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Mortgage Rates Today: Lowest 30 Year Conforming Rates at 3.625%

Average 30 year mortgage rates today are down again and heading back down to the 4.00 percent level as we predicted last week. Current average 30 year mortgage rates are at 4.16 percent, down from the previous week's average rate of 4.23 percent. Last month it looked like 30 year rates would move above 5.00 percent by the end of 2013, now 30 year rates will probably be below 4.00 percent within the next couple of weeks.

Search for 30 Year Rates Here: Mortgage Rates

Conforming 30 year mortgage rates are averaging 4.16 percent but most lenders are quoting 30 year rates below the average. Checking on our rate tables, the lowest 30 year mortgage refinance rates are quoted at 3.625 percent with mortgage discount points. The lowest 30 year refinance rates without points are still below the average at 3.875 percent.

Mortgage Rates Following Bond Rates Lower

Mortgage Rates Today Lowest 30 Year Conforming Rates at 3.625Current mortgage rates are heading lower because 10 year U.S. bond rates are heading lower. On Friday, 10 year rates closed down 2 basis points to 2.50 percent. In early September, 10 year bond yields were moving higher and looked to break above 3.00 percent. Since the government shutdown and possible default was resolved, rates moved much lower and closed on Friday at 2.97 percent.

The Federal Reserve will continue to put downward pressure on bond rates and mortgage rates through their stimulus programs. During the summer, markets were concerned the Federal Reserve would end their programs, which sent 10 year bond rates and mortgage rates up over 100 basis points in a month.

The Fed didn't end their programs and now there is talk that the Fed won't end their programs anytime soon because deflation is once again a concern. For the 12 months ending August 2013, the inflation rate was 1.2 percent, which is just above the lowest rate on record.

Conventional 15 Year Mortgage Rates Today

15 year conventional mortgage rates are also lower today, averaging 3.22 percent, a decline from last week's average 15 year mortgage rate of 3.30 percent. Just over a month ago, 15 year rates hit a high of 3.81 percent on average and looked to be moving above 4.00 percent. Now 15 year rates will probably fall below 3.00 percent by the middle of November.

While average 15 year rates are still above 3.00 percent, there are many lenders quoting 15 year rates below 3.00 percent. Currently, the best 15 year rate in our database is quoted at 2.625 percent with just under 2 mortgage points. The best rates on 15 year mortgage loans without points are at 2.875 percent, still below the average rate and still below 3.00 percent.

30 Year Jumbo Mortgage Rates

Average 30 year jumbo mortgage rates today are at 4.32 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.43 percent. Last week 30 year jumbo rates were above 4.50 percent on average and just over a month ago, 30 year jumbo rates were averaging 4.88 percent. Now rates are heading back down to 4.00 percent.

Speaking of 4.00 percent jumbo rates, the best rates in our 30 year jumbo rate database are exactly at 4.00 percent with points. The best 30 year jumbo refinance rates without points are above 4.00 percent but still below the average at 4.125 percent.

Today's 15 Year Jumbo Mortgage Rates

Today's jumbo mortgage rates on 15 year loans are averaging 3.61 percent, a decline from last week's average of 3.77 percent. By early November, 15 year jumbo rates on average will probably be back below 3.50 percent. In early September, 15 year jumbo rates were above 4.00 percent averaging 4.12 percent.

Checking in our database, the lowest 15 year jumbo rates available without any mortgage points are at 3.25 percent. The best refinancing rate without points are still below the average at 3.50 percent.

If you're thinking about refinancing, you should really consider refinancing to a shorter term loan. Going from a 30 year to a 15 year loan will save you a lot of money in interest payments. Depending on the dollar amount of the loan, you can save tens of thousands or hundreds of thousand of dollars in interest payments. You can use a mortgage calculator with interest to see the cost difference when comparing 30 year loans vs. 15 year loans.  Although the monthly payment will be more, you will be saving a lot of money and paying off your house in half the time.  The next 15 years would be mortgage free!

Current Adjustable Mortgage Rates

Average 5 year conforming adjustable mortgage rates are currently at 3.34 percent, down from the previous week's average 5 year adjustable mortgage rate of 3.48 percent. The best adjustable refinance rates in our database are much lower than the average at an incredibly low rate of 2.125 percent with points. The lowest refi rates without points are still well below the average at 2.375 percent.

Today's 5 year jumbo adjustable mortgage rates are back below 3.00 percent averaging 2.83 percent. Last week average 5 year jumbo adjustable rates were averaging 3.03 percent. The lowest 5 year jumbo refi rates with points in our database are also at 2.125 percent and the lowest rate without points is at 2.49 percent.

Author: Brian McKay
October 28th, 2013