Mortgage Rates are Even Lower This Week
Mortgage rates are lower again this week, continuing the downtrend into 2016. Thankfully, mortgage rates are not climbing as a result of the Fed raising the fed funds rate. Average 30 year conforming rates fell to a new low for 2016, averaging 3.73 percent. 30 year rates are down from last week's average of 3.80 percent.
During the past week, we have seen lenders listed in the database offer 30 year conforming refinance rates as low as 3.375 percent with points. The lowest 30 year rates without points offered was also below the average at 3.625 percent. Lenders are currently offering those lowest rates today.
Mortgage rates today on 15 year conforming loans declined sharply this past week. Average 15 year rates are at 2.88 percent, down from the prior week's average 15 year rate of 3.00 percent. The lowest 15 year refinance rates with points currently available are at 2.50 percent and at 2.75 percent without points.
5 year conventional adjustable mortgage rates are down to 3.00 percent this week, a decline from last week's average of 3.12 percent. The best 5 year adjustable refinance rates in our database this week were at 2.25 percent with points and at 2.625 percent without points.
30 year jumbo mortgage rates are currently averaging 4.15 percent, down a whopping 27 basis points from last week's average rate. The lowest 30 year jumbo refinance rates in the database are at 3.125 percent with points and at 3.50 percent without points.
Current 15 year jumbo rates are at 4.23 percent, a decline from last week's average rate of 4.37 percent. The lowest 15 year jumbo refinance rates in the database are currently at 2.75 percent with points and at 2.875 percent without points.
Average 5 year jumbo adjustable rates are at 3.80 percent, a decline from the prior week's average rate of 3.94 percent. The lowest 5 year jumbo rates available in the database are much lower at 2.125 percent with points and at 2.65 percent without points.
You can see a list of lenders mortgage rates in the state you live in by searching our database of rates at MonitorBankRates.com.
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