Mortgage Rates Decline as Home Prices Surge 7.5 Percent

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Mortgage rates declined again this week, continuing to defy the experts who forecast higher rates in 2015. Average 30 year mortgage rates today are at 3.82 percent, down from last week's average rate of 3.86 percent. Low mortgage rates make homes more affordable but a shortage of homes available for sale is sending home prices higher.

The National Association of Realtors® reported the median existing home price in February, 2015 was 7.5 percent higher than a year ago. The median existing-home price for all housing types in February was $202,600. The NAR also reported this is the 36th consecutive month of year-over-year price gains.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 95816, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed mtg refi Mortgage Loan from Bank of the West
Bank of the West
300000
Refinance
4.419
4.375
USD
Bank of the West
4.419%
3/26/2019
4.375%
at 0.250 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $793
 
 
30 yr fixed mtg refi Mortgage Loan from Schools First FCU
Schools First FCU
300000
Refinance
4.278
4.250
USD
Schools First FCU
4.278%
3/25/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $995
 
 
30 yr fixed mtg refi Mortgage Loan from First Tech Credit Union
First Tech Credit Union
300000
Refinance
4.275
4.250
USD
First Tech Credit Union
4.275%
3/20/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $898
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.280
4.250
USD
LincolnWay Community Bank
4.280%
3/19/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Star One Credit Union
Star One Credit Union
300000
Refinance
3.878
3.875
USD
Star One Credit Union
3.878%
3/25/2019
3.875%
at 0.000 pts
45 day lock rate
Est payment: $1,410.71
Fees in APR: $105
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.412
4.375
USD
Raymond James Bank, NA
4.412%
3/26/2019
4.375%
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from Union Bank
Union Bank
300000
Refinance
4.522
4.500
USD
Union Bank
4.522%
3/20/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $771
 
 
30 yr fixed mtg refi Mortgage Loan from San Diego County Credit Union
San Diego County Credit Union
300000
Refinance
4.304
4.250
USD
San Diego County Credit Union
4.304%
3/20/2019
4.250%
at 0.500 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $434
 
 

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.






Mortgage Rates March 25 2105Mortgage rates will eventually move higher in 2015 but might not as high as expected. Forecasts are for average 30 year conforming rates to hit 5.00 percent by the end of the year. I believe forecasts will be lowered to around 4.50 percent to 4.75 percent sometime over the next couple months.

Smart home buyers are taking advantage of the lowest rates in generations, especially home buyers who require jumbo mortgage loans. The Mortgage Bankers Association reported mortgage amounts are rising faster than home prices, driven higher by the strength in high end home sales that are financed.

Mortgage Rates Decline as Home Prices Surge 7 5 PercentCurrent mortgage rates on 15 year conforming loans are averaging 3.02 percent, down from last week's average rate of 3.08 percent. I didn't think it would happen again but we will probably see average 15 year rates fall back below 3.00 percent this week.

Mortgage interest rates haven't increased as much as expected because 10 year U.S. bond yields haven't increased. Forecasts had 10 year bond yields around 3.50 percent by mid-2015. Current 10 year yields are much lower at 1.88 percent.

Bond yields remain low because investors are rushing into bonds, getting a better yield in the U.S. current at 1.88 percent. Comparable German and Japanese 10 year bond yields are much lower. Current 10 year German bonds are yielding 0.22 percent and 10 year Japanese bonds are yielding 0.33 percent.

30 year jumbo mortgage rates are averaging 4.08 percent, a decline from the previous week's average jumbo rate of 4.17 percent. By the end of this week, average 30 year jumbo rates will fall back below 4.00 percent. There are lenders currently quoting 30 year jumbo refinance rates with points, well below 4.00 percent.

Today's mortgage rates on 15 year jumbo loans are averaging 4.07 percent, up from last week's average 15 year jumbo rate of 4.01 percent. If you're searching for a 15 year jumbo loan Citi Mortgage is quoting 15 year rates at 2.875 percent with 0.63 points.

Conforming 5 year adjustable mortgage rates are averaging 3.13 percent, down from the prior week's average 5 year rate of 3.26 percent. Current 5 year jumbo adjustable rates are averaging 3.50 percent, an increase from last week's average rate of 3.40 percent.

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Author: Brian McKay
March 25th, 2015