Mortgage Rates Increase on Fed Tapering Fears

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For the past couple of weeks we thought we were safe from higher mortgage rates but that isn't the case anymore. The fear that the Federal Reserve will start tapering bond and mortgage-backed security purchases are back. The Federal Open Market Committee (FOMC) just released their October meeting minutes, suggesting that the central bank is looking for a way to slow down and stop their buying.

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30 yr fixed refi in 06101, All points, Credit score: 740+     Sort by:
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30 yr fixed Mortgage Loan from Better.com
Better.com
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
4.125
4.125
USD
Better.com Logo
NMLS # 330511
State Lic # ML-330511
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: None
Thank you for your quote. 
 
30 yr fixed mtg refi Mortgage Loan from UniBank for Savings
UniBank for Savings
300000
Refinance
4.536
4.500
USD
UniBank for Savings
4.536%
4/19/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $500
 
 
30 yr fixed mtg refi Mortgage Loan from Liberty Bank
Liberty Bank
300000
Refinance
4.169
4.125
USD
Liberty Bank
4.169%
4/19/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $814
 
 
30 yr fixed mtg refi Mortgage Loan from Union Savings Bank
Union Savings Bank
300000
Refinance
4.399
4.375
USD
Union Savings Bank
4.399%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $852
 
 
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%
4/19/2019
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 The Washington Trust Company
The Washington Trust Company
300000
Refinance
4.155
4.125
USD
The Washington Trust Company
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,083
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.291
4.250
USD
The Guilford Savings Bank
4.291%
4/19/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $719
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
4.575
4.500
USD
First National Bank of Omaha
4.575%
4/19/2019
4.500%
at 0.625 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $752
 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.397
4.375
USD
Savings Bank of Danbury
4.397%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $790
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.403
4.375
USD
Citizens Bank, NA
4.403%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $998
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.154
4.125
USD
TD Bank, NA
4.154%
4/16/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $1,043
 
 
30 yr fixed mtg refi Mortgage Loan from United Bank
United Bank
300000
Refinance
4.276
4.250
USD
United Bank
4.276%
4/16/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $911
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.365
4.250
USD
Bank of America
4.365%
4/15/2019
4.250%
at 0.903 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,351
 
 

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The committee members did vote 9-to-1 to continue the $85 billion-per-month asset-purchase program, which will keep a lid on mortgage rates for now. What is stoking fears again is the minutes revealed some members believed an exit strategy should be decided upon and announced within the next few meetings.

Conforming Mortgage Rates Today


As a result of the news, 10 year bond rates soared higher on Wednesday and hit a high of 2.84 percent Thursday morning. The 15 basis point increase in 10 year bond yields this week has sent 30 year conventional mortgage rates up to 4.37 percent. If 10 year bond yields stay near current levels, 30 year mortgage rates will move back towards 4.45 percent.

Just yesterday Freddie Mae reported 30 year conforming rates fell to 4.22 percent. Next week's report will show average 30 year mortgage rates at 4.45 percent. Right now the best 30 year mortgage refinance rates in our database for California, rates are at 3.625 percent with 2 mortgage points. The lowest current rates in most other states are at 3.75 percent with points.

Mortgage rates today on 15 year conventional home loans are averaging 3.39 percent. Next week 15 year mortgage rates will move back towards 3.50 percent if 10 year bond rates stay above 2.75 percent. Currently, the lowest 15 year refinance rates in our database of rates are at 2.75 percent. The lowest 15 year refinancing rates without points are at 3.00 percent.

Current Jumbo Mortgage Rates Today


Current 30 year jumbo mortgage rates today are averaging 4.45 percent, an increase from yesterday's average 30 year jumbo mortgage rate of 4.39 percent. Next week 30 year jumbo rates will move back above 4.50 percent and possibly as high as 4.60 percent.

The best jumbo refinance rates today in our database on 30 year loans are much lower at 4.00 percent. The best 30 year jumbo refi rates without points are currently at 4.25 percent.

Today's mortgage rates on 15 year jumbo loans are averaging 3.84 percent, up from an average 15 year jumbo rate of 3.79 percent. This coming week, 15 year mortgage rates will move towards 3.90 percent on average.

Right now, the best jumbo rates on 15 year loans in our database are much lower at 3.125 percent with points. The lowest 15 year jumbo rate without points is still below the average at 3.50 percent.

Today's Adjustable Mortgage Rates


5/1 conforming adjustable mortgage rates are averaging 3.50 percent today, an increase from yesterday's average 5/1 mortgage rate of 3.44 percent. Next week 5/1 adjustable refinance rates will move towards 3.60 percent. Currently the lowest 5 year adjustable rate is lower at 2.25 percent with points. The lowest 5 year adjustable rate without points is at 2.49 percent.

Jumbo rates on 5/1 adjustable loans are averaging 2.80 percent, an increase from an average 5 year jumbo rates of 2.77 percent. This week 5 year jumbo rates will be higher, averaging around 2.90 percent. The lowest 5 year jumbo rates in our database with points are also at 2.125 percent and the lowest rate without points is at 2.49 percent.
 
Author: Brian McKay
November 22nd, 2013