Mortgage Rates Increase This Week as Fed Raises Interest Rates

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Mortgage rates increased again this week to the highest level this year. We expected mortgage rates to increase because the Federal Reserve increased the fed funds rate by 25 basis points last week. Mortgage rates today on 30 year conforming loans are currently at 4.57 percent.

The fed funds rate was increased on September 27th to a level of 2.00 percent to 2.25 percent. Since the increase happened a few days ago, we believe the 0.25 percent increase isn't fully reflected in current mortgage rates. Average 30 year rates will move towards 4.65 to 4.75 percent in the coming weeks.
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 Citibank, N. A.
Citibank, N. A.
https://www.brimg.net/system/img/inst/8189_logo.gif
300000
Refinance
4.672
4.625
USD
Citibank, N. A. Logo
NMLS # 412915
(877) 387 - 1820
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,635
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.596
4.500
USD
Apple Federal Credit Union
4.596%
2/13/2019
4.500%
at 1.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.326
4.250
USD
Bank of America
4.326%
2/13/2019
4.250%
at 0.472 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.403
4.375
USD
TD Bank, NA
4.403%
2/8/2019
4.375%
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $982
 
 
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
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.547
4.500
USD
Virginia Credit Union
4.547%
2/12/2019
4.500%
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $1,650
 
 
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%
2/12/2019
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 Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.683
4.625
USD
Santander Bank, N.A.
4.683%
2/15/2019
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 LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.406
4.375
USD
LincolnWay Community Bank
4.406%
2/12/2019
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 Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.788
4.750
USD
Raymond James Bank, NA
4.788%
2/12/2019
4.750%
at 0.000 pts
45 day lock rate
Est payment: $1,564.94
Fees in APR: $1,299
 
 
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%
2/11/2019
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 Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.545
4.500
USD
Northwest Federal Credit Union
4.545%
2/13/2019
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 Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.304
4.250
USD
Bank of Oak Ridge
4.304%
2/14/2019
4.250%
at 0.353 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Armed Forces Bank, N.A.
Armed Forces Bank, N.A.
300000
Refinance
4.904
4.875
USD
Armed Forces Bank, N.A.
4.904%
2/8/2019
4.875%
at 0.000 pts
30 day lock rate
Est payment: $1,587.62
Fees in APR: $999
 
 

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.






While the average 30 year rate is at 4.57 percent, there are lenders offering rates lower than Mortgage Rates Increase as Fed Tightensaverage. The lowest rates in our database with no points are around 4.375 percent, about 20 basis points lower than the average. If you're willing to pay points, you can get an ever lower rate.

Lenders Offer Lower Mortgage Rates


Garden State Home Loans is currently quoting 30 year refinance rates with .10 points at 4.125 percent. GSHL's rate is almost .50 percent lower than the current average rate. Getting a quarter point lower mortgage for one tenth point is a great deal.

Average 15 year conforming rates also shot higher this week. The current average 15 year rate is at 3.93 percent, up 10 basis points from the prior week's average rate of 3.83 percent. We expect average 15 year rates to move above 4.00 percent in the coming weeks.

Right now, the best 15 year mortgage rate in our database is much lower than the average rate. The lowest current rate offered by Sebonic is at 3.24 percent with 1.10 mortgage points. The lowest rate without points is at 3.75 percent, still below the average rate.

Unfortunately, the days of getting the lowest mortgage rates are over. Rates will continue to move higher for the rest of this year and in 2019. Although rates are off  of their all-time lows, historically speaking, current rates are still good. Go back a decade and average 30 year rates were above 5.00 percent. If you go back even further to the early 1980s, the highest average 30 year rate was above 17 percent.
 
Author: Brian McKay
October 3rd, 2018