Mortgage Rates Move Slightly Higher

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Mortgage Rates Move Slightly HigherMortgage rates moved slightly higher this week but are not much higher from all-time lows. 30-year mortgage rates are currently averaging 3.69 percent, up from the prior week's average 30-year rate of 3.68 percent. If you're looking for a mortgage to purchase a home or refinance an existing loan, you can easily find 30-year mortgage rates below the average of 3.69 percent. For example, right now on our mortgage rate tables there are lenders quoting 30-year mortgage rates at 3.00 percent.

Average Conforming Mortgage rates



    Loan Type
    Purchase    Refinance
    Location
    State/City    Zip Code
    Loan Amt Points FICO % Down
      
    $
    in 06101, All points, 740    Sort by:
    Lender
    APR
    Rate
    Cost & Fees
    Notes
     
    PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
    Rocket Mortgage
    https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
    300000
    Purchase
    2.935%
    2.750%
    USD
    Rocket Mortgage Logo
    NMLS # 3030
    08/04/2020
    at 2.000 pts
    45 day lock rate
    Est payment: $1,225
    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
    3.236%
    3.125%
    USD
    Rocket Mortgage Logo
    NMLS # 3030
    08/04/2020
    at 1.000 pts
    45 day lock rate
    Est payment: $1,286
    Fees in APR: $4,250
    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
    3.784%
    3.750%
    USD
    Rocket Mortgage Logo
    NMLS # 3030
    08/04/2020
    at 0.000 pts
    45 day lock rate
    Est payment: $1,390
    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.





  • 30-year 3.69%, up 0.01%

  • 15-year 3.19%, up 0.02%

  • 5-year adjustable 3.66%, up 0.04%


Average Jumbo Mortgage Rates



  • 30-year jumbo 3.73%, up 0.03%

  • 15-year jumbo 3.23%, down 0.01%

  • 5-year jumbo adjustable 3.72%, unchanged


Low Mortgage Rates Fueling Home Purchases


These near record low mortgage rates are enticing buyers into the market during the winter, which historically has been a slow time for home purchases. The Mortgage Bankers Association reported mortgage applications for new home purchases increased 35.3 percent compared from a year ago. Compared to December 2019, applications increased by 40 percent.

To get the best deal on a mortgage for a home purchase or refinancing a current loan search for and compare mortgage rates right here at MonitorBankRates.com.
 
Author: Brian McKay
February 20th, 2020