Mortgage Rates Retreat from Recent Highs

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Mortgage rates are finally taking a breather from the recent increases and have declined the past week. Since the beginning of May, mortgage rates on 30 year conforming loans moved 1.00 percent higher from 3.50 percent to around 4.50 percent. In late June, 30 year mortgage rates shot up more than 50 basis points in just one week.

Mortgage Rates Retreat From Recent HighsThis past week, average 30 year conventional mortgage rates declined below 3.50 percent and are averaging 4.35 percent. The recent surge in mortgage interest rates is directly related to the increase in 10 year bond yields. The average 10 year bond yield increased from 1.60 percent to 2.60 percent over the past three months.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 06101, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from Garden State Home Loans
Garden State Home Loans
https://www.brimg.net/system/img/inst/7950_logo.gif
300000
Refinance
3.956
3.874
USD
Garden State Home Loans Logo
NMLS # 473163
State Lic # ML-473163
(877) 387 - 9107
at 0.100 pts
30 day lock rate
Est payment: $1,410.54
Fees in APR: $2,685
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.092
3.990
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # ML-66247
(877) 388 - 9170
at 0.100 pts
30 day lock rate
Est payment: $1,430.52
Fees in APR: $3,350
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.246
4.240
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # ML-66247
(877) 388 - 9170
at 0.000 pts
30 day lock rate
Est payment: $1,474.06
Fees in APR: $206
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from Garden State Home Loans
Garden State Home Loans
https://www.brimg.net/system/img/inst/7950_logo.gif
300000
Refinance
4.124
4.124
USD
Garden State Home Loans Logo
NMLS # 473163
State Lic # ML-473163
(877) 387 - 9107
at 0.000 pts
30 day lock rate
Est payment: $1,453.77
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Garden State Home Loans
Garden State Home Loans
https://www.brimg.net/system/img/inst/7950_logo.gif
300000
Refinance
3.880
3.749
USD
Garden State Home Loans Logo
NMLS # 473163
State Lic # ML-473163
(877) 387 - 9107
at 1.100 pts
30 day lock rate
Est payment: $1,389.18
Fees in APR: $1,467
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
3.926
3.740
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # ML-66247
(877) 388 - 9170
at 1.100 pts
30 day lock rate
Est payment: $1,387.65
Fees in APR: $3,428
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed mtg refi Mortgage Loan from Union Savings Bank
Union Savings Bank
300000
Refinance
4.399
4.375
USD
Union Savings Bank
4.399%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $852
 
 
30 yr fixed mtg refi Mortgage Loan from United Bank
United Bank
300000
Refinance
4.276
4.250
USD
United Bank
4.276%
4/16/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $911
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/17/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.166
4.125
USD
The Guilford Savings Bank
4.166%
4/12/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $719
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.403
4.375
USD
Citizens Bank, NA
4.403%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $998
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.365
4.250
USD
Bank of America
4.365%
4/15/2019
4.250%
at 0.903 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,351
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.154
4.125
USD
TD Bank, NA
4.154%
4/16/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $1,043
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
4.439
4.375
USD
First National Bank of Omaha
4.439%
4/11/2019
4.375%
at 0.500 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $752
 
 
30 yr fixed mtg refi Mortgage Loan from The Washington Trust Company
The Washington Trust Company
300000
Refinance
4.155
4.125
USD
The Washington Trust Company
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,083
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Liberty Bank
Liberty Bank
300000
Refinance
4.169
4.125
USD
Liberty Bank
4.169%
4/12/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $814
 
 
30 yr fixed mtg refi Mortgage Loan from UniBank for Savings
UniBank for Savings
300000
Refinance
4.536
4.500
USD
UniBank for Savings
4.536%
4/12/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $500
 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.272
4.250
USD
Savings Bank of Danbury
4.272%
4/12/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $790
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.






Looking out over the next coming weeks and months, bond yields and mortgage rates will be remain stable around current levels. Average 30 year rates will stay in a range of 4.00 percent to 4.50 percent. Although 30 year conforming rates are around 4.50 percent, there are still many lenders quoting rates just below 4.00 percent if you're willing to pay points on the loan.

Average 15 year mortgage rates this week are at 3.43 percent, unchanged from last week's average rate. 15 year rates have also moved considerably higher since early May. On May 5, average 15 year conforming rates were at 2.55 percent and this past week the average 15 year rate is higher at 3.43 percent. The high for 15 year mortgage rates was 3.67 percent, set in early July.

Over the next several weeks and months, average 15 year rates will be in a range near current levels. On the high end, we could see 15 year rates move above 3.60 percent and on the low end, 15 year rates could fall to around 3.20 percent. Currently, there are many lenders quoting 15 year mortgage rates below 3.00 percent at 2.87 percent with points.

Mortgage rates today on 30 year jumbo mortgage loans are averaging 4.69 percent, up from last week's average rate of 4.63 percent. The recent high for 30 year jumbo mortgage rates was 4.80 percent set in early July. Over the next coming months average 30 year jumbo rates will probably move as high as 4.90 percent and as low as 4.40 percent.

The move higher in average jumbo rates hasn't been as dramatic as conforming rates. The reason being jumbo rates never fell as much as conforming rates so the bounce higher as been smaller. Since recent lows jumbo rates have only increase around 75 basis points, lower than the 100 basis point increase in conforming rates.

 Current mortgage rates on 15 year jumbo loans are averaging 4.03 percent, an increase from the prior week's average 15 year rate of 3.98 percent. The recent high for 15 year jumbo rates was 4.23 percent. Over the next two months the probable range for 15 year jumbo rates will be between 3.75 percent and 4.25 percent.

Adjustable mortgage rates on 5 year conforming loans this week are averaging 3.40 percent, up slightly from last week's average rate of 3.39 percent. Average 5 year adjustable jumbo mortgage rates are slightly lower from 3.22 percent to 3.20 percent. Adjustable rates have increased over the past three months but the increases have been small. 5 year conforming rates were averaging 2.80 percent and 5 year jumbo rates were averaging 2.90 percent three months ago.

While the chance to refinance a mortgage has probably gone out the window for millions of homeowners because refinance rates are higher if you're thinking of buying a home rates are still historically low. Another factor that makes now a good time to buy a home is home prices are still lower than recent highs during the housing bubble.

Low mortgage rates and lower home prices makes home affordability the best it's been in our generation. Even with the recent increase in mortgage rates and home prices you are probably going to be in the best position to buy now instead of later. You can search for and compare rates by searing our lender database at MonitorBankRates.com.
 
Author: Brian McKay
July 28th, 2013