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.
Cost & Fees
NMLS # 797187
Corporate NMLS ID #2140
Corporate NMLS ID #2140
Corporate NMLS ID #2140
HSBC Bank USA, N.A.
at 0.000 pts
60 day lock rate
Est payment: $1,419.96
Fees in APR: $705
Fulton Bank of New Jersey
at 0.375 pts
30 day lock rate
Est payment: $1,405.34
Fees in APR: $807
Raymond James Bank, NA
at 0.000 pts
45 day lock rate
Est payment: $1,442.07
Fees in APR: $1,354
at 0.000 pts
60 day lock rate
Est payment: $1,429.77
Fees in APR: $703
at 0.000 pts
30 day lock rate
Est payment: $1,393.22
Fees in APR: $942
TD Bank, NA
at 0.000 pts
60 day lock rate
Est payment: $1,432.22
Fees in APR: $997
Bank of America
at 0.198 pts
45 day lock rate
Est payment: $1,417.52
Fees in APR: $850
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 increased the past month, following 10 year U.S. Treasury yields higher. Mortgage rates today on 30 year conforming loans are averaging 4.18 percent. About a month ago, 30 year mortgage rates were averaging 3.85 percent. Where rates move the next week is entirely dependent on how Greece’s debt talks play out.
Bond yields in the United States and across the globe have been swayed on the ups and downs in debt talks involving Greece and its creditors. The most recent news is that its creditors rejected Greece’s new proposals, according to Greek Prime Minister Alexis in a Tweet.
Their proposal was rejected but counterproposals were submitted, which is why 10 year U.S. bond yields are only down 2 basis points to 2.38 percent this morning. Greece needs more aid to prevent it from defaulting on its 1.6 billion euro debt at the end of the month. Lenders so far has refused to release funds to Greece unless more reforms are done.
Grexit Would Send Bond Yields and Mortgage Rates Plummeting
If Greece defaults at the end of the month equity markets will be in a freefall. As a result, bond yields would plunge in the classic flight-to-quality we have seen before when markets tumble. Bond yields move inversely to prices of bonds so as bond prices move higher, yields move lower. 10 year bond yields would fall back below 2.00 percent and might even break through the record low of 1.67 percent set in early 2013.
30 year mortgage rates would fall back below 4.00 percent and might also fall below the record average low of 3.34 percent set in early 2013. Conventional 15 year mortgage rates that are currently averaging 3.19 percent would fall below 3.00 percent and possibly break below the record average low of 2.56 percent.
Jumbo mortgage rates on 30 year loans currently averaging 4.35 percent would fall below 4.00 percent and towards 3.75 percent. 15 year jumbo mortgage rates averaging 3.19 percent would fall back below 3.00 percent and possibly as low as 3.50 percent.
If this scenario plays out, don’t expect rates to stay low for long. Investors will eventually realize a Grexit from the Euro and possibly the European Union won’t have a profound impact on the U.S. economy. At that point, equity markets will start rallying, bond yields will rise, and mortgage rates will move higher.
Outside of the Greek issue, the long term trend for bond yields and mortgage rates are higher. Yields and rates were driven to record lows the past 6 years because of the financial crisis, Great Recession, and the FOMC lowering the fed funds rate to a record low.
Direction of Mortgage Rates is Higher by the End of 2015
Now that the economy is back on its feet, interest rates have nowhere to move but higher. The FOMC is expected to increase the fed funds rate by 25 basis points in September, the first increase in almost 10 years. While mortgage rates are not directly dependent on the federal funds rate, an increase will send bond yields higher, thus sending mortgage rates higher.
The FOMC is expected to do 2 or 3 interest rate increases in 2015. The most likely scenario are for 25 basis point increases for each. That would put the fed funds rate, currently in a range of zero percent to 1/4 percent, towards 0.50 percent to 0.75 percent by the end of the year.
As a result, 30 year conforming mortgage rates and 30 year jumbo rates would be between 4.75 percent to 5.00 percent. 15 year conforming mortgage rates would head towards 4.00 percent. 15 year jumbo mortgage rates would be around 4.50 percent.
Mortgage rates moved slightly higher this week but will decline later this week because of lower bond yields. Despite the increase in rates, average mortgage rates are still near all-time record lows. Near record low mortgage rates, combined with 5 million jobs created over the past two years, and an unemployment rate nearing 5 percent will help the housing market in 2015.
30 year conventional mortgage rates today are averaging 3.90 percent, up slightly from last week’s average 30 year rate of 3.88 percent. Average 30 year rates are only about 50 basis points from the all-time record lows set in May 2013.
Economists with Freddie Mac and Fannie Mae, have revised their outlook higher for housing this year. Home sales and home prices are expected to increase in the final 6 months of 2015. 30 year mortgage rates are forecast to remain near current levels and also remain under 4.00 percent in 2015. You can view all Fannie Mae forecasts: Fannie Mae’s Housing Forecast for May 2015
Current mortgage rates on 15 year conventional loans are averaging 3.06 percent, up from last week’s average 15 year mortgage rate of 3.03 percent. Average 15 year rates are slightly above 3.00 percent but there are many lenders quoting 15 year refinance rates below 3.00 percent in our rate database. The lowest current rate in our database for California is at 2.75 percent with 1.10 mortgage points from Lenda (NMLS # 991397, State Lic # 01926580).
5 year adjustable mortgage rates on conventional loans are averaging 3.05 percent, unchanged from last week’s average adjustable rate. The lowest 5 year adjustable rates available in our database for all states are much lower. For example, the lowest 5 year rate in Ohio is at 2.40 percent with 1 point from Third Federal (NMLS # 449401).
30 year jumbo mortgage rates are currently averaging 4.27 percent, up from the prior week’s average 30 year jumbo rate of 4.21 percent. The best 30 year jumbo refinance rates in our database of lenders for Connecticut are below 4.00 percent. The lowest rate currently available is at 3.75 percent with 0.95 points from First Internet Bank (NMLS # 424182).
Today’s mortgage rates on 15 year jumbo mortgage loans are averaging 3.82 percent, up from the previous week’s average 15 year rate of 3.79 percent. The lowest 15 year jumbo refinance rates in our rate database for New York is at 3.25 percent with 0.25 points from Investors Home Mortgage (NMLS # 60061).
5 year jumbo adjustable mortgage rates are averaging 3.42 percent, an increase from the previous week’s average rate of 3.38 percent. The best jumbo 5 year adjustable refinance rates in the database are under 3.00 percent. In the rate database for Georgia, the lowest rate is from Third Federal at 2.75 percent with zero mortgage points.
Mortgage rates today on 30 year conforming loans are currently averaging 3.85 percent, a slight uptick from last week’s average 30 year rate of 3.83 percent. Rates barely changed this week but will head lower next week because 10 year U.S. Treasury yields declined almost 5.00 percent on Friday.
10 year yields which hit a high of 2.30 percent last Tuesday, declined 10 basis points on Friday to close at 2.14 percent. The decline in bond yields last week, of about 15 basis points, will send average 30 year mortgage rates back below 3.75 percent.
This is good news if you’re refinancing your mortgage or financing the purchase of a home. The average 30 year rate is at 3.85 percent but there are plenty of lenders quoting 30 year refinance rates below the average. If you search around online you can find some lenders are quoting rates as low as 3.625 percent with mortgage points.
Low mortgage rates are helping make homes more affordable for first time home buyers, but buyers are competing for the limited number of homes for sale. The National Association of Realtors expects inventory shortages will keep home sales low this year and next.
The constraints on the number of homes for sale will drive home prices higher. Mortgage rates are also expected to increase this year and next. Higher home prices and higher mortgage rates will make homes less affordable. This will prevent some first time home buyers from realizing the dream of buying a home.
If you’re on the fence about buying, you should act sooner than later. As economic growth picks up and the unemployment rate falls further, bond rates and mortgage rates will increase. Qualifying for a mortgage takes some time so the sooner you start the sooner you can pre-qualify for a loan.
Current mortgage rates on 15 year conforming loans are averaging 3.00 percent, unchanged from last week’s average rate. This coming week 15 year rates will fall back below 3.00 percent and possibly lower than 2.90 percent. The best 15 year refinance rates available right now in our database of rates are already below 3.00 percent.
Today’s mortgage rates on 30 year jumbo loans are averaging 4.21 percent, up 1 basis point from last week’s average 30 year jumbo rate. This week, average 30 year jumbo rates will fall back towards 4.10 percent. The best 30 year jumbo refinance rates available are much lower than the average at 3.50 percent with points.
15 year jumbo mortgage rates are averaging 3.72 percent, down 2 basis points from last week’s average rate. The lowest 15 year jumbo refi rates in the rate database are considerably lower at 2.99 percent with 1.125 mortgage points. The lowest rate without points is also much lower than the average at 3.125 percent.
5 year conventional adjustable rates are averaging 3.02 percent, a decline from the prior week’s average 5 year adjustable rate of 3.12 percent. This week the average rate on 5 year ARMs will fall below 3.00 percent. The best 5 year adjustable refinancing rate in the database is at 2.375 percent with 1 mortgage point.
Jumbo 5 year adjustable mortgage rates are averaging 3.34 percent, down from last week’s average 5 year jumbo rate of 3.38 percent. The best 5 year jumbo refi rate currently available is at 2.625 percent with 1.125 points and at 2.75 percent with no points.
Extremely low refinance rates are fueling refinance demand as homeowners take advantage of rates that are better than expected. In Freddie Mac’s First Quarter of 2015 Refinance Report, refinance loans accounted for 63 percent of all single family home loan originations.
Mortgage rates are still low, historically speaking, though rates increased this past week. Today’s mortgage rates on 30 year loans are averaging 3.87 percent, up from the prior week’s average 30 year rate of 3.78 percent. Despite the increase, 30 year mortgage rates are still only 0.50 percent higher than the all-time record low of 3.35 percent set in May 2013.
Higher home prices the past several years has increased cash-out refinances. Approximately 27 percent of borrowers increased their loan amount when refinancing. Borrowers either cashed out some equity or consolidated loans when refinancing.
During the height of the housing bubble when the home was treated as a piggy bank, 89 percent of borrowers increased their loan amount when refinancing. Even if home prices continue to rise, the percentage of borrowers doing a cash-out refinancing will never be that high again as a result of more stringent loan requirements.
34 percent of borrowers who refinanced in the first quarter refinanced to a shorter loan term. Refinancing to a 15 year loan from a 30 year loan can save tens of thousands, if not hundreds of thousands of dollars with a shorter term loan.
Mortgage rates today on 15 year conforming loans are averaging 3.01 percent, 86 basis points lower than conforming 30 year rates. If you can afford the higher monthly mortgage payments that come with a shorter term loan, you should seriously consider it for the savings. Unfortunately, many people assume they can’t afford the higher monthly payments without actually looking into the numbers to see if it is feasible or worth some belt-tightening adjustments.
The average mortgage interest rate reduction on refinances in the first quarter was 1.2 percent. That translates into an annual savings of about $5,000 in mortgage interest on a $400,000 home loan.
An overwhelming majority of borrowers chose a fixed-rate mortgage when refinancing. More than 95 percent of borrowers choose a fixed-rate mortgage regardless of what their original loan had been. 76 percent of borrowers who had an adjustable loan refinanced into a fixed-rate loan.
Freddie Mac estimates that borrowers who refinanced in the first quarter of 2015 will collectively saved more than $1.4 billion in interest payments over the first year of their new loan.
By the end of 2015, 30 year refinance rates will likely be between 4.50 percent and 5.00 percent. Rates will also continue to increase in 2016 and beyond. If you’re considering refinancing your loan, now is the time to do so. Likewise if you’re thinking financing the purchase of a home, you should do so before rates move higher.
Not only are mortgage rates moving higher in the coming years, home prices will also continue to rise. The increase in home prices has accelerated recently because of the shortage of homes available for sale. Realtor.com reported home prices are going up faster than they were just a few months ago.
With rates and home prices continuing to increase, now is the time to look closely into your refinancing and purchasing options.
Mortgage rates remain low this week and are slightly above record lows set in 2013. Current mortgage rates on 30 year conforming loans are averaging 3.76 percent, up 1 basis point from last week’s rate. Mortgage rates were forecast to increase in 2015 but just the opposite has happened so far this year.
On January 5, 2015, 30 year rates averaged 3.98, 22 basis points higher from the current level. Forecasts were for 30 year rates to hit 5.00 by the end of 2015. Heading into mid April, the forecast for 5.00 percent rates by the end of the year is looking less and less likely.
Mortgage rates will be increasing this year even if rates don’t hit 5.00 percent. If you’re thinking about buying a home, or refinancing your current loan, do so sooner than later. Home prices are also forecast to increase in the coming years, another incentive to act sooner.
The Urban Land Institute has forecast single-family home prices will increase each year for the next three years. The average price for existing homes in the U.S. is expected to rise by 5.0 percent in 2015, 4.0 percent in 2016 and 4.0 percent in 2017.
As mortgage rates and home prices move higher, that dream home you want might be not be affordable anymore. You can afford less home as prices and mortgage rates increase, another incentive to buy now. A report recently released showed buying is cheaper than renting in most housing markets in the United States.
RealtyTrac found the monthly payment on a median priced home is more affordable than the monthly fair market rent on a three-bedroom property in 76 percent of the U.S. counties. You can read the entire report on RealtyTrac’s website: Residential Rental Property Analysis
15 year conforming mortgage rates are averaging 2.98 percent, up from last week’s average rate of 2.96 percent. The average rate is always higher than the best rates available. Right now on our rate table for California, there are lenders quoting 15 year refinance rates as low as 2.874 percent with no mortgage points.
Today’s mortgage rates on 30 year jumbo loans are averaging 3.96 percent, up from the previous week’s average jumbo rate of 3.94 percent. The best 30 year jumbo refinance rates available in our rate database for Maryland are lower at 3.625 percent with 0.75 points.
Mortgage rates today on 15 year jumbo loans are averaging 3.54 percent, an increase from last week’s average rate of 3.52 percent. The best 15 year jumbo rates available on our database for Massachusetts are much lower at 2.99 percent with zero points.
5 year adjustable mortgage rates on conforming loans are averaging 3.08 percent, up 0.05 percent from last week’s average rate. The lowest 5 year adjustable refinance rates in the rate database for New Jersey are much lower at 2.375 percent with 1.50 points.
5 year jumbo adjustable rates are currently averaging 3.12 percent, a decline from last week’s average jumbo rate of 3.18 percent. The best 5 year jumbo refinance rates available in the rate database for Washington D.C. are at 2.625 percent with no mortgage points.
Average Mortgage Rates
Banking & Finance InformationPersonal Finance