Mortgage Rates Move Slightly Higher

Mortgage rates moved slightly higher this week but are not much higher from all-time lows. 30-year mortgage rates are currently averaging 3.69 percent, up from the prior week's average 30-year rate of 3.68 percent. If you're looking for a mortgage to purchase a home or refinance an existing loan, you can easily find 30-year mortgage rates below the average of 3.69 percent. For example, right now on our mortgage rate tables there are lenders quoting 30-year mortgage rates at 3.00 percent.

Average Conforming Mortgage rates

• 30-year 3.69%, up 0.01%
• 15-year 3.19%, up 0.02%
• 5-year adjustable 3.66%, up 0.04%

Average Jumbo Mortgage Rates

• 30-year jumbo 3.73%, up 0.03%
• 15-year jumbo 3.23%, down 0.01%
• 5-year jumbo adjustable 3.72%, unchanged

Low Mortgage Rates Fueling Home Purchases

These near record low mortgage rates are enticing buyers into the market during the winter, which historically has been a slow time for home purchases. The Mortgage Bankers Association reported mortgage applications for new home purchases increased 35.3 percent compared from a year ago. Compared to December 2019, applications increased by 40 percent.

To get the best deal on a mortgage for a home purchase or refinancing a current loan search for and compare mortgage rates right here at MonitorBankRates.com.