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Mortgage Rates Remain Low This Week – 30 Year Rates Averaging 3.76%

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Mortgage rates remain low this week and are slightly above record lows set in 2013. Current mortgage rates on 30 year conforming loans are averaging 3.76 percent, up 1 basis point from last week's rate. Mortgage rates were forecast to increase in 2015 but just the opposite has happened so far this year.

On January 5, 2015, 30 year rates averaged 3.98, 22 basis points higher from the current level. Forecasts were for 30 year rates to hit 5.00 by the end of 2015. Heading into mid April, the forecast for 5.00 percent rates by the end of the year is looking less and less likely.



National Average Mortgage Rates April 14 2015Mortgage rates will be increasing this year even if rates don't hit 5.00 percent. If you're thinking about buying a home, or refinancing your current loan, do so sooner than later. Home prices are also forecast to increase in the coming years, another incentive to act sooner.

The Urban Land Institute has forecast single-family home prices will increase each year for the next three years. The average price for existing homes in the U.S. is expected to rise by 5.0 percent in 2015, 4.0 percent in 2016 and 4.0 percent in 2017.

As mortgage rates and home prices move higher, that dream home you want might be not be affordable anymore. You can afford less home as prices and mortgage rates increase, another incentive to buy now. A report recently released showed buying is cheaper than renting in most housing markets in the United States.

RealtyTrac found the monthly payment on a median priced home is more affordable than the monthly fair market rent on a three-bedroom property in 76 percent of the U.S. counties. You can read the entire report on RealtyTrac's website: Residential Rental Property Analysis

Weekly Mortgage Rates Report15 year conforming mortgage rates are averaging 2.98 percent, up from last week's average rate of 2.96 percent. The average rate is always higher than the best rates available. Right now on our rate table for California, there are lenders quoting 15 year refinance rates as low as 2.874 percent with no mortgage points.

Today's mortgage rates on 30 year jumbo loans are averaging 3.96 percent, up from the previous week's average jumbo rate of 3.94 percent. The best 30 year jumbo refinance rates available in our rate database for Maryland are lower at 3.625 percent with 0.75 points.

Mortgage rates today on 15 year jumbo loans are averaging 3.54 percent, an increase from last week's average rate of 3.52 percent. The best 15 year jumbo rates available on our database for Massachusetts are much lower at 2.99 percent with zero points.

5 year adjustable mortgage rates on conforming loans are averaging 3.08 percent, up 0.05 percent from last week's average rate. The lowest 5 year adjustable refinance rates in the rate database for New Jersey are much lower at 2.375 percent with 1.50 points.

5 year jumbo adjustable rates are currently averaging 3.12 percent, a decline from last week's average jumbo rate of 3.18 percent. The best 5 year jumbo refinance rates available in the rate database for Washington D.C. are at 2.625 percent with no mortgage points.
 
Author: Brian McKay
April 15th, 2015