Mortgage Rates Slightly Higher This Week as Housing Forecasts are Revised Higher
Mortgage rates moved slightly higher this week but will decline later this week because of lower bond yields. Despite the increase in rates, average mortgage rates are still near all-time record lows. Near record low mortgage rates, combined with 5 million jobs created over the past two years, and an unemployment rate nearing 5 percent will help the housing market in 2015.
30 year conventional mortgage rates today are averaging 3.90 percent, up slightly from last week's average 30 year rate of 3.88 percent. Average 30 year rates are only about 50 basis points from the all-time record lows set in May 2013.
Economists with Freddie Mac and Fannie Mae, have revised their outlook higher for housing this year. Home sales and home prices are expected to increase in the final 6 months of 2015. 30 year mortgage rates are forecast to remain near current levels and also remain under 4.00 percent in 2015. You can view all Fannie Mae forecasts: Fannie Mae's Housing Forecast for May 2015
Current mortgage rates on 15 year conventional loans are averaging 3.06 percent, up from last week's average 15 year mortgage rate of 3.03 percent. Average 15 year rates are slightly above 3.00 percent but there are many lenders quoting 15 year refinance rates below 3.00 percent in our rate database. The lowest current rate in our database for California is at 2.75 percent with 1.10 mortgage points from Lenda (NMLS # 991397, State Lic # 01926580).
5 year adjustable mortgage rates on conventional loans are averaging 3.05 percent, unchanged from last week's average adjustable rate. The lowest 5 year adjustable rates available in our database for all states are much lower. For example, the lowest 5 year rate in Ohio is at 2.40 percent with 1 point from Third Federal (NMLS # 449401).
30 year jumbo mortgage rates are currently averaging 4.27 percent, up from the prior week's average 30 year jumbo rate of 4.21 percent. The best 30 year jumbo refinance rates in our database of lenders for Connecticut are below 4.00 percent. The lowest rate currently available is at 3.75 percent with 0.95 points from First Internet Bank (NMLS # 424182).
Today's mortgage rates on 15 year jumbo mortgage loans are averaging 3.82 percent, up from the previous week's average 15 year rate of 3.79 percent. The lowest 15 year jumbo refinance rates in our rate database for New York is at 3.25 percent with 0.25 points from Investors Home Mortgage (NMLS # 60061).
5 year jumbo adjustable mortgage rates are averaging 3.42 percent, an increase from the previous week's average rate of 3.38 percent. The best jumbo 5 year adjustable refinance rates in the database are under 3.00 percent. In the rate database for Georgia, the lowest rate is from Third Federal at 2.75 percent with zero mortgage points.
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