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30 Year Mortgage Rates Near Low for 2014: Average 30 Year Rate at 4.09 Percent

Mortgage rates continue to defy the experts as 30 year conforming rates hover just above the record low for 2014. For the past two years, mortgage rate analysts predicted mortgage rates would move higher. While rates have gone up from 2013 record lows, rates are nowhere near the level that was forecast.

This week the average 30 year conforming rate is at 4.09 percent, down from last week's average rate of 4.14 percent. The average 30 year rate is just above the 2014 low of 4.06 percent set in late August. Analysts had predicted 30 year rates heading towards 5.00 percent by the end of 2014 and be just above 5.00 percent in 2015.

Average Mortgage Rates October 4, 2014We could see average 30 year rates fall below 4.00 percent if long term bond yields decline this week. There are already plenty of lenders quoting 30 year purchase and refinance rates below 4.00 percent if you're willing to pay points on a loan. Points are fees you pay upfront to get a lower interest rate on a mortgage.

On the refinance rate table for mortgage loans in the state of California there is one lender quoting 30 year rates at 3.50 percent with 2 mortgage points. The best 30 year purchase rate on the table for loans in CA are at 3.75 percent with 1 mortgage point.

Mortgage rates today on 15 year conventional loans are averaging 3.20 percent, a decline from last week's average 15 year rate of 3.24 percent. Searching for the best 15 year refinance rates in Florida, the lowest rate at 2.875 percent with 1 point and the lowest 15 year purchase rate in FL is at 2.94 percent with 1 point.

30 year jumbo mortgage rates are currently averaging 4.55 percent, a slight decline from last week's average 30 year jumbo rate of 4.56 percent. The lowest jumbo refinance rates on 30 year loans in the state of New Jersey are at 3.875 percent with 1.50 points. The lowest 30 year jumbo purchase loan rate is at 4.00 percent with no points.

Current mortgage rates on 15 year jumbo loans are averaging 4.12 percent, down from the prior week's average 15 year rate of 4.15 percent. The lowest 15 year jumbo refi rates in the state of Colorado are at 3.125 percent with 2 mortgage points. The best 15 year jumbo purchase rate in CO is also at 3.125 percent with 2 points.
Author: Brian McKay
October 5th, 2014