Current Mortgage Rates Stable as 10 Year Bond Rates Remain Range Bound

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Mortgage rates today on 30 year loans are averaging 4.41 percent, a slight decline from the previous week's average 30 year mortgage rate of 4.44 percent. This past week 10 year U.S. bond yields have traded in a tight range of 2.60 percent to 2.68 percent. There were no big changes in average mortgage rates this week because 10 year bond yields have been stable.

Mortgage rates and bond rates didn't moved that much because there was no major economic news released. Next week's economic calendar includes numbers for new home sales and existing home sales but neither report will move rates that much. We will have to wait until April's unemployment numbers are released in early May to move rates significantly higher or lower.
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Purchase    Refinance
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Although current mortgage rates are low historically speaking, most new loan originations are for home purchases instead of refinances. Ellie Mae's Origination Insight Report showed 60 percent of loan originations were for home purchases. A year ago, over 70 percent of new loans were for refinances.

You might have missed the refinance boat if you are looking to refinance a 30 year loan to another 30 year loan but refinancing to a shorter term loan is still an option. If you can swing the higher monthly mortgage payments, refinancing from a 30 year mortgage to a 15 year mortgage will save you a lot of money.

You can use a mortgage calculator with an amortization schedule to see how much the monthly payments will be and how much mortgage interest you can save with a 15 year loan versus a 30 year loan.

Average 30 year mortgage rates are at 4.41 percent this week but there are lenders still quoting 30 year rates with mortgage points below 4.00 percent. In our database of lenders for the state of California, we have five lenders quoting 30 year refinance rates below 4.00 percent.

30 Year Refinance Rates

  • Nations Choice Mortgage 3.75% with 2 points

  • One True Loan 3.875% with 1.50 points

  • Rate 30 3.99 percent with 1 point

  • 3.875% with 0.10 point

  • Gorefi 3.99% with 1.10 points

Today's mortgage rates on 15 year conforming loans are averaging 3.33 percent, a slight uptick from last week's average 15 year mortgage rate of 3.31 percent. Average 15 year rates are above 3.00 percent but in our database of lenders we have five lenders still quoting 15 year refinance rates below 3.00 percent.

15 Year Refinance Rates

  • 2.75% with 1.10 points

  • Certus Bank Mortgage 2.875% with 2.00 points

  • Roundpoint Mortgage Company 2.875% with 1.91 points

  • One True Loan 2.875% with 1.25 points

  • 2.875% with 0.10 point

  • Rate 30 2.99% with 1.00 point

30 year jumbo mortgage rates today are averaging 4.62 percent, down from last week's average 30 year jumbo mortgage rate of 4.66 percent. There aren't any lenders quoting 30 year jumbo refinance rates below 4.00 percent but you can still find 30 year jumbo rates below the average of 4.66 percent. Listed below are the best jumbo rates available in our database.

30 Year Jumbo Refinance Rates

  • 4.125% with 1.10 points

  • Nations Choice Mortgage 4.125% with 2.00 points

  • One True Loan 4.25% with 1.125 points

  • Go Refi 4.25 with 1.10 points

  • PenFed 4.25% with 1.00 point

  • Home Bridge Financial Services 4.375% with 0.00 point

Average 15 year jumbo mortgage rates are currently at 4.06 percent, up slightly from last week's average 15 year jumbo mortgage rate of 4.04 percent. The lowest jumbo refinance rates on 15 year loans are still below 4.00 percent. Below is a list of the best 15 year jumbo rates in our database.

15 Year Jumbo Refinance Rates

  • 3.50% with 1.10 points

  • PenFed 3.50% with 1 point

  • Go Refi 3.625% with 1.10 points

  • One True Loan 3.625% with 0.25 point

  • 3.625% with 0.10 point

  • One True Loan 3.75% with 0.00 point

5/1 adjustable mortgage rates on conforming loans and jumbo loans are both lower this week. The biggest decline was in 5/1 conforming rates, falling from 3.55 percent on average to 3.34 percent. 5/1 jumbo mortgage rates fell from 3.43 percent to 3.39 percent. Below is a list of the best 5/1 adjustable rates.

5/1 Conforming Adjustable Refinance Rates

  • 2.25% with 1.10 points

  • Certus Bank Mortgage 2.25% with 2 points

  • Rate 30 2.375% with 1 point

  • Roundpoint Mortgage Company 2.50% with 1.932 points

  • 2.50% with 0.10 point

  • Rate 30 2.50% with 0.00 point

  • Discover Home Loans 2.50% with 2 points

5/1 Jumbo Adjustable Refinance Rates

  • W.J. Bradley Mortgage Capital 2.50% with 1 point

  • 2.625% with 1.10 points

  • Third Federal Savings and Loan 2.65% with 0.00 point

  • W.J. Bradley Mortgage Capital 2.875% with 0.00 point

  • PenFed Credit Union 2.875% with 1.00 point

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Author: Brian McKay
April 18th, 2014