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Mortgage Rates: Lowest 30 Year Mortgage Rates Still at 3.75%

Average mortgage rates are slightly higher this week over last but you can still find lenders quoting rates as low as 3.75 percent with points. Average rates increased this past week because of higher 10 year bond yields, which rose from 2.48 percent to 2.62 percent at yesterday's close.

View a List of Mortgage Rates Here: Mortgage Rates


Going forward, mortgage rates will remain near current levels since the Federal Reserve isn't planning on tapering their long term bond and mortgage-backed securities (MBS) purchases. Over the summer, bond yields and mortgage rates soared over 1 percent on fears the Federal Reserve would start tapering their purchases, which didn't come to pass.




Now it looks like the Fed will continue their purchases into 2014 and might not start slowing their buying until the second quarter of 2014. This will keep a lid on rising mortgage rates and rates will probably fall from current levels.

Mortgage Rates Lowest 30 Year Mortgage Rates Still at 3.7530 Year Conforming Mortgage Rates Today


Average 30 year mortgage rates today are at 4.22 percent, an increase from last week's average 30 year mortgage rate of 4.15 percent. Before the end of 2013, average 30 year mortgage rates will fall below 4.00 percent on average but right now there are many lenders quoting 30 year rates below 4.00 percent.

The best 30 year conforming refinance rates with points on our rate tables are quoted at 3.75 percent with points. Right now we have 3 lenders quoting 30 year rates at 3.75 percent with different point combinations ranging from 2 points to 0.981 points. We also have half a dozen lenders quoting 30 year rates at 3.875 percent with points and 2 lenders also quoting rates at 3.875 percent but with zero points.

Current Mortgage Rates on 15 Year Conventional Loans


15 year conventional mortgage rates are also slightly higher this week over last. The current average 15 year rate is at 3.28 percent, up from the prior week's average 15 year rate of 3.21 percent. For the rest of 2013, average 15 year mortgage rates will remain flat and more than likely fall back under 3.00 percent.

The best refinance rates today on 15 year conforming loans in our rate database are below 3.00 percent. The lowest 15 year refinancing rates are at 2.75 percent with points. There are 6 different lenders currently offering 15 year rates at 2.75 percent with points. We also have 4 lenders quoting rates at 2.875 percent with points and the lowest rate without points is at 2.99 percent.

Today's Mortgage Rates on 30 Year Jumbo Loans


Average 30 year jumbo mortgage rates are also higher today, averaging 4.40 percent. The average rate is up from last week's average jumbo rate of 4.33 percent. For the rest of 2013, average 30 year jumbo rates will remain near current levels and probably won't fall below 4.00 percent again.

While average rates are above 4.00 percent, we have 2 lenders quoting 30 year jumbo refinance rates exactly at 4.00 percent with points. One lender is quoting 30 year jumbo refi rates at 4.00 percent with 2 points while the other lender is quoting rates at 4.00 percent with 1.544 points. The best jumbo rate without points is still below the average at 4.125 percent.

15 Year Jumbo Mortgage Rates


15 year jumbo mortgage rates are averaging 3.75 percent, an increase from last week's average 15 year jumbo mortgage rate of 3.69 percent. 15 year jumbo rates will also remain range bound near current levels, on the low side 15 year rates will probably be above 3.50 percent and on the high side below 4.00 percent.

The best 15 year jumbo rates on our rate table are well below the average rate of 3.75 percent. The best rate currently is at 3.00 percent with 1.25 points from Pentagon Federal Credit Union (PenFed). We also have many other lenders quoting 15 year rates at either 3.25 percent with points or at 3.375 percent with points. The lowest 15 year rate without points is at 3.50 percent which is still below the average rate.

5 year Conventional Adjustable Mortgage Rates


Average 5 year conventional adjustable mortgage rates are at 3.35 percent this week, an increase from the previous week's average 5 year adjustable mortgage rate of 3.30 percent. For the remainder of 2013, conforming 5 year adjustable rates will be around current levels.

Right now the lowest 5 year adjustable mortgage rates on our rate table are more than 100 basis points, or 1.oo percent, below the average rate. Currently, we have 2 lenders quoting 5 year adjustable refinance rates at 2.25 percent with points, one with 1.25 points and the other with 1.90 points.

Jumbo Adjustable Mortgage Rates on 5 Year Loans


On average 5 year jumbo adjustable rates are still lower than 5 year conforming rates, which has been the case for several months now. Average 5 year jumbo rates are at 2.84 percent this week, up slightly from last week's average 5 year jumbo rate of 2.83 percent. For the next two months, 5 year jumbo rates will remain in a range of 2.65 percent and 3.00 percent.

Right now the best jumbo rates on 5 year adjustable loans in our database are also at 2.25 percent with points. We also have several lenders quoting 5 year jumbo refi rates at 2.375 percent with points and the lowest 5 year rate without points is at 2.49 percent.
 
Author: Brian McKay
November 5th, 2013