Fixed Mortgage Rates Increase but Remain Near Record Lows

Strong economic news sent bond yields and fixed mortgage rates higher this week. Despite the increase, mortgage rates today are still near record lows set two years ago. The Bureau of Labor Statistics released the January Employment report which showed the economy added 257,000 new jobs in January, higher than the expected 235,000 jobs forecast.

Sharply higher revisions to the two prior months jobs reports also contributed to higher interest rates. The change in total nonfarm payroll employment for November was revised from 353,000 to 423,000. The change for December was revised from 252,000 to 329,000

Less than two weeks ago, 10 year bond yields were near a record low of 1.67 percent. Today's 10 year yields are trading at 1.99 percent, a 32 basis point increase.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

Show Advertiser Disclosure

The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #2473786

5.045%

15-Year Fixed

4.875%

$4,523

Includes 0.857 points for $3,428

Lender Fees: $1,095

$3,138 /mo

Next >

NMLS #1085173

5.056%

15-Year Fixed

4.875%

$4,870

Includes 0.875 points for $3,500

Lender Fees: $1,370

$3,138 /mo

Next >

NMLS #757416

5.141%

15-Year Fixed

4.990%

$3,988

Includes 0.997 points for $3,988

Lender Fees: $0

$3,162 /mo

Next >

NMLS #1067

5.151%

15-Year Fixed

5.000%

$3,988

Includes 0.997 points for $3,988

Lender Fees: $0

$3,164 /mo

Next >

NMLS #1701910

5.179%

15-Year Fixed

4.990%

$4,990

Includes 0.875 points for $3,500

Lender Fees: $1,490

$3,162 /mo

Next >

NMLS #613839

5.192%

15-Year Fixed

4.990%

$5,351

Includes 0.866 points for $3,464

Lender Fees: $1,887

$3,162 /mo

Next >

NMLS #2059741

5.193%

15-Year Fixed

4.990%

$5,360

Includes 0.840 points for $3,360

Lender Fees: $2,000

$3,162 /mo

Next >

NMLS #1312186

5.365%

15-Year Fixed

5.250%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$3,216 /mo

Next >

NMLS #2473786

5.466%

5-Year ARM

5.375%

$4,067

Includes 0.743 points for $2,972

Lender Fees: $1,095

$2,240 /mo

Next >

NMLS #1025894

5.503%

15-Year Fixed

5.375%

$3,348

Includes 0.662 points for $2,648

Lender Fees: $700

$3,242 /mo

Next >

NMLS #1312186

5.837%

5-Year ARM

5.750%

$3,792

Includes 0.948 points for $3,792

Lender Fees: $0

$2,335 /mo

Next >

NMLS #2561451

5.858%

30-Year Fixed

5.750%

$4,738

Includes 0.997 points for $3,988

Lender Fees: $750

$2,335 /mo

Next >

NMLS #1085173

5.866%

5-Year ARM

5.750%

$5,146

Includes 0.944 points for $3,776

Lender Fees: $1,370

$2,335 /mo

Next >

NMLS #2473786

5.947%

30-Year Fixed

5.875%

$3,135

Includes 0.510 points for $2,040

Lender Fees: $1,095

$2,367 /mo

Next >

NMLS #757416

5.954%

30-Year Fixed

5.875%

$3,436

Includes 0.859 points for $3,436

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1067

5.955%

30-Year Fixed

5.875%

$3,480

Includes 0.870 points for $3,480

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1085173

5.963%

30-Year Fixed

5.875%

$3,870

Includes 0.625 points for $2,500

Lender Fees: $1,370

$2,367 /mo

Next >

NMLS #2059741

6.001%

30-Year Fixed

5.875%

$5,476

Includes 0.869 points for $3,476

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #613839

6.086%

30-Year Fixed

5.990%

$4,143

Includes 0.564 points for $2,256

Lender Fees: $1,887

$2,396 /mo

Next >

NMLS #1025894

6.200%

30-Year Fixed

6.125%

$3,196

Includes 0.624 points for $2,496

Lender Fees: $700

$2,431 /mo

Next >

NMLS #1312186

6.207%

30-Year Fixed

6.125%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$2,431 /mo

Next >

NMLS #399799

6.213%

30-Year Fixed

6.125%

$3,900

Includes 0.643 points for $2,572

Lender Fees: $1,328

$2,431 /mo

Next >

NMLS #1701910

6.411%

30-Year Fixed

6.375%

$1,490

Includes 0.000 points for $0

Lender Fees: $1,490

$2,496 /mo

Next >

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.

This past week, average 30 year mortgage rates increased 2 basis points to 3.87 percent, up from to 3.85 percent the prior week. Mortgage rates haven't increased as much as bond yields because lenders never lowered rates as much as bond yields fell.

Current 30 year rates are only 0.50 percent higher from the all-time record low of 3.35 percent set in May 2013. Many lenders are still quoting 30 year rates below the average, there are a few on MonitorBankRates.com offering rates at 3.625 percent.

As predicted last week, average conforming 15 year rates are above 3.00 percent. Current mortgage rates on 15 year loans are averaging 3.02 percent, up from the prior week's average rate of 2.96 percent.

The all-time low for 15 year rates is only 40 basis points lower than current rates. The all-time low was 2.56 percent, also set in May 2013. There are lenders quoting 15 year rates near the record lows, the lowest 15 year rates on the tables right now are at 2.875 percent with points. The lowest rate without points is at 3.00 percent.

Today's mortgage rates on 30 year jumbo loans are averaging 4.41 percent, up from the prior week's average of 4.35 percent. The spread difference between average 30 year jumbo rates, and the lowest jumbo rates on our table is more than 75 basis points. The lowest jumbo rate currently available is at 3.625 percent.

15 year jumbo rates are averaging 4.24 percent, up from last week's average rate of 4.14 percent. The rate difference between average 15 rates and the lowest 15 year rate available is almost 1.50 percent. The best 15 year refinance rate available is 2.75 percent.