Record Low Mortgage Rates are History as Fixed Rates Soar 50 Basis Points

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Record low mortgage rates are a thing of the past as rates continue to march higher this week. Average 30 year mortgage rates broke above 4.00 percent in a big way and soared an incredible 53 basis points. Mortgage rates today on 30 year conforming loans are averaging 4.51 percent, up from last week's average rate of 3.98 percent.

Current mortgage rates on 15 year fixed conforming loans surged almost 50 basis points this week. The average 15 year conforming rate is at 3.57 percent, up almost 50 basis points from last week's average rate of 3.09 percent. Fixed conforming rates moved higher this week due to 10 year bond yields also moving sharply higher. 10 year bond yields were averaging 2.20 percent last week are now averaging 2.55 percent.
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
3.948
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: $2,376
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
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 Better.com
Better.com
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
4.129
4.125
USD
Better.com Logo
NMLS # 330511
State Lic # ML-330511
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $127
Thank you for your quote. 
 
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
3.872
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: $1,185
Thanks for the inquiry! 
 
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 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
 
 
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 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 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 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 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 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 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 Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/18/2019
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 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 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 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
 
 

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.





30 Year Mortgage Rates Move Above 4.00 Percent as we Predicted


Record Low Mortgage Rates are History as Fixed Rates Soar 50 Basis PointsWe predicted average 30 year mortgage rates would move above 4.50 percent but not as high as 4.50 percent in one week. This is the first time since July 11, 2011 that average 30 year rates are above 4.50 percent. The recent sharp run-up in mortgage rates has slowed demand for refinance loans but demand for loans for home purchases continues to move higher.

In EllieMae's May Origination Insight Report, the percentage of home loans for a home purchase was 42 percent and the percentage for a refinance was at 58 percent. Back in January's report, the percentages were 27 percent for a home purchase and 73 percent for a refinance. During that time, average 30 year mortgage rates moved up from an average of 3.45 percent to 4.51 percent today, an increase of over 100 basis points in just 6 months.

Mortgage Rates are Higher but Still Low Historically Speaking


Granted, mortgage rates have moved sharply higher in 2013, higher than most people anticipated, but rates are still low when compared to just a few years ago. Back in 2010, 30 year rates were above current levels and if you go back to the height of the housing bubble, average rates were in above 6.00 percent.

This coming week, average rates will continue their upward trend since 10 year U.S. Treasury yields continue to move higher. In the beginning of May, 10 year yields were around 1.60 percent. This morning 10 year yields are up another 3 basis points, averaging 2.55 percent - a very sharp increase in just over a month.

Jumbo Mortgage Rates Move Higher


Average 30 year mortgage rates will move to 4.75 percent and average 15 year rates will move to 3.75 percent. Jumbo mortgage rates also moved higher this past week but not as sharply as conforming rates. 30 year jumbo mortgage rates today are averaging 4.67 percent, 34 basis points higher from last week's average of 4.33 percent.

Today's mortgage rates on 15 year jumbo loans are now just below 4.00 percent at 3.99 percent. Last week average 15 year jumbo rates were at 3.67 percent. This coming week average 15 year jumbo rates will move above 4.00 percent and as high as 4.15 percent. Average 30 year jumbo rates will move towards 4.80 percent.

Average 5 Year Adjustable Mortgage Interest Rates


Short term adjustable mortgage rates moved higher this week as both 5 year conforming and jumbo rates are now above 3.00 percent. Average 5 year conforming mortgage rates are at 3.37 percent, up from the prior week's average 5 year rate of 2.85 percent. 5 year jumbo adjustable mortgage rates are averaging 3.22 percent, up from last week's average 5 year jumbo rate of 2.98 percent.
 
Author: Brian McKay
June 25th, 2013