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

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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




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 mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.545
4.500
USD
Northwest Federal Credit Union
4.545%
2/20/2019
4.500%
at 0.500 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.406
4.375
USD
LincolnWay Community Bank
4.406%
2/19/2019
4.375%
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.683
4.625
USD
Santander Bank, N.A.
4.683%
2/22/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.295
4.250
USD
Bank of Oak Ridge
4.295%
2/21/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
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%
2/18/2019
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 Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.662
4.625
USD
Raymond James Bank, NA
4.662%
2/19/2019
4.625%
at 0.000 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.238
4.125
USD
Bank of America
4.238%
2/20/2019
4.125%
at 0.913 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.470
4.375
USD
Apple Federal Credit Union
4.470%
2/20/2019
4.375%
at 1.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.686
4.625
USD
Fulton Bank, NA
4.686%
2/19/2019
4.625%
at 0.375 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.465
4.375
USD
Virginia Credit Union
4.465%
2/19/2019
4.375%
at 0.500 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.665
4.625
USD
Citizens Bank, NA
4.665%
2/15/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,408
 
 

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.





 
Author: Brian McKay
October 25th, 2015