Mortgage Rates Decline but Will Increase In the Coming Months and Years

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Average mortgage rates today are lower but will move higher in the coming months and years. Current 30 year conforming mortgage rates are averaging 3.92 percent, down from last week's average rate of 3.97 percent. 30 year mortgage rates dropped to a 20 month low of 3.73 percent in January.

Mortgage rates are only 20 basis points higher from the January low but the increase has already zapped refinancing demand. The Mortgage Bankers Association (MBA) announced mortgage applications for refinancing decreased 8 percent in their latest MBA Survey.
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 Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.236
4.125
USD
Ally Bank Logo
NMLS # 181005
(877) 260 - 8762
at 0.100 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $3,668
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.878
3.750
USD
Agora Lending Logo
NMLS # 1121650
at 0.100 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $4,369
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
3.962
3.865
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 388 - 9671
at 0.100 pts
30 day lock rate
Est payment: $1,409.00
Fees in APR: $3,212
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from CF Bank
CF Bank
https://www.brimg.net/system/img/inst/10390_logo.gif
300000
Refinance
3.927
3.875
USD
CF Bank Logo
NMLS # 409132
(877) 388 - 5173
at 0.100 pts
45 day lock rate
Est payment: $1,410.71
Fees in APR: $1,571
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.053
3.875
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
(844) 365 - 0630
at 1.000 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $3,408
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.157
4.000
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 1.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $2,616
 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
3.886
3.750
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
(877) 388 - 3989
at 0.100 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $4,638
 
 
30 yr fixed Mortgage Loan from First Mortgage Direct
First Mortgage Direct
https://www.brimg.net/system/img/inst/10212_logo.gif
300000
Refinance
4.000
4.000
USD
First Mortgage Direct Logo
NMLS # 244476
State Lic # MC-5877
(877) 387 - 5986
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from CF Bank
CF Bank
https://www.brimg.net/system/img/inst/10390_logo.gif
300000
Refinance
4.005
4.000
USD
CF Bank Logo
NMLS # 409132
(877) 388 - 5173
at 0.000 pts
45 day lock rate
Est payment: $1,432.25
Fees in APR: $182
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.019
4.000
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
(844) 365 - 0630
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $675
 
30 yr fixed Mortgage Loan from Republic Bank
Republic Bank
https://www.brimg.net/system/img/inst/2248_logo.gif
300000
Refinance
4.125
4.125
USD
Republic Bank Logo
NMLS # 402606
(877) 388 - 6768
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.250
4.250
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
4.025
4.000
USD
Agora Lending Logo
NMLS # 1121650
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $886
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.382
4.375
USD
Ally Bank Logo
NMLS # 181005
(877) 260 - 8762
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $239
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from JG Wentworth Home Lending
JG Wentworth Home Lending
https://www.brimg.net/system/img/inst/10054_logo.gif
300000
Refinance
4.250
4.250
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # MC-1875
(877) 388 - 2721
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.128
4.115
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 388 - 9671
at 0.000 pts
30 day lock rate
Est payment: $1,452.21
Fees in APR: $452
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from Citibank, N. A.
Citibank, N. A.
https://www.brimg.net/system/img/inst/8189_logo.gif
300000
Refinance
4.421
4.375
USD
Citibank, N. A. Logo
NMLS # 412915
(877) 387 - 1820
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $1,635
 
 
30 yr fixed Mortgage Loan from Aurora Financial
Aurora Financial
https://www.brimg.net/system/img/inst/4284_logo.gif
300000
Refinance
4.003
4.000
USD
Aurora Financial Logo
NMLS # 35959
State Lic # MC-2967
(877) 359 - 1505
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $98
 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.000
4.000
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
(877) 388 - 3989
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from CF Bank
CF Bank
https://www.brimg.net/system/img/inst/10390_logo.gif
300000
Refinance
3.785
3.625
USD
CF Bank Logo
NMLS # 409132
(877) 388 - 5173
at 1.100 pts
45 day lock rate
Est payment: $1,368.15
Fees in APR: $2,555
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.811
3.625
USD
Agora Lending Logo
NMLS # 1121650
at 1.100 pts
30 day lock rate
Est payment: $1,368.15
Fees in APR: $3,463
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
3.892
3.750
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
(877) 388 - 3989
at 1.100 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $1,838
 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
9.535
9.125
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 388 - 9671
at 1.100 pts
30 day lock rate
Est payment: $2,440.90
Fees in APR: $7,286
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.345
4.250
USD
Apple Federal Credit Union
4.345%
3/13/2019
4.250%
at 1.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.244
4.125
USD
Bank of America
4.244%
3/13/2019
4.125%
at 0.983 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.152
4.125
USD
TD Bank, NA
4.152%
3/15/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.561
4.500
USD
Fulton Bank, NA
4.561%
3/12/2019
4.500%
at 0.375 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
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%
3/11/2019
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 Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
3/15/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.225
4.180
USD
Bank of Oak Ridge
4.225%
3/14/2019
4.180%
at 0.250 pts
60 day lock rate
Est payment: $1,463.55
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.537
4.500
USD
Raymond James Bank, NA
4.537%
3/12/2019
4.500%
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $1,299
 
 
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%
3/12/2019
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 Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.551
4.500
USD
Citizens Bank, NA
4.551%
3/15/2019
4.500%
at 0.125 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.326
4.250
USD
Northwest Federal Credit Union
4.326%
3/13/2019
4.250%
at 0.875 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.432
4.375
USD
Virginia Credit Union
4.432%
3/12/2019
4.375%
at 0.125 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,650
 
 

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 are forecast to move higher in 2015, by the end of the year average 30 year rate is expected to be around 5.00 percent. Rates will increase this year because bond yields are forecast to move higher because the Federal Reserve is expected to increases the federal funds rate.

The Federal Reserve will start tightening monetary policy by increasing the federal funds rate probably starting in June. Mortgage rates are not directly tied to the federal funds rate but will move higher when the rate is increased.

Most mortgage lenders set mortgage rates based on U.S. Treasury yields. When the fed funds rate is increased, Treasury yields move higher, which forces lenders to increase their lending rates.

Average Mortgage Rates TodayCurrent mortgage rates on 15 year conforming loans are averaging 3.00 percent, a decline from last week's average 15 year mortgage rate of 3.08 percent. 15 year rates are not far from the 20 month low of 2.96 percent set in January. By the end of this year 15 year refinance rates are expected to hit 4.00 percent.

Today's 30 year jumbo mortgage rates are averaging 4.23 percent, a sharp decline from the prior week's average 30 year jumbo rate of 4.37 percent. 30 year jumbo refinance rates are also expected to head towards 5.00 percent of the end of 2015.

15 year jumbo rates are currently averaging 4.06 percent, down 9 basis points from the previous week's average of 4.15 percent. The 17 basis point spread between average 30 year and 15 year jumbo rates is the lowest it has ever been. By the end of 2015 average 15 year jumbo rates will be between 4.60 percent and 4.80 percent.

Average 5 year conforming adjustable mortgage rates are at 3.48 percent today, up from last week's average 5 year adjustable rate of 3.44 percent. 5 year adjustable refinance rates are expected to hit 4.00 percent by the end of this year.

5 year jumbo adjustable mortgage rates are slightly higher today at 3.66 percent, up 1 basis point from last week's average rate. 5 year adjustable jumbo refi rates are also expected to be around 4.00 percent by the end of 2015.

The current cycle of higher mortgage rates and refinance rates is expected to last for at least a few years. If you're thinking about buying a home this year is probably as good as time as any in recent memory. Mortgage rates are still low and housing prices in many markets are still below the bubble peak of 2006/2007.

If you're in a position to refinance you should do so sooner in 2015 than later. Refinancing to a shorter term loan, like a 15 year loan instead of a 30 year loan, is an even smarter decision. You can save tens of thousands or even hundreds of thousands of dollars in mortgage interest by getting a shorter term loan.
 
Author: Brian McKay
March 2nd, 2015