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Mortgage Rates Fall Again This Week – Best 30 Year Rate at 3.375%

Mortgage rates are lower again this week, continuing to defy the experts who called for higher rates in 2015. Average 30 year mortgage rates fell to 3.79 percent, down one basis point from last week's average rate. While average 30 year rates are at 3.79 percent, there are many lenders quoting rates well below the average.

The lowest 30 year refinance rate in our database this week is at 3.375 percent. Depending on the state you live in, lenders are quoting a rate of 3.375 percent with 1.10 points or 2 points. The lowest 30 year refinance rate without points is also below the average at 3.625 percent.

Lenders offer loans with points to borrowers so they can get a lower rate. The more points you pay, the lower the mortgage rate is. Most lenders offer a maximum of 2 points on a loan. A point is equal to one percent of the loan. For example, one point on a $300,000 loan will require the borrower to pay an additional $3,000 upfront to receive a lower rate.

Weekly Mortgage Rates Report 10-25-15Average 15 year conforming mortgage rates are at 2.85 percent this week, down one basis point from last week's average 15 year rate. Checking our database of 15 year rates, the lowest rate available this week is at 2.50 percent with points and at 2.75 percent with no points.

Instead of moving higher, mortgage rates are headed back down to the all-time lows set in early 2013. In the spring of 2013, the lowest 15 year rates available in our database were are at 2.25 percent, only 0.25 percent lower than the best rates available right now.

Jumbo mortgage rates also declined this week. Average 30 year jumbo mortgage rates are at 4.16 percent, down from the prior week's average rate of 4.35 percent. The best 30 year jumbo rates available in our database this week are at 3.375 percent with 1.10 points. The lowest 30 year jumbo rate without points is at 3.625 percent.

Mortgage rates today on 15 year jumbo loans are averaging 3.87 percent, a decline from the prior week's average rate of 3.96 percent. The best 15 year jumbo rates currently available are at 3.00 percent with no points.

Fixed long term mortgage rates are lower this week but short term adjustable rates moved higher. Average 5 year conforming adjustable rates are at 3.18 percent, an increase from last week's average of 3.15 percent. The lowest 5 year adjustable in the database is at 2.491 percent with no points.

Current mortgage rates on 5 year jumbo loans are averaging 3.42 percent, up from the previous week's average rate of 3.36 percent. The lowest 5 year jumbo rate in the database is at 2.55 percent with no mortgage points.

Check on current rates in your state by searching our database at MonitorBankRates.com/Mortgages







 
Author: Brian McKay
October 25th, 2015