Current 30 Year Mortgage Rates Still Low at 3.50 Percent but Will Increase in 2013

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The Federal Reserve's multi-year campaign to revive the housing market by forcing mortgage rates down to record lows has finally started actually helping the housing market to recover. The Federal Reserve's policies created a refinance boom over the past three years as homeowners took advantage of low refinance rates. Many homeowners refinanced more than once the past two years as rates kept falling.

Current 30 Year Mortgage Rates Still Low at 350 Percent but Will Increase in 2013In 2013, a slew of housing reports have been released showing higher home prices, lower home inventory for sale, higher builder sentiment, and a growing optimism about housing again. The highest home affordability in a generation combined with the lowest mortgage rates in 65 years has made these times the best time to buy a home.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.596
4.500
USD
Apple Federal Credit Union
4.596%
2/13/2019
4.500%
at 1.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.326
4.250
USD
Bank of America
4.326%
2/13/2019
4.250%
at 0.472 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.403
4.375
USD
TD Bank, NA
4.403%
2/8/2019
4.375%
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $982
 
 
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 Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.547
4.500
USD
Virginia Credit Union
4.547%
2/12/2019
4.500%
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
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%
2/12/2019
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 Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.304
4.250
USD
Bank of Oak Ridge
4.304%
2/14/2019
4.250%
at 0.353 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
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%
2/13/2019
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 State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.557
4.500
USD
State Department Federal Credit Union
4.557%
2/11/2019
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 Armed Forces Bank, N.A.
Armed Forces Bank, N.A.
300000
Refinance
4.904
4.875
USD
Armed Forces Bank, N.A.
4.904%
2/8/2019
4.875%
at 0.000 pts
30 day lock rate
Est payment: $1,587.62
Fees in APR: $999
 
 
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%
2/12/2019
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 Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.683
4.625
USD
Santander Bank, N.A.
4.683%
2/15/2019
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 Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.788
4.750
USD
Raymond James Bank, NA
4.788%
2/12/2019
4.750%
at 0.000 pts
45 day lock rate
Est payment: $1,564.94
Fees in APR: $1,299
 
 

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.






Home prices are moving higher in 2013 and mortgage rates will also move higher due to a stronger economy. Another factor that will send mortgage rates higher is the Federal Reserve ending their purchases of mortgage-backed securities and U.S. Treasuries.

The Federal Reserve has been buying these assets to drive long term rates lower. While rates will move higher in 2013 they will still stay low, historically speaking. We expect 30 year conforming rates to remain below 4.00 percent.

Houses are starting to sell quicker in many areas of the country. Shannon Drury, a real estate agent with Prudential Connecticut Real Estate, said, "Housing inventory is low and homes that are priced right are selling quickly." Another factor contributing to higher selling prices is the drag on home prices from short sales and foreclosures is abating because of fewer distressed properties on the market.

Mortgage rates today on 30 year conforming loans are averaging 3.70 percent but you can find dozens of lenders quoting 30 year conforming rates below the average. Depending on the state you live in, many lenders in our database are quoting 30 year refinance rates as low as 3.125 percent with points. Without points, we have lenders quoting rates as low as 3.375 percent.

15 year conventional mortgage rates are averaging 2.92 percent, up from last week's average mortgage rate of 2.84 percent. Average 15 year rates are almost back near 3.00 percent but there are lenders quoting 15 year rates just above 2.00 percent. Depending on the state you check for rates, we have lenders in our database quoting 15 year rates as low as 2.25 percent with points. Without points the lowest rates quoted are around 2.50 percent.

Average jumbo mortgage rates on 30 year and 15 year mortgages are also higher this week over last. 30 year jumbo mortgage rates are averaging 4.20 percent, up from last week's average jumbo mortgage rate of 4.06 percent. 15 year jumbo rates are averaging 3.46 percent, up from the prior week's average jumbo rate of 3.34 percent.

The lowest 30 year jumbo refinance rates quoted by lenders in our database are at 3.50 percent with points. The lowest 30 year jumbo rates without points are quoted at 3.625 percent. The best 15 year jumbo rates are at 2.75 percent with points and the best 15 year rates without points are quoted at 3.00 percent.
 
Author: Brian McKay
March 12th, 2013