Fixed Mortgage Rates Decline The First Week of 2016Fixed mortgage rates on both conforming and jumbo mortgages declined during the first week of 2016. Average 30 year conforming rates are at 3.81 percent, down from last week's average rate of 3.900 percent. Average 30 year jumbo mortgage rates are currently at 4.39 percent, a decline from the prior week's average of 4.44 percent. The declines may be short lived since a very strong jobs report released Friday morning is likely to send mortgage rates higher next week. Economists were looking for 200,000 jobs being created in December and the number came in at 292,000.
Lender
APR / Rate
Fees / Points
Payment
$4,284
Includes 0.896 points for $3,584
Lender Fees: $700
$3,242 /mo
$3,548
Includes 0.887 points for $3,548
Lender Fees: $0
$3,295 /mo
$3,772
Includes 0.768 points for $3,072
Lender Fees: $700
$2,526 /mo
$5,995
Includes 1.000 points for $4,000
Lender Fees: $1,995
$2,529 /mo
$3,608
Includes 0.570 points for $2,280
Lender Fees: $1,328
$2,562 /mo
$3,892
Includes 0.973 points for $3,892
Lender Fees: $0
$2,562 /mo
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
While there isn't a direct connection between a higher fed funds rate and higher mortgage rates, both typically move in the same direction. The direction of mortgage rates in the coming years will be higher but rates are currently low by historic standards. In fact, current average 30 year conforming rates at 3.81 percent are a really good deal. Looking back at Freddie Mac's Primary Mortgage Market Survey in January 1982, average 30 year rates were at 17.48 percent. The all-time low for 30 year rates in the PMMS survey was at 3.35 percent in December 2012. You can check for current rates in your state by searching our rate database at MonitorBankRates.com. Explore Other Mortgage and Refinance Offers
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