Mortgage Rates Decline Again this Week, Back Under 4.50%

Follow by Email
Facebook
Twitter
LinkedIn
Mortgage rates decline again this week after heading higher for most of the past 6 months. Average 30 year conforming mortgage rates declined to 4.45 percent, down from the previous week's average rate of 4.53 percent. Mortgage rates hit a 2018 high earlier in June but have fallen three out of the past four weeks.

Although average 30 year mortgage rates are higher this year, the overall increase has only been around 0.50 percent. Historically speaking, 30 year rates in the 4.00 percent range is still low. If you look back a dozen years, 30 year rates were in the 6.00 percent to 7.00 percent range. Looking back even farther, 30 year rates were in the 17 percent range in the early 1980s.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 06101, 0, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.500%
4.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/23/2019
at 0.000 pts
45 day lock rate
Est payment: $1,521
Fees in APR: None
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.750%
3.750%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # 13256
08/23/2019
at -0.250 pts
30 day lock rate
Est payment: $1,390
Fees in APR: ($663)
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.500%
4.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/23/2019
at 0.000 pts
45 day lock rate
Est payment: $1,521
Fees in APR: None
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.






The Federal Reserve has been tightening monetary policy, aka, increasing interest rates. The Fed is widely expected to increase their key bench-mark rate, the fed funds rate, at least two more times this year. Two more increases will put the fed funds rate in a range of 2.50 percent to 2.75 percent.

As the Fed increases rates, U.S. Treasury yields move higher and as a result, lenders increase rates on mortgage loans. If the Fed raises rates a couple of more times this year, it's possible that 30 year conforming rates will hit 5.00 percent by the end of 2018.

Mortgage Rates Decline This Week


Mortgage Rates Decline This Week Conforming 15 year mortgage rates declined to 3.89 percent, down from last week's average 15 year rate of 3.96 percent. 15 year rates are also higher so far this year, moving up about 0.51 percent from the 2018 low of 3.38 percent set in early January.

5 year adjustable mortgage rates are averaging 4.17 percent, 5 year adjustable mortgage rates decline from the previous week's average rate of 4.18 percent. Average 5 year adjustable rates are up 0.72 percent this year. Shorter term adjustable rates increased more this year than long term rates. This is because short term Treasury Yields have increased more this year than long term yields.

30 year jumbo mortgage rates are averaging 4.61 percent, down from the prior week's average rate of 4.66 percent. Since the start of 2018, average 30 year jumbo rates increased 0.57 basis points from 4.08 percent.

Current mortgage rates on 15 year jumbo loans are averaging 4.52 percent. This is a decline from last week's average 15 year jumbo rate of 4.58 percent. So far this year, 15 year jumbo rates are up 0.56 basis points from the low of 3.96 percent in early January.

5 year jumbo adjustable mortgage rates are averaging 4.25 percent, down from an average rate of 4.31 percent last week. 5 year jumbo rates are up 0.81 percent from the January low of 3.44 percent.

You can search for and compare lenders' mortgage rates and refinance rates in your state by using our rate tables at Mortgage Rates Today.
 
Author: Brian McKay
June 25th, 2018