Average Mortgage Rates Increase from 2014 Lows
If you missed the news last week mortgage rates hit new lows for 2014. The average 30 year conforming mortgage rate hit a low in 2014 of 4.06 percent. Average rates increased to 4.20 percent this week but will move lower again this coming week thanks to a less than stellar August jobs report. Only 142,000 jobs were created last month, almost 100,000 jobs less than economists forecasted.
As a result of the disappointing news on jobs, U.S. Treasury yields are heading lower today, which will bring down mortgage rates in the coming days. 10 year U.S. Treasury yields hit a low of 2.38 percent today, just above the 2014 low of 2.30 percent. In the coming weeks, 10 year yields will break through the lows for this year and probably settle around 2.25 percent.
10 year bond yields at 2.25 percent will send average 30 year mortgage rates down to the 4.00 percent range, we might even see average rates fall below 4.00 percent. The last time average 30 year rates were below 4.00 percent was in June 2013. Although average 30 year rates are above 4.00 percent you can easily find lenders quoting rates below 4.00 percent.
Mortgage rates today on 15 year conforming loans are averaging 3.18 percent, up 1 basis points from last week's average rate. 15 year rates hit a 2014 low last week and will also move lower in the coming weeks. The average 15 year rate will probably fall below 3.00 percent sometime this month.
Current mortgage rates on 30 year jumbo mortgage loans are lower this week at 4.53 percent, down from last week's average 30 year jumbo rate of 4.62 percent. If you're willing to pay points on a loan you can find lenders quoting 30 year jumbo refinance rates below 4.00 percent.
Today's mortgage rates on 15 year jumbo loans are averaging 3.75 percent, down slightly from the previous week's average of 3.77 percent. If you're looking for 15 year jumbo rates, we have some lenders on our rate tables quoting rates as low as 3.125 percent with points. You can check on rates in the state you live by using our tables: MonitorBankRates.com/Mortgages.
Average Mortgage Rates
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