Average Mortgage Rates Mixed This Week, Lowest 30 Year Rates Remain Under 4.00 Percent
Average mortgage rates on 30 year loans are slightly higher this week after hitting a new low for 2014. 30 year mortgage rates today are averaging 4.15 percent, up from the previous week's average 30 year rate of 4.08 percent. During the past week, average 30 year rates hit a new low for 2014 at 4.00 percent.
Mortgage rates have been range-bound for most of 2014, hitting a high of 4.53 percent very early this year and a low of 4.00 percent recently. For the remainder of 2014, expect average 30 year rates to be in the range of 3.75 percent and 4.50 percent. Currently on the rate table, the best 30 year refinance rates are at 3.875 percent with points.
This coming week, average rates will fall as a result of 10 year U.S. Treasury yields going down 10 basis points this morning. Yields are lower due to concerns of a slowing global economy and the possibility that the Eurozone may fall into recession. Safe-haven bids for low-risk U.S. government debt have sent 10 year bond yields to the lowest point since June 2013.
Current mortgage rates on 15 year conforming loans are lower this week, averaging 3.12 percent, down from last week's average 15 year rate of 3.21 percent. The best 15 year refinance rates available on the rate table are well below the average and below 3.00 percent. Checking on refi rates in California, we see the best rate at 2.99 percent with 1.75 mortgage points.
Today's mortgage rates on 30 year jumbo loans are averaging 4.18 percent, down from the previous week's average 30 year jumbo rate of 4.29 percent. The best jumbo interest rates available right now are also below the average rate and below 4.00 percent. Checking on the rate table for the state of Maryland, the lowest jumbo rate at 3.75 percent with 1 mortgage point.
15 year jumbo mortgage rates today are averaging 3.90 percent, down from last week's average 15 year rate of 3.98 percent. The lowest 15 year jumbo rate available in Colorado is much lower than the average at 3.125 percent with 2 mortgage points.
Average 5 year adjustable mortgage rates on conforming and jumbo loans are both lower this week. The current average 5/1 conforming ARM is at 3.19 percent, down from last week's average 5 year rate of 3.31 percent. The average 5 year jumbo ARM is also at 3.19 percent this week, a decline from an average rate of 3.25 percent last week.
The best 5 year conforming ARM for Florida is at 2.40 percent with 1 mortgage point. The best 5 year jumbo ARM in Connecticut is at 2.50 percent with 2 mortgage points.
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