Average Mortgage Rates Fall to Another Low This Year
Conforming mortgage rates have fallen to another new low this year. Average 30 year conforming mortgage rates are down to 4.16 percent this week, a decline from last week's average 30 year mortgage rate of 4.18 percent. This is the fourth new low for average 30 year rates in 2014. This is the first time in three months that average 15 year jumbo rates are below 4.00 percent.
We might see rates fall even further this year because 10 year bond yields are also near their lowest point this year. 10 year bond yields closed on Friday at 2.54 percent, only 4 basis points from the 2014 low of 2.50 percent. The economic calendar is busy this week and any disappointing news on the economy will send bond yields lower.
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.545
4.500
USD
Northwest Federal Credit Union
4.545%
2/20/2019
4.500%
at 0.500 pts 45 day lock rate
Est payment: $1,520.06
Fees in APR: $79
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.465
4.375
USD
Virginia Credit Union
4.465%
2/19/2019
4.375%
at 0.500 pts 45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,650
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.686
4.625
USD
Fulton Bank, NA
4.686%
2/19/2019
4.625%
at 0.375 pts 60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,007
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.470
4.375
USD
Apple Federal Credit Union
4.470%
2/20/2019
4.375%
at 1.000 pts 60 day lock rate
Est payment: $1,497.86
Fees in APR: $352
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.238
4.125
USD
Bank of America
4.238%
2/20/2019
4.125%
at 0.913 pts 60 day lock rate
Est payment: $1,453.95
Fees in APR: $1,289
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.662
4.625
USD
Raymond James Bank, NA
4.662%
2/19/2019
4.625%
at 0.000 pts 45 day lock rate
Est payment: $1,542.42
Fees in APR: $1,299
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.557
4.500
USD
State Department Federal Credit Union
4.557%
2/18/2019
4.500%
at 0.000 pts 60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,000
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.683
4.625
USD
Santander Bank, N.A.
4.683%
2/22/2019
4.625%
at 0.000 pts 60 day lock rate
Est payment: $1,542.42
Fees in APR: $2,004
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.406
4.375
USD
LincolnWay Community Bank
4.406%
2/19/2019
4.375%
at 0.000 pts 30 day lock rate
Est payment: $1,497.86
Fees in APR: $1,085
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.665
4.625
USD
Citizens Bank, NA
4.665%
2/15/2019
4.625%
at 0.000 pts 60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,408
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.295
4.250
USD
Bank of Oak Ridge
4.295%
2/21/2019
4.250%
at 0.250 pts 60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
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.
The reason rates would move lower on negative news is that the equity markets are at record highs and any disappointing news would send investors fleeing to U.S. Treasuries and thus, send rates lower. Lenders tie mortgage rates to long term bond rates so when bond rates move lower, mortgage rates also move lower.
Average 30 year mortgage rates are at 4.16 percent but there are many lenders quoting 30 year rates below the average and below 4.00 percent. Checking on rates this morning, the lowest 30 year refinance rates available are at 3.75 percent with mortgage points. If you don't want to pay points on a loan, the lowest refi rates are still below the average at 3.875 percent.
Mortgage rates today on 15 year conventional home loans are averaging 3.20 percent, a decline from last week's average 15 year mortgage rate of 3.23 percent. The best 15 year mortgage rates available are much lower at 2.625 percent with points and at 2.875 percent with zero points.
Current mortgage rates on 30 year jumbo loans are averaging 4.50 percent, down a whopping 33 basis points from last week's average of 4.83 percent. This large decline in average 30 year jumbo rates isn't a surprise because conforming rates have fallen to new lows the past few weeks while jumbo rates barely budged.
The lowest jumbo refinance rates are much lower than the average, the lowest rate available right now is at 4.00 percent with no points. The lender offering 30 year jumbo refi rates with that rate and point combination is U.S. Bank in the state of California. When you search for rates in other states, you may see lenders offering rates slightly higher or lower.
Today's mortgage rates on 15 year jumbo loans are averaging 3.98 percent, down from last week's average 15 year jumbo rate of 4.04 percent. This is the first time in three months that average 15 year jumbo rates are below 4.00 percent. The lowest 15 year jumbo refi rates available with points are at 3.375 percent and the lowest rate without points is at 3.50 percent.