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30 Year Conforming Mortgage Rates Today Averaging 3.85 Percent

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.

Weekly Mortgage Rates Report 645Low 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.

Average Mortgage Rates Today May 16 2015Current 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.

Author: Brian McKay
May 16th, 2015