Mortgage Rates Today Move Higher as FOMC is Set to Meet Next Week

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Mortgage rates moved slightly higher as the markets await the important Federal Open Market Committee (FOMC) meeting next week. Fixed conforming mortgage rates have been on a tear this summer. 30 year conforming rates have risen over 125 basis points and 30 year jumbo rates have increased almost 100 basis points.

Rates have been range bound the past few weeks because 10 year bond rates have also been trading in a tight range. After making record lows the past year, mortgage rates are headed higher long term. The direction of short term rates will depend on what the FOMC says after their two day meeting next week on the 17th and 18th.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 95816, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.259
4.125
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
State Lic # 01525044
(844) 365 - 0454
at 0.100 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $4,459
 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.713
3.625
USD
Agora Lending Logo
NMLS # 1121650
State Lic # 6054815
(877) 387 - 3530
at 0.100 pts
30 day lock rate
Est payment: $1,368.15
Fees in APR: $2,947
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.525
4.500
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
State Lic # 01525044
(844) 365 - 0454
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: $889
 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.783
3.750
USD
Agora Lending Logo
NMLS # 1121650
State Lic # 6054815
(877) 387 - 3530
at 0.000 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $1,219
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Better Mortgage Inc
Better Mortgage Inc
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
3.894
3.875
USD
Better Mortgage Inc Logo
NMLS # 330511
State Lic # 6052748
at 0.000 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $700
Thank you for your quote. 
 
30 yr fixed Mortgage Loan from NationsChoice Mortgage
NationsChoice Mortgage
https://www.brimg.net/system/img/inst/8111_logo.gif
300000
Refinance
4.167
4.125
USD
NationsChoice Mortgage Logo
NMLS # 164626
State Lic # 4130556
(877) 388 - 3956
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,495
 
 
30 yr fixed Mortgage Loan from Better Mortgage Inc
Better Mortgage Inc
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
3.689
3.500
USD
Better Mortgage Inc Logo
NMLS # 330511
State Lic # 6052748
at 1.100 pts
30 day lock rate
Est payment: $1,347.13
Fees in APR: $3,643
Thank you for your quote. 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.078
3.875
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
State Lic # 01525044
(844) 365 - 0454
at 1.100 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $3,976
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.280
4.250
USD
LincolnWay Community Bank
4.280%
3/19/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from San Diego County Credit Union
San Diego County Credit Union
300000
Refinance
4.304
4.250
USD
San Diego County Credit Union
4.304%
3/20/2019
4.250%
at 0.500 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $434
 
 
30 yr fixed mtg refi Mortgage Loan from First Tech Credit Union
First Tech Credit Union
300000
Refinance
4.275
4.250
USD
First Tech Credit Union
4.275%
3/20/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $898
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.412
4.375
USD
Raymond James Bank, NA
4.412%
3/26/2019
4.375%
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from Union Bank
Union Bank
300000
Refinance
4.522
4.500
USD
Union Bank
4.522%
3/20/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $771
 
 
30 yr fixed mtg refi Mortgage Loan from Schools First FCU
Schools First FCU
300000
Refinance
4.278
4.250
USD
Schools First FCU
4.278%
3/25/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $995
 
 
30 yr fixed mtg refi Mortgage Loan from Star One Credit Union
Star One Credit Union
300000
Refinance
3.878
3.875
USD
Star One Credit Union
3.878%
3/25/2019
3.875%
at 0.000 pts
45 day lock rate
Est payment: $1,410.71
Fees in APR: $105
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of the West
Bank of the West
300000
Refinance
4.419
4.375
USD
Bank of the West
4.419%
3/26/2019
4.375%
at 0.250 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $793
 
 

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.





Hint of FOMC Tapering Purchases Sends Bond Rates and Mortgage Rates Higher


Markets are concerned that the FOMC is going to announce a tapering of their policies designed to force long term bond rates and mortgage rates lower. The FOMC has made monthly purchases of $40 billion a month in mortgage-backed securities (MBS) and $45 billion a month in long term bonds. The FOMC has also been rolling maturing bonds over into new bonds and reinvesting principal payments on all agency debt and agency mortgage-backed securities into agency mortgage-backed securities.

These policies have forced rates down to record lows so even the possibility of the FOMC pulling back is why rates have already moved considerably higher. If the FOMC does announce a tapering or even set a day for ending these policies, bond rates and mortgage rates will move even higher.

Mortgage Rates Today on 30 Year Conventional Loans


Mortgage Rates Today Move Higher as FOMC is Set to Meet Next WeekMortgage rates today on 30 year conforming loans are averaging 4.58 percent, up from last week when rates averaged 4.54 percent. The increase the past week in average 30 year rates was small but if the FOMC makes an announcement next week, average 30 year rates will move above 5.00 percent. By mid 2014, average 30 year rates will move towards 6.00 percent.

The last time 30 year mortgage rates averaged above 5.00 percent was over three years ago in January of 2010. That month 30 year conforming rates averaged 5.03 percent. The last time 30 year rates were above 6.00 percent was back during the financial crisis and recession. In May 2008, average 30 year rates were at 6.04 percent.

Jumbo Mortgage Rates Move Higher


Current mortgage rates on 30 year jumbo loans are averaging 4.88 percent, an increase from last week's average 30 year jumbo rate of 4.76 percent. The future direction of jumbo rates both short term and long term will be higher. If the FOMC pulls back on their purchases, 30 year jumbo rates will move above 5.00 percent and possibly as high as 5.25 percent.

The last time 30 year jumbo mortgage rates were above 5.00 percent was July 2010 when 30 year jumbo rates averaged 5.13 percent. By the middle of next year, average 30 year jumbo mortgage rates will probably be above 6.00 percent. Right now there are lenders still quoting 30 year jumbo rates under 4.50 percent with points.

15 Year Conforming Rates Remain Above 3.50 Percent


Today's mortgage rates on 15 year conforming loans remain above 3.50 percent this week. This marks the the third consecutive week that rates are above 3.50 percent. Average 15 year rates this week are at 3.59 percent, an increase from last week's average 15 year rate of 3.53 percent. The future direction of 15 year rates also hinges on what the FOMC does next week.

Average 15 year rates could move above 4.00 percent if the FOMC slows their purchases. If the FOMC doesn't change policy, I wouldn't expect rates to fall very much. Average rates might fall as low as 3.40 percent but not much lower since 10 year bond yields probably won't decline markedly.

15 Year Jumbo Mortgage Rates at 4.18 Percent


Mortgage rates currently on 15 year jumbo loans are averaging 4.18 percent, an increase from last week's average 15 year jumbo rate of 4.12 percent. 15 year jumbo rates have remained above 4.00 percent for over a month. Back in early July, 15 year jumbo rates were averaging around 3.50 percent.

Next week's move for 15 year jumbo rates will be higher if the FOMC changes policy. Average 15 year jumbo rates will move to around 3.35 percent. If the FOMC doesn't act, 15 year rates will remain around current levels and remain above 4.00 percent. The lowest 15 year jumbo refinance rates we could find quoted by lenders was just under 4.00 percent at 3.875 percent.
 
Author: Brian McKay
September 11th, 2013