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30 Year Mortgage Rates Will End 2014 Below 4.00 Percent

Average mortgage rates today drifted lower, following 10 year U.S. Treasury yields. The current average 30 year conforming mortgage rate is at 3.95 percent, a slight decline from yesterday's average 30 year rate of 3.98 percent. 30 year mortgage refinance rates moved under 4.00 percent last week and will probably end 2014 below 4.00 percent.

The average 30 year rate is just below 4.00 percent but there are lenders quoting 30 year refinance rates today below well below the average. On our interest rate table for New Jersey, Garden State Home Loans is quoting 30 year refinancing rates at 3.50 percent with 1.25 mortgage points. AmeriSave is quoting 30 year rates at 3.75 percent with 1 mortgage point and HSBC Bank quoting rates at 3.95 percent with no points.

30 Year Mortgage Rates Will End 2014 Below 4.00 PercentCurrent mortgage rates on 15 year conventional loans are averaging 3.10 percent, down from yesterday's average 15 year rate of 3.13 percent. In an article published yesterday, we predicted average 15 year mortgage rates would remain near 3.10 percent for the rest of 2014. The lowest 15 year refi rates on our table for Illinois are at 2.85 percent with 1 mortgage point and at 3.125 percent with no points, both quoted by AmeriSave.

Today's mortgage rates on 30 year jumbo loans are also lower today, averaging 4.23 percent, down from an average 30 year jumbo rate of 4.29 percent yesterday. The best 30 year jumbo refinance rates in our California database are 3.75 percent with 2 mortgage points. The lowest 30 year jumbo refi rate without points is also below the average at 4.00 percent from First Citizens Bank & Trust Company.

15 year jumbo mortgage interest rates are averaging 3.90 percent, a decline from yesterday's average 15 year jumbo mortgage rate of 3.94 percent. The lowest 15 year jumbo rate available in our database for New York are from Investors Home Mortgage at 3.125 percent with 0.25 points and at 3.25 percent with no points from Citi Mortgage.

5 year conforming adjustable mortgage rates are averaging 3.09 percent today, down 2 basis points from yesterday's average of 3.11 percent.The lowest 5 year ARM quoted in our database for Florida are at 2.40 percent with 1 mortgage point from Third Federal Savings & Loan. The lowest 5 year ARM without points is quoted at 3.00 percent from Raymond James Bank, NA.

5 year jumbo adjustable mortgage rates are averaging 3.53 percent, down from an average 5 year jumbo rate of 3.60 percent. The best 5 year jumbo ARM in the database for Colorado are at 2.625 percent with 2 mortgage points from Integrity Home Loan by Peoples Bank. The lowest 5 year jumbo refi ARM without points is from Third Federal Bank at 2.625 percent.
Author: Brian McKay
December 28th, 2014