Mortgage Rates Today Drift Lower as Janet Yellen says Interest Rates Will Stay Low
Mortgage rates drifted slightly lower as the Fed Chairperson, Janet Yellen, spoke yesterday and said that interest rates will stay low for quite some time to help the job market recover. Average 30 year conforming mortgage rates today are down 1 basis point to 4.38 percent, down from yesterday's average 30 year rate of 4.39 percent.
Yellen's remarks made it clear that even after the Fed phases out its monthly bond and mortgage backed securities (MBS) purchases later this year, the Fed has no plans to raise the fed funds rate anytime soon. The Fed has been buying bonds and MBS to force long term bond rates and mortgage rates lower.
Current mortgage rates on 30 year conforming loans are 1.00 percent higher from record lows set in early 2013. While mortgage rates are expected to increase in 2014, the increase from current levels will be small. Forecasts are for 30 year rates to increase to 5.00 percent by the end of 2014, a mere 60 basis points from today's average rate.
Average 30 year mortgage rates are at 4.38 percent but you can still find lenders quoting 30 year refinance rates below the average. In our database of rates we have many lenders quoting 30 year refinance rates around 4.00 percent with and without points. We have one lender quoting 30 year refinance rates at 3.875 percent with 1.10 points.
Today's mortgage rates on 15 year conforming loans are averaging 3.38 percent, down from yesterday's average 15 year mortgage rate of 4.41 percent. Average 15 year mortgage rates are about 0.75 percent above record lows set early in 2013. The lowest point for average 15 year rates was at 2.64 percent in April last year.
The lowest 15 year refinance rates available in our database of rates are much lower than the average rate. The best 15 year refinance rate quoted in our database is at 2.75 percent with 1.10 mortgage points. The best 15 year refi rate without points in our database is also below the average rate at 3.125 percent.
Average 30 year jumbo mortgage rates today are at 4.74 percent, down from an average 30 year jumbo rate of 4.83 percent. 30 year jumbo rates are about 1.oo percent higher from the record low of 3.94 percent set in 2013. The best jumbo rates quoted in our database are currently at 4.125 percent with points and the best jumbo rate without points is quoted at 4.25 percent.
Current 15 year jumbo mortgage rates are averaging 4.18 percent, down from the previous day's average 15 year jumbo mortgage rate of 4.23 percent. The lowest point in 2013 for average 15 year jumbo rates was at 3.37 percent set in April 2013. The lowest 15 year jumbo refinance rates available in our database are quoted at 3.50 percent with 1.10 points and at 3.625 percent with no points.
Conforming 5/1 adjustable mortgage rates are currently averaging 3.42 percent, a decline from the prior day's average 5 year adjustable mortgage rate of 3.46 percent. The best 5 year adjustable refinance rates available in our database are more than 100 basis points below the average at 2.25 percent with 1.10 points. The best 5 year adjustable rate without points is also way below the average rate at 2.625 percent.
Jumbo 5 year adjustable mortgage rate are averaging 3.63 percent, down from the yesterday's average 5 year adjustable jumbo mortgage rate of 3.67 percent. The lowest 5 year jumbo refinance rate in our database are also much lower than the average at 2.625 percent with 1.10 points. The lowest 5 year jumbo refi rate without points is at 2.875 percent.
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