Higher Mortgage Rates – 15 Year Conforming Rates at 3.20 Percent

As expected, mortgage rates are were driven higher this week because of higher bond yields. 15 year conforming mortgage rates are averaging 3.20 percent, up 5 basis points from last week's average of 3.15 percent. Historically speaking, current mortgage rates are still very low. Back in 2007, average 15 year rates were as high as 6.36 percent, more than double the current rate.