Actions by The Bank of Japan will Help Force Mortgage Rates Lower in the United States

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Current actions by The Bank of Japan (BOJ) will help force mortgage rates in the United States lower. The BOJ has started down an unprecedented path of stimulus by announcing their plan to purchase more than ¥100 trillion of Japanese government debt over the next two years. As a result of the BOJ's actions, investors are retreating from the Japanese bond market and looking for higher yields elsewhere in Europe and the United States.

Actions by The Bank of Japan will Force Mortgage Rates Lower in the United StatesInvestors have been purchasing long term U.S. Treasuries which is sending yields lower. When bond prices rise because of investor demand, bond yields move lower. Since the BOJ announced their plans last week, 10 year Treasury yields have fallen from 1.85 percent down to 1.70 percent and have since bounced back to 1.75 percent today. Over the past week both conforming and jumbo mortgage rates have also fallen.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
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30 yr fixed refi in 06101, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from Better.com
Better.com
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
4.125
4.125
USD
Better.com Logo
NMLS # 330511
State Lic # ML-330511
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: None
Thank you for your quote. 
 
30 yr fixed mtg refi Mortgage Loan from The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.291
4.250
USD
The Guilford Savings Bank
4.291%
4/19/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $719
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from United Bank
United Bank
300000
Refinance
4.276
4.250
USD
United Bank
4.276%
4/16/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $911
 
 
30 yr fixed mtg refi Mortgage Loan from Union Savings Bank
Union Savings Bank
300000
Refinance
4.399
4.375
USD
Union Savings Bank
4.399%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $852
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/19/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Liberty Bank
Liberty Bank
300000
Refinance
4.169
4.125
USD
Liberty Bank
4.169%
4/19/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $814
 
 
30 yr fixed mtg refi Mortgage Loan from UniBank for Savings
UniBank for Savings
300000
Refinance
4.536
4.500
USD
UniBank for Savings
4.536%
4/19/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $500
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.365
4.250
USD
Bank of America
4.365%
4/15/2019
4.250%
at 0.903 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,351
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.403
4.375
USD
Citizens Bank, NA
4.403%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $998
 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.397
4.375
USD
Savings Bank of Danbury
4.397%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $790
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.154
4.125
USD
TD Bank, NA
4.154%
4/16/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $1,043
 
 
30 yr fixed mtg refi Mortgage Loan from The Washington Trust Company
The Washington Trust Company
300000
Refinance
4.155
4.125
USD
The Washington Trust Company
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,083
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
4.575
4.500
USD
First National Bank of Omaha
4.575%
4/19/2019
4.500%
at 0.625 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $752
 
 

Mortage Data Provided by Bankrate.com 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 today on 30 year conforming loans are averaging 3.56 percent, a decline from last week's average 30 year mortgage rate of 3.65 percent. The recent high for average 30 year rates was 3.86 percent just a few weeks ago. Overall, average rates are expected to stay within current levels and will remain under 4.00 percent for the entire year. The forecast is for higher average 30 year mortgage rates in the coming year but rates will also remain under 4.50 percent for all of 2014.

Average 30 year jumbo mortgage rates this week are averaging 3.96 percent, down from last week's average 30 year jumbo mortgage rate of 4.12 percent. Another factor that sent average mortgage interest rates lower this past week was a disappointing unemployment report which showed 88,000 jobs were created in March, lower than the expected number of 200,000.

15 year conventional mortgage rates are also lower this week, averaging 2.78 percent, down from last week's average 15 year rate of 2.91 percent. For the 2013 year, average 15 year rates are expected to remain under 3.10 percent. Average 15 year jumbo mortgage rates today are at 3.34 percent, a decline from last week's average 15 year jumbo rate of 3.51 percent. For 2013, 15 year jumbo rates are expected to remain under 3.75 percent.

If you're thinking about refinancing a 30 year mortgage, you should give serious consideration to a 15 year loan. Depending on your loan amount, you can save tens of thousands or even hundreds of thousands of dollars in mortgage interest by refinancing to a 15 year loan.

Another reason to consider a 15 year loan is that 15 year rates are always lower than 30 year rates. The lowest 15 year conforming refinance rates currently available are around 2.25 percent with points. Compare those rates to the lowest 30 year conforming refinance rates which can be found as low as 3.00 percent you can see the rate benefit of a 15 year loan vs. a 30 year loan.

The same is true for jumbo rates, the lowest 30 year jumbo refinance rates available right now are at 3.50 percent with points. The lowest 15 year jumbo refi rates are at 2.75 percent with points. The only drawback to choosing a 15 year loans instead of a 30 year loans is the monthly mortgage payments will be higher, but if you can afford the higher payments a 15 year loan is the smart choice.
 
Author: Brian McKay
April 11th, 2013