Current Mortgage Rates Hold Steady as the FOMC Wraps Up Its Two Day Meeting
Mortgage rates are holding steady as the Federal Open Market Committee (FOMC) ends its two day meeting this afternoon. The Fed Chairman, Ben Bernanke, will hold a press conference at 2:30 PM EST to announce any changes to the Fed's policies. Current mortgage rates on 30 year conforming loans are averaging 4.45 percent, an increase from last week's average 30 year mortgage rate of 4.42 percent.
Will The FOMC Taper Their Purchases?
Most analysts believe the Fed will continue its current polices of buying $85 billion a month in mortgage backed securities (MBS) and long term U.S. Treasuries to keep a lid on interest rates from rising. Some analysts believe the Fed will announce tapering their purchases by increments of $10 billion a month starting this month. If the Fed doesn't start tapering this month, they surely will start to taper in March of 2014, their next scheduled meeting.
Regardless of when the Fed tapers, now or in the next few months, mortgage rates are moving higher in 2014. Gone are the record low mortgage rates we saw earlier in 2013. We probably won't see rates that low again in our lifetime. That is unless another economic crisis hits us.
Lowest 30 Year Conforming Mortgage Rates Available
Average 30 year mortgage rates are at 4.45 percent this week but there are many lenders quoting rates below the average. Searching our rate tables for the state of Illinois, the lowest 30 year mortgage rates with points are quoted at 3.875 percent with 2 mortgage points. The lowest 30 year rates in IL without points right now are currently at 4.125 percent.
If you're thinking about buying a home or refinancing your current mortgage, now is a good time to do so. Mortgage rates are moving higher next year, by the middle of 2014 average 30 year rates will be near 5.00 percent and the lowest rates available will be around 4.50 percent.
Average 15 Year Conforming Mortgage Rates Today
Mortgage rates today on 15 year conforming loans are averaging 3.49 percent, an increase from last week's average 15 year mortgage rate of 3.45 percent. Average 15 year mortgage rates are up from record lows of 2.64 percent set back in January 2013. The best 15 year refinance rates available are below the average and only slightly below the all-time average.
Today's mortgage rates on 15 year conforming loans in the state of Pennsylvania are as low as 2.875 percent with just under 2 points. The lowest PA refinance rates without points right now are still below the average at 3.125 percent.
Today's Jumbo Mortgage Rates on 30 Year Loans
30 year jumbo mortgage rates today are averaging 4.57 percent, up from the previous week's average 30 year jumbo mortgage rate of 4.52 percent. Average jumbo mortgage rates haven't moved up as much as average conforming rates. Earlier this year, the low point for 30 year jumbo rates was 3.94 percent, only 63 basis points above the record low.
Comparing jumbo mortgage rates across the United States, the best 30 year jumbo rates in California are currently at 4.125 percent with just over 1 point. The best jumbo rates in CA right now without points are still slightly below the average at 4.25 percent.
Current 15 Year Jumbo Mortgage Rates
Average 15 year jumbo mortgage interest rates are at 3.82 percent, a slight increase from the prior week's average 15 year rate of 3.79 percent. The best 15 year jumbo refinance rates available in our database for North Carolina are currently at 3.375 percent with 2 mortgage points. The lowest 15 year jumbo rates without points in NC are currently at 3.625 percent.
Adjustable Mortgage Rates Today
5 year conventional adjustable mortgage rates are averaging 3.50 percent, up from last week's average 5 year rate of 3.49 percent. The best 5 year adjustable interest rates available across the U.S. are well below the average of 3.50 percent. In the state of Ohio, we have lenders quoting 5 year adjustable refinance rates of 2.125 percent with 1.596 mortgage points. The lowest 5 year rates in OH without points is still well below the average at 2.55 percent.
Average 5 year jumbo adjustable rates are currently at 2.88 percent, down 1 basis point from last week's average 5 year jumbo rate of 2.89 percent. The lowest 5 year jumbo refi rates in our database for Michigan are at 2.50 percent with 2 mortgage points and the lowest 5 year jumbo rate without points is at 2.75 percent.
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