Higher Mortgage Rates – 15 Year Conforming Rates at 3.20 Percent

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As expected, mortgage rates are were driven higher this week because of higher bond yields. 15 year conforming mortgage rates are averaging 3.20 percent, up 5 basis points from last week's average of 3.15 percent. Historically speaking, current mortgage rates are still very low. Back in 2007, average 15 year rates were as high as 6.36 percent, more than double the current rate.

Home affordably has decreased recently, not because of higher mortgage rates but because of higher home prices. The National Association of Realtors reported the median single-family home price is $230,300 up 8.6% from May 2014. Higher home prices makes homes less affordable. The NAR also reported Home Affordability in May 2015 decreased across the United States.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.596
4.500
USD
Apple Federal Credit Union
4.596%
2/13/2019
4.500%
at 1.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.326
4.250
USD
Bank of America
4.326%
2/13/2019
4.250%
at 0.472 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.403
4.375
USD
TD Bank, NA
4.403%
2/8/2019
4.375%
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.665
4.625
USD
Citizens Bank, NA
4.665%
2/15/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.547
4.500
USD
Virginia Credit Union
4.547%
2/12/2019
4.500%
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.686
4.625
USD
Fulton Bank, NA
4.686%
2/12/2019
4.625%
at 0.375 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.683
4.625
USD
Santander Bank, N.A.
4.683%
2/15/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.406
4.375
USD
LincolnWay Community Bank
4.406%
2/12/2019
4.375%
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.788
4.750
USD
Raymond James Bank, NA
4.788%
2/12/2019
4.750%
at 0.000 pts
45 day lock rate
Est payment: $1,564.94
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.557
4.500
USD
State Department Federal Credit Union
4.557%
2/11/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.545
4.500
USD
Northwest Federal Credit Union
4.545%
2/13/2019
4.500%
at 0.500 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.304
4.250
USD
Bank of Oak Ridge
4.304%
2/14/2019
4.250%
at 0.353 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Armed Forces Bank, N.A.
Armed Forces Bank, N.A.
300000
Refinance
4.904
4.875
USD
Armed Forces Bank, N.A.
4.904%
2/8/2019
4.875%
at 0.000 pts
30 day lock rate
Est payment: $1,587.62
Fees in APR: $999
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.





Higher Home Prices


Both home prices and mortgage rates are expected to continue increasing in the coming years. Mortgage rates will move higher because bond yields will move higher as the FOMC increases the fed funds rate. Home prices will move higher because of rising employment and higher wages.

Home prices have recovered from the housing bust and have reached new highs in 10 states according to CoreLogic. The main reason for this is the limited number of homes for sale is driving prices higher in many states. Overall, 33 states are at or within 10 percent of their price peaks.

Weekly Mortgage Rates Report July 14, 2015

Higher Mortgage Rates


30 year mortgage rates today are averaging 4.22 percent, up from the prior week's average 30 year rate of 4.09 percent. As with 15 year rates, 30 year rates are still low historically speaking. Back in May 2007, average 30 year rates were at 6.70 percent. Back in October 1981, 30 year rates were at an astonishing 18.45 percent.

30 year jumbo mortgage rates are currently averaging 4.43 percent, up from the previous week's average 30 year jumbo rate of 3.32 percent. Average jumbo rates are above 4.00 percent but there are lenders still quoting 30 year rates just below 4.00 percent. Right now in our rate database for California we have two lenders quoting 30 year jumbo refinance rates at 3.875 percent with points.

Average 15 year jumbo mortgage rates are currently averaging 3.90 percent, up 10 basis points from last week's average rate. The lowest 15 year jumbo refinance rates available in our rate database for Colorado are at 3.375 percent with 1 points and at 3.50 percent with no points.

 
 
Author: Brian McKay
July 14th, 2015