Today’s Mortgage Rates Decline, 30 Year Rates Averaging 4.20%

Follow by Email
Facebook
Twitter
LinkedIn
Today's mortgage rates moved lower on the heels of lower 10 year bond yields. Last Friday, 10 year bond yields hit a two month high of 2.61 percent but have declined to 2.58 percent yesterday. As a result of lower bond yields average 30 year mortgage rates have fallen to 4.20 percent today, down from a recent high of 4.27 percent on Monday.

Which direction mortgage rates move this week will be up to what the Federal Open Market Committee says. The FOMC concludes its two day meeting on economic policy today. There is a zero percent chance the FOMC will increase the federal funds rate this time around. The big unknown factor is if the FOMC drops it's dovish phrase on leaving interest rates low for a "considerable time."
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 06101, 0, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.500%
4.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/23/2019
at 0.000 pts
45 day lock rate
Est payment: $1,521
Fees in APR: None
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.750%
3.750%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # 13256
08/23/2019
at -0.250 pts
30 day lock rate
Est payment: $1,390
Fees in APR: ($663)
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.500%
4.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/23/2019
at 0.000 pts
45 day lock rate
Est payment: $1,521
Fees in APR: None
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.






If the Fed's language on interest rates does change, both short term and long term bond yields will increase. Lender's set mortgage rates based on bond yields. Mortgage rates will higher in the coming days if bond yields increase. If the Fed doesn't drop the considerable time phrase on interest rates, 10 year bond yields will fall below 2.50 percent and average 30 year mortgage rates will fall towards 4.10 percent.

Mortgage rates have been in a tight range for all of 2014, average 30 year rates hit a low of 4.06 percent on September 5th. The high point for average 30 year rates was 4.53 percent in early January. Though average 30 year rates remained above 4.00 percent all year long, there have been lenders quoting 30 year rates below 4.00 percent. The lowest 30 year rates available today on the rate tables are at 3.625 percent with 2 mortgage points.

Mortgage rates today on 15 year conforming loans are averaging 3.27 percent, up from an average 15 year mortgage rate of 4.21 percent. Depending on what the Fed says average 15 year rates could move up towards 3.40 percent or down towards 3.15 percent. The best 15 year refinance rates available right now on the tables are much lower at 2.875 percent with 2 mortgage points.

Listed below are current mortgage rates for both conforming and jumbo mortgages:

Average Conforming Mortgage Rates

  • 30 Year 4.20%

  • 15 Year 3.27%

  • 5/1 ARM 3.53%


Average Jumbo Mortgage Rates

  • 30 Year 4.61%

  • 15 Year

  • 5/1 ARM 3.85%


Lowest Conforming Mortgage Rates

  • 30 Year 3.625% with 2 points

  • 15 Year 2.875% with 2 points

  • 5/1 ARM 2.375% with 2 points


Lowest Jumbo Mortgage Rates

  • 30 Year 3.875% with 2 points

  • 15 Year 3.625% with 1.1 points

  • 5/1 ARM 2.625% with no points


 
 
Author: Brian McKay
September 17th, 2014