected so mortgage rates and bond rates are slightly higher this week as a result. 10 year bond yields moved up from 2.68 percent a week ago Monday to 2.80 percent on Friday after February’s nonfarm payroll report was released. During that time, average 30 year mortgage rates increased 11 basis points from 4.24 percent to the current average of 4.35 percent.

The February employment report showed the strongest job growth in 3 months despite the cold weather, also giving hope that momentum is building in job growth as we head into spring. 175,000 jobs were created in February, higher than the expected number of 165,000. The unemployment rate ticked up 0.1 percent to 6.7 percent. Consensus estimates expected the rate to decline to 6.5 percent.

As the economy improves and the unemployment rate drops, both bond yields and mortgage rates will move higher. Forecasts are for higher mortgage rates in 2014. By the end of the year, average 30 year mortgage rates will move towards 5.00 percent.

Lowest 30 Year Mortgage Refinance Rates at 3.875%

Average 30 year mortgage rates today are at 4.35 percent but there are many lenders quoting 30 year mortgage rates with and without points below the average rate. The lowest 30 year refinance rates on our rate table for the state of California are quoted at 3.875 percent with 2 mortgage points. The lowest 30 year refinance rates without points are quoted at 4.125 percent.

In the state of Texas we also have lenders quoting rates below the average of 4.35 percent. The lowest 30 year refinance rate with points is quoted from American First Rate Mortgage Group at 4.00 percent with 1.1o points. The lowest 30 year rate without points quoted in TX is from Citi Mortgage at 4.25 percent.

Average 15 Year Mortgage Rates Today

15 year mortgage rates today are averaging 3.38 percent, up from the prior week’s average 15 year mortgage rate of 3.33 percent. Average 15 year rates are higher than last week’s low of 3.25 percent and will continue to move higher in 2014. By the end of this year, forecasts are for average 15 year rates to head towards 4.00 percent.

There are plenty of lenders quoting 15 year mortgage rates below the average with points and without points. The best rate right now on our rate table for the state of Illinois is from Aimloan at 2.75 percent with 1.792 mortgage points. The lowest rate quoted without points is from Loan Depot at 3.125 percent.

Current Jumbo Mortgage Rates

30 year jumbo mortgage rates are averaging 4.31 percent, up from last week’s average of 4.26 percent. The best 30 year jumbo refinance rates available today are 3.875 percent with 2 mortgage points, quoted from Affordable Home Mortgage Corp (AHMC). The lowest quoted 30 year refi rates without points is at 4.00 percent from Investors Home Mortgage.

Average 15 year mortgage rates are at 3.66 percent, up from last week’s average 15 year rate of 3.61 percent. Aimloan.com has the lowest 15 year jumbo rates at 3.50 percent with 1.514 mortgage points. The lowest rate without points is from Mortgage Capital Associates at 3.625 percent.

5 Year Conforming Adjustable Rates

5 year conforming adjustable mortgage rates are averaging 3.37 percent, unchanged from the previous week’s average 5 year rate. The best 5 year adjustable rate quoted on our tables are more than 1.00 percent lower at 2.25 percent with 2 mortgage points. The lowest 5 year rate without points is at 2.625 percent.

5/1 Jumbo Adjustable Mortgage Rates

Jumbo adjustable mortgage rates on 5 year loans are averaging 2.87 percent, up from last week’s average 5 year jumbo rate of 2.84 percent. The best 5 year jumbo rates quoted on our rate table are 1.30 percent lower than the average rate. Currently, Aimloan.com is offering 5 year jumbo rates at 2.50 percent with 1.576 mortgage points.

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Mortgage Rates

Mortgage Rates | Compare Mortgage Rates Today

 
Author: Brian McKay
March 21st, 2014
Posted in: Mortgage Rates

Mortgage rates started 2014 on the downside, which caught many analysts off guard since the general consensus was mortgage rates would follow bond rates higher as a result of the Federal Reserve’s policies. For many years now, the Federal Reserve’s polices have been designed to suppress mortgage rates and bond rates to help the housing market recover, help the economy grow, and lower the unemployment rate.

The Fed’s actions has brought the economy back from the worst recession since the Great Depression, helped the housing market recover from the worst bust since the Great Depression, and lowered the unemployment rate to 6.6 percent. The markets realize things are better and have been anticipating a higher fed funds rate and an end to quantitative easing.

The Fed has kept the fed funds rate near zero percent, sending deposit rates down to record lows. The Fed has embarked on several rounds of “quantitative easing” to force bond rates and mortgage rates down to record lows. The most recent round of quantitative easing, QE3, started over a year ago and involves the Fed buying $85 billion a month in mortgage-backed securities (MBS) and long term U.S. Treasuries.

Mortgage Rates Will Eventually Move Higher as Fed Ends Quantitative Easing

The fed funds rate won’t be increased until sometime in 2015 but the Fed has already started paring back quantitative easing. Late in 2013, the Federal Reserve announced they would start tapering their mortgage-backed securities (MBS) and U.S. Treasury purchases. The Fed announced in December they would buy $10 billion a month less and in January, they made another $10 billion reduction. The purchases have been lowered from $85 billion a month to $65 billion a month and will continued to be lowered throughout 2014.

Last year when the markets realized the Fed would announce a reduction, both 10 year bond rates and 30 year mortgage rates increased over 1.25 percent in a matter of months. When the market’s fears became a reality, rates actually started going down which was most likely a result of the 1.25 percent increase.

Make no mistake, current mortgage rates and bond rates are near lows for this year and will be moving higher in 2014. Forecasts are for 30 year mortgage rates to be around 5.00 percent by the end of this year, about 75 basis points higher than where 30 year mortgage rates are today.

Conforming 30 Year Mortgage Rates Today

Conforming 30 year mortgage rates today are averaging 4.31 percent, down from last week’s average 30 year mortgage rate of 4.35 percent. Since the beginning of 2014, average 30 year mortgage rates have fallen 30 basis points but will be moving higher. Average 30 year rates will be back above 4.50 percent by the second quarter.

The best mortgage rates on 30 year conforming loans in our database right now are below the average and below 4.00 percent. The best rate right now is at 3.75 percent with 1.995 mortgage points. The best 30 year mortgage rates without points are also below the average at 4.00 percent.

Current 15 Year Conforming Mortgage Rates

Current mortgage rates on 15 year conforming loans are averaging 3.32 percent, down from last week’s average 15 year mortgage rate of 3.37 percent. By April of this year average 15 year mortgage rates will be back above 3.50 percent and by the end of 2014 average 15 year rates will rise above 4.00 percent.

Today’s mortgage rates on 15 year conforming loans can be found below the average rate and below 3.00 percent. The lowest 15 year refinance rates in our database are currently at 2.75 percent with 1.539 points. The lowest 15 year refinance rates today without points are at 3.00 percent.

 
Author: Brian McKay
March 1st, 2014
Posted in: Mortgage Rates

Mortgage rates today continue to decline as lenders lower rates. Average 30 year conforming mortgage rates are currently at 4.24 percent, down slightly from last week’s average rate of 4.25 percent. Mortgage rates declined every week in 2014 so far, despite the Federal Reserve tapering their bond and mortgage-backed securities purchases. The Federal Reserve started slowing their monthly buys from $85 billion a month in December to $75 billion a month in January and down to $65 billion a month in February. During this time, 10 year bond yields have fallen from just under 3.00 percent down to yesterday’s close of 2.67 percent.

Average 30 year mortgage rates started 2014 at 4.56 percent and are down 32 basis points to the current rate of 4.24 percent. The Fed will continue to scale back their purchases throughout the year and eventually will stop their buys sometime before the end of 2014. This change in policy will eventually lead to higher bond rates this year. Lenders tie mortgage rates to bond rates so when bond rates move higher, mortgage rates also move higher.

Average 30 Year Mortgage Rates Today to 424 Percent Lowest Quoted Rates at 375 PercentLowest Mortgage Rates at 3.75 Percent with 2 Mortgage Points

The lowest mortgage rates available right now on 30 year loans have also fallen since the beginning of this year. The lowest current mortgage rates quoted on our rate table for the state of California are at 3.75 percent with two mortgage points. In case you’re unsure of what mortgage points are, they allow the borrower to “buy down” the mortgage rate by paying points upfront. 1 point is equal to 1 percent of the loan amount. In the beginning of 2014, the lowest 30 year conforming rates quoted were at 4.00 percent with two mortgage points but now rates are 0.25 percent lower.

The best mortgage rate without points quoted on our rate table is currently at 4.00 percent. In early January, the lowest rates available without points were at 4.25 percent. Both average rates and the lowest rates available are not expected to decline much from these levels. In fact, forecasts for mortgage rates in 2014 are higher and are forecasted to be just above 5.00 percent by the end of the year. If you’re looking to buy a home and have been following rates, lock in a rate now before rates move any higher.

Conventional 15 Year Mortgage Rates Today

Today’s mortgage rates on 15 year conforming loans are averaging 3.24 percent, down from the prior week’s average 15 year mortgage rate of 3.29 percent. Average 15 year mortgage rates have also declined the past six weeks from a high of 3.60 percent in the beginning of January. As with 30 year rates, don’t expect 15 year rates to fall much further so lock in your rate now if you can. The best mortgage rates quoted right now for 15 year loans on our rate table for New York are currently at 2.75 percent with just under 2 mortgage points. Six weeks ago, the best 15 year refinance rates with points on our rate table for NY and all other states were at 3.00 percent. Checking on the lowest 15 year refinancing rate without points, several lenders are quoting a rate of 3.25 percent.

Refinancing to a Shorter Term Loan

Mortgage interest rates are low right now and probably won’t be this low again in our lifetime. If you currently have a 30 year mortgage and you’re in a position to refinance, you should seriously consider a shorter term mortgage. Depending on your mortgage balance, refinancing to a 15 year or even 10 year mortgage will save you tens of thousands or even hundreds of thousands of dollars in mortgage interest payments. Shorter term mortgages have lower mortgage rates, which also saves you money.

Many people we’ve advised have been surprised to see that the change in monthly payments for a 15 year mortgage is not astronomically higher than their 30 year.  Take a few minutes to figure out what your payments would be on a 15 year mortgage here.  That, coupled with the difference in savings for the lifetime of the loan, definitely makes it worth taking the few minutes to see what your payments would be.

The best 30 year rates are at 3.75 percent and the best 15 year rates are 1 percent lower at 2.75 percent. Using a mortgage calculator, you can see that for each $100,000 borrowed at the rates listed above, the total interest payment on a 30 year loan would be $66,720.25.  A 15 year loan would incur $22,151.99 in interest for each $100k borrowed, which would mean saving $44,526.56 PER $100,000 borrowed. On a $500,000 loan, you would save over $200,000 in interest payments, plus you would own your home outright in half the time. The only drawback to a shorter term mortgage is the monthly payments are higher, but if you can afford the payments it’s definitely worth it. 

Lowest 10 Year Mortgage Rates

Since we’re talking about potentially saving a lot of money with shorter term mortgages, you may want to look into the best 10 year rates available. The best 10 year rates on our rate table for the state of Connecticut are currently at 2.39 percent with no mortgage points. Third Federal Bank is offering this 10 year rate on our table for CT and in most other states.

30 Year Jumbo Mortgage Rates

30 year jumbo mortgage rates today are averaging 4.33 percent, a decline from last week’s average 30 year jumbo mortgage rate of 4.41 percent. As with conforming rates, right now is probably the low point for jumbo rates this year, so the sooner you lock in a rate the lower that rate will be. The lowest 30 year jumbo refinance rates right now on our rate table for the state of Florida are at 3.74 percent with 2 mortgage points from SunTrust Mortgage. The lowest 30 year jumbo refi rates right now without points in the state of FL are also from SunTrust Mortgage rate 4.15 percent.

Current 15 Year Jumbo Rates

Average 15 year jumbo mortgage rates are currently at 3.59 percent, down from the previous week’s average 15 year jumbo mortgage rate of 3.67 percent. The lowest 15 year jumbo rates available on our rate tables for most states are just under 4.00 percent with points. The best 15 year jumbo rate without points in our database are at 4.25 percent.

Conforming 5/1 Adjustable Mortgage Rates

5/1 conforming adjustable mortgage rates are currently averaging 3.43 percent, down from last week’s average 5 year adjustable rate of 3.45 percent. The lowest conforming rates quoted today in our rate database for Texas are much lower at 2.375 percent with 1 mortgage point. The best rate without points right now in our database for  TX is at 2.265 percent.

Jumbo 5 year Adjustable Mortgage Rates

Average 5 year jumbo rates are at 3.94 percent, up slightly from last week’s average 5 year jumbo rate of 3.92 percent. The best 5 year jumbo rates with points in our database are currently at 2.25 percent with 2 points and at 2.75 percent with no points.

 
Author: Brian McKay
February 14th, 2014
Posted in: Mortgage Rates