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Mortgage Rates Move Lower, As Expected

As expected, mortgage rates declined the past week due to bond yields moving lower. 10 year bond yields fell to a new low for 2015, falling as low as 1.56 percent last week. During the same time, average 30 year mortgage rates fell to 3.56 percent.

Both bond yields and mortgage rates moved higher since the lows made last week, but we don't expect yields and rates to move much higher from current levels. 30 year mortgage rates today are averaging 3.65 percent and 10 year bond yield are averaging 1.81 percent.

Lower Mortgage Rates This WeekThe lowest 30 year refinance rates in our database are 40 basis points lower than the average at 3.25 percent with 2 mortgage points. When you pay points on a loan, you're able to buy down the rate by paying more at closing. 2 points are equal to 2 percent of the loan amount. The lowest 30 year refinance rate without points in our database is still below the average at 3.375 percent.

Average 15 year mortgage rates are at 2.81 percent this week, down from the prior week's average 15 year rate of 2.87 percent. The lowest 15 year refinance rate available in our database is at 2.50 percent with 2 points. The lowest 15 year rate without points is at 2.75 percent.

30 year jumbo mortgage rates are currently averaging 4.12 percent, a decline from the previous week's average 30 year jumbo rate of 4.21 percent. The lowest 30 year jumbo refinance rate available in our database is at 3.375 percent with with no points.

Current mortgage rates on 15 year jumbo loans are averaging 3.65 percent, down from last week's average rate of 3.73 percent. The best 15 year jumbo refinance rates in our database are currently at 2.875 percent with 1 point and at 3.00 percent with no points.

You can check on current rates in your state by searching our rate database at

Author: Brian McKay
February 17th, 2016