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Current Mortgage Rates Hit New Low in 2014

Mortgage rates on 30 year conventional home loans hit a new low for 2014. Average 30 year mortgage rates are currently at 4.18 percent, a decline from last week's average 30 year mortgage rate of 4.22 percent. Mortgage rates are lower this year because long term bond rates have fallen. 10 year bond yields were just over 3.00 percent in early January and are now at 2.50 percent.

Interest rates were forecasted to move higher this year - average 30 year mortgage rates were forecasted to increase to 5.00 percent by the end of the year. Mortgage rates today are a lot closer to 4.00 percent, so the 5.00 percent forecast by the end of the year looks less likely. A great deal depends on how quickly the economy grows this year and if inflation picks up from the currently low rate.

Current mortgage rates are likely to be the low for the year, so if you're looking to buy a home you should lock in a mortgage rate now. If you're looking to refinance your current mortgage now is the time to do so. Average 30 year mortgage rates are still above 4.00 percent but there are many lenders quoting 30 year refinance rates below 4.00 percent.

Today's mortgage rates on 15 year conforming loans have also hit a new low for 2014. Average 15 year mortgage rates are at 3.23 percent, down from the previous week's low of 3.27 percent. There are plenty of lenders quoting 15 year rates below the average and if you're willing to pay points on a loan, the best 15 year mortgage rates available are at 2.75 percent.

While conforming rates have hit new lows this past week, jumbo mortgage rates haven't. Current 30 year jumbo mortgage rates are averaging 4.83 percent, down from last week's average 30 year jumbo rate of 4.88 percent. Average jumbo rates hit a low of 4.33 percent back on Valentine's Day but have since been higher.

Mortgage rates today on 15 year jumbo loans are averaging 4.06 percent, down from the prior week's average 15 year jumbo mortgage rate of 4.09 percent. The second week of February average 15 year jumbo rates were much lower at 3.67 percent but you can still find lenders quoting rates much lower. The lowest 15 year jumbo refinance rates available with points are at 3.125 percent.

Conforming 5 year adjustable mortgage rates are averaging 3.27 percent, a slight increase from last week's average 5 year adjustable rate of 3.26 percent. The best adjustable rates available are well below the average rate and if you're willing to pay points you can find lenders quoting 5 year adjustable refinance rates as low as 2.25 percent.

5 year jumbo adjustable rates are slightly lower this week averaging 3.36 percent, down from last week's average 5 year jumbo rate of 3.38 percent. The lowest 5 year jumbo adjustable refinance rates with points quoted by lenders are also much lower at 2.25 percent.

Author: Brian McKay
May 20th, 2014