Mortgage Rates Remain Low This Week – Average 30 Year Rates at 3.83%
30 year conforming mortgage rates remained under 4.00 percent this week and actually dropped week over week. Average 30 year rates are currently at 3.83 percent, a decline from the prior week's average rate of 3.90 percent. It's looking more and more likely that 30 year rates will remain under 4.25 percent for the rest of 2015. Forecasts were for 30 year rates to hit 5.00 percent by the end of the year.
Mortgage rates near record lows is spurring demand for homes heading into the fall. The National Association of Realtors reported that for transactions that closed in July, the homes were typically on the market for 42 days. A year ago homes averaged 48 days on the market. In July of 2015, 43 percent of sold properties spent less than a month on the market. You can read more in the Realtors Confidence Index.
Home builders are also ramping up building because of low mortgage rates and tight housing inventory. According to the Commerce Department, construction spending surged to the highest level in more than seven years in July. Construction spending was up 0.7 percent month over month, reaching a seasonally adjusted annual rate of $1.083 trillion. Read more on the Commerce Department's website: Value of Construction Put in Place
Average/Lowest Mortgage Rate Report September 8, 2015
30 year conforming rates are averaging 3.83 percent, down from last week's average rate of 3.90 percent. Lowest 30 year refinance rates available in the database are at 3.50 percent with points.
Mortgage rates today on 15 year conforming loans are averaging 2.95 percent, a decline from last week's average rate of 2.96 percent. Lowest 15 year refinance rates are at 2.75 percent with points.
5 year adjustable conforming rates are currently at 3.12 percent, down from the prior week's average 5 year adjustable rate of 3.19 percent. The lowest 5 year adjustable refinance rates in the database are at 2.50 percent with points.
Current mortgage rates on 30 year jumbo loans are averaging 4.26 percent, down from last week's average 30 year jumbo rate of 4.27 percent. The lowest 30 year jumbo refinance rates available in the database are at 3.625 percent with points.
15 year jumbo mortgage rates are averaging 3.85 percent, a decline from the previous week's average rate of 3.88 percent. The lowest 15 year jumbo refinance rates available right now are at 2.99 percent with points.
5 year jumbo adjustable mortgage rates are averaging 3.82 percent, down from last week's average rate of 3.84 percent. The best 5 year jumbo refinance rates available today are at 2.625 percent with no points.
You can search and compare mortgage rates in the state you live in by using our database at MonitorBankRates Mortgage Rates
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