Today’s Mortgage Rates Increase as 10 Year Bond Rates Top 3.00 Percent
Today's mortgage rates on 30 year conforming loans are averaging 4.56 percent, an increase from the prior week's average 30 year rate of 4.48 percent. Mortgage rates have slowly drifted higher all December long and will continue to move higher in 2014.
Current mortgage rates are moving higher next year because the Federal Open Market Committee (FOMC) finally announced they would start tapering their purchases of long term bonds and mortgage-backed securities (MBS). The buys, to the tune of $85 billion a month for over a year now, were designed to keep a lid on interest rates. The FOMC stated that starting in January they will decrease these purchases by $10 billion a month and completely stop them by the end of 2014.
You can view the Federal Reserve Chairman Ben Bernanke's press conference here:
Mortgage Rates Today Move Higher
Both fixed mortgage rates and adjustable mortgage rates moved higher today but are still historically low. 15 year conventional mortgage rates today are averaging 3.57 percent, up from the previous week's average 15 year mortgage rate of 3.53 percent. In the beginning of 2013, average 15 year mortgage rates were only slightly lower than current levels, averaging 3.34 percent in the first week of January.
if you're thinking about refinancing a mortgage now is a good time. Looking forward to 2014, average 15 year mortgage rates are predicted to move up to around 3.75 percent during the first six months of the year. By the end of 2014 average 15 year rates will move above 4.00 percent.
Average 15 year rates are around 3.50 percent but you can find many lenders quoting 15 year refinance rates well below the current average. The lowest 15 year refinance rates today in our database for the state of California are at 3.00 percent with just over 1 mortgage point. The best refinance rates without points in the state of CA are still below the average at 3.25 percent.
Current Mortgage Rates on 30 Year Jumbo Mortgages
Back in early 2013, average 30 year jumbo mortgage rates were just above 4.00 percent and the all-time low was 3.94 percent set late in 2012. The rate spread between 30 year conforming and 30 year jumbo rates has been low all year long. At one point during the year, average jumbo rates were actually lower than average conforming rates.
30 year jumbo mortgage rates are currently averaging 4.64 percent, up from last week's average 30 year jumbo mortgage rate of 4.60 percent. 30 year jumbo rates are higher than earlier this year but are also low historically speaking, and low when compared to average 30 year conforming rates. In the coming year, 30 year jumbo rates will move towards 5.00 percent and as high as 5.25 percent late in 2014.
If you're checking for the lowest jumbo rates, we have lenders quoting 30 year jumbo refinance rates below the average in all states. The lowest 30 year jumbo refi rate in the state of North Carolina is currently at 4.00 percent with 2 mortgage points. The lowest 30 year refi rates without points is also below the average at 4.50 percent.
15 Year Jumbo Mortgage Rates Today
Average 15 year jumbo mortgage rates today are at 3.89 percent, an increase from last week's average 15 year jumbo rate of 3.84 percent. The increase in 15 year jumbo rates in 2013 was similar to the increase in 30 year rates. Back in January of 2013, average 15 year jumbo rates were around 3.35 percent.
Looking at rates next year, average 15 year rates will move above 4.00 percent and as high as 4.50 percent to 4.75 percent by the end of 2014. Right now there are still many lenders quoting 15 year jumbo rates below 4.00 percent. The lowest 15 year jumbo rate with points in the state of New Jersey are currently at 3.375 percent with 2 mortgage points. The lowest 15 year rates without points in NJ are at 3.50 percent.
Today's Adjustable Mortgage Rates
Today's 5 year conforming adjustable mortgage rates are currently averaging 3.74 percent, an increase from the prior week's average 5 year adjustable mortgage rate of 3.60 percent. The best adjustable refinance rates right now in our database for the state of Texas are currently at 2.25 percent with 1.831 points. The best rate without points in TX is still well below the average at 2.75 percent.
Average 5 year jumbo adjustable rates this week are at 3.02 percent, an increase from last week's average rate of 2.97 percent. The lowest 5 year jumbo adjustable rates in our database are also much lower than the average. Checking on our table for the state of Florida the best 5 year rates are at 2.50 percent with 2 mortgage points.
Banking & Finance InformationPersonal Finance