Mortgage Rates Increase Slightly This Week, Average 30 Year Rates at 4.35%
Last Friday's employment report which was stronger than expected so mortgage rates and bond rates are slightly higher this week as a result. 10 year bond yields moved up from 2.68 percent a week ago Monday to 2.80 percent on Friday after February's nonfarm payroll report was released. During that time, average 30 year mortgage rates increased 11 basis points from 4.24 percent to the current average of 4.35 percent.
The February employment report showed the strongest job growth in 3 months despite the cold weather, also giving hope that momentum is building in job growth as we head into spring. 175,000 jobs were created in February, higher than the expected number of 165,000. The unemployment rate ticked up 0.1 percent to 6.7 percent. Consensus estimates expected the rate to decline to 6.5 percent.
As the economy improves and the unemployment rate drops, both bond yields and mortgage rates will move higher. Forecasts are for higher mortgage rates in 2014. By the end of the year, average 30 year mortgage rates will move towards 5.00 percent.
Lowest 30 Year Mortgage Refinance Rates at 3.875%
Average 30 year mortgage rates today are at 4.35 percent but there are many lenders quoting 30 year mortgage rates with and without points below the average rate. The lowest 30 year refinance rates on our rate table for the state of California are quoted at 3.875 percent with 2 mortgage points. The lowest 30 year refinance rates without points are quoted at 4.125 percent.
In the state of Texas we also have lenders quoting rates below the average of 4.35 percent. The lowest 30 year refinance rate with points is quoted from American First Rate Mortgage Group at 4.00 percent with 1.1o points. The lowest 30 year rate without points quoted in TX is from Citi Mortgage at 4.25 percent.
Average 15 Year Mortgage Rates Today
15 year mortgage rates today are averaging 3.38 percent, up from the prior week's average 15 year mortgage rate of 3.33 percent. Average 15 year rates are higher than last week's low of 3.25 percent and will continue to move higher in 2014. By the end of this year, forecasts are for average 15 year rates to head towards 4.00 percent.
There are plenty of lenders quoting 15 year mortgage rates below the average with points and without points. The best rate right now on our rate table for the state of Illinois is from Aimloan at 2.75 percent with 1.792 mortgage points. The lowest rate quoted without points is from Loan Depot at 3.125 percent.
Current Jumbo Mortgage Rates
30 year jumbo mortgage rates are averaging 4.31 percent, up from last week's average of 4.26 percent. The best 30 year jumbo refinance rates available today are 3.875 percent with 2 mortgage points, quoted from Affordable Home Mortgage Corp (AHMC). The lowest quoted 30 year refi rates without points is at 4.00 percent from Investors Home Mortgage.
Average 15 year mortgage rates are at 3.66 percent, up from last week's average 15 year rate of 3.61 percent. Aimloan.com has the lowest 15 year jumbo rates at 3.50 percent with 1.514 mortgage points. The lowest rate without points is from Mortgage Capital Associates at 3.625 percent.
5 Year Conforming Adjustable Rates
5 year conforming adjustable mortgage rates are averaging 3.37 percent, unchanged from the previous week's average 5 year rate. The best 5 year adjustable rate quoted on our tables are more than 1.00 percent lower at 2.25 percent with 2 mortgage points. The lowest 5 year rate without points is at 2.625 percent.
5/1 Jumbo Adjustable Mortgage Rates
Jumbo adjustable mortgage rates on 5 year loans are averaging 2.87 percent, up from last week's average 5 year jumbo rate of 2.84 percent. The best 5 year jumbo rates quoted on our rate table are 1.30 percent lower than the average rate. Currently, Aimloan.com is offering 5 year jumbo rates at 2.50 percent with 1.576 mortgage points.
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