Mortgage Rates Increase This Week but Will Decline in the Coming Days

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The increase in 10 year bond yields this past week has sent average conforming mortgage rates higher. The increase in mortgage rates won't last for long. Bond yields have fallen 0.10 percent since the Federal Reserve's meeting minutes were released yesterday afternoon. The meeting minutes showed Federal Reserve officials agreed to end the Fed's bond buying program by October instead of at the end of 2014.

The Fed's program was designed to suppress bond yields and mortgage rates so ending it should send rates higher but that isn't happening yet. Bond yields and stock market futures are down sharply this morning following European stocks lower. By the beginning of next week average mortgage rates will be 0.10 percent to 0.15 percent lower.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 95816, All points, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
3.693%
3.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
06/01/2020
at 2.000 pts
45 day lock rate
Est payment: $1,348
Fees in APR: $7,250
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
3.567%
3.375%
USD
Rocket Mortgage Logo
NMLS # 3030
06/01/2020
at 2.000 pts
45 day lock rate
Est payment: $1,327
Fees in APR: $7,250
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
3.739%
3.625%
USD
Rocket Mortgage Logo
NMLS # 3030
06/01/2020
at 1.000 pts
45 day lock rate
Est payment: $1,369
Fees in APR: $4,250
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.107%
3.990%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
06/01/2020
at 1.000 pts
45 day lock rate
Est payment: $1,431
Fees in APR: $4,250
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Figure Lending LLC
Figure Lending LLC
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112490.gif
300000
Purchase
2.777%
2.625%
USD
Figure Lending LLC Logo
NMLS # 1717824
06/01/2020
at 0.000 pts
60 day lock rate
Est payment: $1,205
Fees in APR: $6,000
Put your money where you need it sooner.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Figure Lending LLC
Figure Lending LLC
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112490.gif
300000
Purchase
2.709%
2.500%
USD
Figure Lending LLC Logo
NMLS # 1717824
06/01/2020
at 0.750 pts
60 day lock rate
Est payment: $1,186
Fees in APR: $8,307
Put your money where you need it sooner.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.025%
3.990%
USD
Rocket Mortgage Logo
NMLS # 3030
06/01/2020
at 0.000 pts
45 day lock rate
Est payment: $1,431
Fees in APR: $1,250
From the lender: We can close your loan in less than a month!
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.






Current mortgage rates on 30 year conforming mortgages are averaging 4.21 percent, an increase from last week's average 30 year rate of 4.19 percent. By next Monday average 30 year rates will fall below 4.10 percent and possibly as low as 4.05 percent. While current 30 year rates are above 4.00 percent there are plenty lenders quoting 30 year refinance rates below 4.00 percent with points and without points.

15 year mortgage rates today are averaging 3.29 percent, a slight increase from last week's average 15 year mortgage rate of 3.24 percent. By early next week average 15 year rates will fall below 3.20 percent towards 3.10 percent. There are lenders quoting 15 year refinance rates well below the average rate.

Searching on the rate tables for the state of California we see the lowest 15 year refinancing rate at 2.75 percent with just 0.10 mortgage points. The same lender is also quoting 15 year refi rates in other states with the same rate/point combination. There are also many other lenders quoting 15 year rates below 3.00 percent with different points.

Today's mortgage rates on 30 year jumbo loans are averaging 4.57 percent, a slight decline from last week's average 30 year jumbo mortgage rate of 4.58 percent. Since bond yields are lower average 30 year jumbo rates will also fall in the coming days. We are forecasting 30 year jumbo rates will fall below 4.50 percent by next Monday.

There currently are lenders quoting 30 year jumbo refinance rates below the average rate and one lender quoting rates below 4.00 percent. Checking on rates available we see the lowest rate quoted is at 3.875 percent with 2 mortgage points. The lowest 30 year jumbo refi rates available without points are currently at 4.125 percent.

Average 15 year jumbo mortgage rates are at 3.72 percent, a decline from last week's average 15 year rate of 3.74 percent. The best jumbo refinance rates available on 15 year loans are at 3.375 percent with points. The best 15 year rate without points is at 3.625 percent.

 

 
 
Author: Brian McKay
July 11th, 2014