Mortgage Rates Increase on Stronger Economic Growth: 30 Year Rates at 4.48%

Mortgage rates are higher this week as the economy gains steam and the unemployment rate falls. Record low mortgage rates we saw earlier this year are a thing of the past. We probably won't see rates as low again in our lifetime. Mortgage rates today on 30 year conforming loans are averaging 4.48 percent, an increase from last week's average 30 year mortgage rate of 4.38 percent.

Late last week, two big economic numbers were released that were stronger than expected which sent 10 year bond rates higher. Lenders tie mortgage rates to 10 year bond rates and higher bond rates brings higher mortgage rates. 10 year bond rates increased from 2.77 percent last Wednesday to 2.88 percent this morning. This increase will send average mortgage rates higher this week.

Last Thursday the U.S. Department of  Commerce released the second estimate of 3rd quarter Gross Domestic Product (GDP). Real GDP increased at an annual rate of 3.6 percent in the 3rd quarter of 2013, higher than the expected number of 2.8 percent.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

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The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #2006915

License: 60DBO-149268

5.582%

15-Year Fixed

5.375%

$5,417

Includes 0.868 points for $3,472

Lender Fees: $1,945

$3,242 /mo

Next >

NMLS #757416

5.642%

15-Year Fixed

5.490%

$3,948

Includes 0.987 points for $3,948

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1835285

5.645%

15-Year Fixed

5.500%

$3,772

Includes 0.943 points for $3,772

Lender Fees: $0

$3,269 /mo

Next >

NMLS #1067

5.652%

15-Year Fixed

5.500%

$3,964

Includes 0.991 points for $3,964

Lender Fees: $0

$3,269 /mo

Next >

NMLS #401822

5.661%

15-Year Fixed

5.375%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,242 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.674%

15-Year Fixed

5.500%

$4,725

Includes 0.693 points for $2,772

Lender Fees: $1,953

$3,269 /mo

Next >

NMLS #2059741

5.715%

15-Year Fixed

5.490%

$5,872

Includes 0.968 points for $3,872

Lender Fees: $2,000

$3,267 /mo

Next >

NMLS #1025894

5.758%

15-Year Fixed

5.625%

$3,456

Includes 0.689 points for $2,756

Lender Fees: $700

$3,295 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.379%

5-Year ARM

6.250%

$5,449

Includes 0.876 points for $3,504

Lender Fees: $1,945

$2,463 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.493%

5-Year ARM

6.375%

$5,121

Includes 0.792 points for $3,168

Lender Fees: $1,953

$2,496 /mo

Next >

NMLS #2561451

6.501%

30-Year Fixed

6.375%

$5,347

Includes 0.838 points for $3,352

Lender Fees: $1,995

$2,496 /mo

Next >

NMLS #1835285

6.560%

30-Year Fixed

6.500%

$2,500

Includes 0.625 points for $2,500

Lender Fees: $0

$2,529 /mo

Next >

NMLS #757416

6.573%

30-Year Fixed

6.490%

$3,472

Includes 0.868 points for $3,472

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1835285

6.577%

5-Year ARM

6.500%

$3,220

Includes 0.805 points for $3,220

Lender Fees: $0

$2,529 /mo

Next >

NMLS #1067

6.595%

30-Year Fixed

6.500%

$3,972

Includes 0.993 points for $3,972

Lender Fees: $0

$2,529 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.606%

30-Year Fixed

6.500%

$4,445

Includes 0.625 points for $2,500

Lender Fees: $1,945

$2,529 /mo

Next >

NMLS #2059741

6.607%

30-Year Fixed

6.490%

$4,896

Includes 0.724 points for $2,896

Lender Fees: $2,000

$2,526 /mo

Next >

NMLS #1025894

6.701%

30-Year Fixed

6.625%

$3,156

Includes 0.614 points for $2,456

Lender Fees: $700

$2,562 /mo

Next >

NMLS #399799

6.728%

30-Year Fixed

6.625%

$4,416

Includes 0.772 points for $3,088

Lender Fees: $1,328

$2,562 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.740%

30-Year Fixed

6.625%

$4,941

Includes 0.747 points for $2,988

Lender Fees: $1,953

$2,562 /mo

Next >

NMLS #401822

6.758%

30-Year Fixed

6.625%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #330511

6.837%

30-Year Fixed

6.750%

$3,564

Includes 0.891 points for $3,564

Lender Fees: $0

$2,595 /mo

Next >

NMLS #3030

6.889%

15-Year Fixed

6.750%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,540 /mo

Next >

NMLS #3030

7.602%

30-Year Fixed

7.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,797 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

Last Friday the Labor Department released November's job report, which showed 203,000 jobs were created. That number is higher than analysts were expecting. The unemployment rate fell to the lowest point in over 5 years - from 7.3 percent down to 7.00 percent. The rate was expected to be affected by the government shutdown as federal workers returned to work, but the rate was only expected to fall to 7.2 percent. The larger decline points to a stronger economy having created more jobs.

Mortgage Rates

Average 30 year mortgage rates are at 4.48 percent but there are many lenders quoting rates below the average. The lowest 30 year mortgage refinance rates right now in our database of California lenders is at 3.875 percent with 2 mortgage points. The lowest 30 year mortgage refinance rates without points is at 4.25 percent, still below the average rate.

Current mortgage rates on 15 year conforming loans are averaging 3.49 percent, up from last week's average 15 year mortgage rate of 3.42 percent. The best refinance rates in our database of Texas lenders is way below the average rate at 2.875 percent with 1.442 mortgage points. The lowest 15 year refinancing rates without points is also below the average at 3.25 percent.

Today's mortgage rates on 30 year jumbo mortgages are averaging 4.55 percent, an increase from the previous week's average 30 year jumbo rate of 4.44 percent. The lowest 30 year jumbo refinance rates in our New Jersey database of lenders is much lower at 4.00 percent with zero points.

15 year jumbo mortgage rates today are averaging 3.80 percent, up from last week's average 15 year jumbo mortgage rate of 3.74 percent. The best jumbo rates on 15 year mortgages in our database are at 3.375 percent with 1.756 points. The lowest interest rate without points is at 3.625 percent.

Adjustable mortgage rates are mixed this week. 5 year conforming adjustable rates are lower while 5 year jumbo adjustable mortgage rates are higher. The current average 5 year conforming adjustable rate is at 3.44 percent, down from last week's average 5 year rate of 3.58 percent. Average 5 year jumbo adjustable rates are at 2.90 percent, up from last week's average adjustable jumbo rate of 2.82 percent.

Checking on 5 year conforming rates at MonitorBankRates.com, the lowest rate is more than 1.00 percent lower than the average at 2.125 percent with 1.596 points. The lowest 5 year refi rates without points is much lower than the average at 2.50 percent. The lowest 5 year jumbo rate is at 2.25 percent with 1.941 points, the lowest rate without points is at 2.625 percent.