Mortgage Rates| Compare Current Mortgage Rates Today
Search for today's mortgage rates for home loans to buy a home or refinance a mortgage. You can compare rates today from several lenders by searching in your state below. The current mortgage rates displayed are for a refinance loan in the amount of $250,000. Change the search form to get your own mortgage loan quotes from several different lenders without providing any personal information. When comparing rates you will also see the annual percentage rate (APR) which is higher than the interest rate because fees and points are calculated into the rate. Your FICO score and the down payment on a home purchase or percent equity in your home on a refinance will also determine the rates you are quoted.
Mortgage Rates Updated Wed Dec 17, 2014
Cost & Fees
INTERNET SPECIAL! PHILA. MAGAZINE 5 STAR PROFESSIONAL
Billions Funded. Direct Lender.
Direct Lender A+ BBB Close in 7 Days. Free Float Downs
The Experience is the Difference
Billions Funded. Direct Lender.
The Experience is the Difference
The Experience is the Difference
at 0.000 pts
60 day lock rate
Est payment: $1,429.77
Fees in APR: $703
TD Bank, NA
at 0.000 pts
60 day lock rate
Est payment: $1,448.30
Fees in APR: $982
HSBC Bank USA, N.A.
at 0.000 pts
60 day lock rate
Est payment: $1,408.26
Fees in APR: $705
Raymond James Bank, NA
at 0.000 pts
45 day lock rate
Est payment: $1,417.52
Fees in APR: $1,354
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.
Average mortgage rates today are slightly higher, driven higher by 10 year U.S. Treasury yields increasing 9 basis points in late afternoon trading. Where mortgage rates are next week will depend a lot on Friday’s job’s report. Expectations are for non farm payrolls to increase a an increase by a rather large amount of 260,000. The unemployment rate is expected to remain unchanged at 5.8 percent.
If the jobs numbers come in close to forecasts we expect mortgage rates to decline slightly from current levels.Lower than expected numbers will also send average rates lower. The forecast is for 30 year conforming rates to drop below 4.00 percent again. If the number comes in stronger than expected average rates will increase.
MonitorBankRates.com reports average 30 year mortgage rates are at 4.08 percent, up from last week’s average 30 year rate of 3.96 percent.
Average mortgage rates in 2014 are nowhere near where forecasts were at the beginning of the year. Earlier this year, forecasts were for conventional 30 year mortgage rates to reach 5.00 percent. The closest 30 year rates came to 5.00 percent was at 4.53 percent back during the first week of January.
30 year rates will definitely not reach 5.00 percent this year and will probably remain near 4.00 percent. Average rates might reach 5.00 percent at the end of 2015, a full year later than originally predicted. One thing is for sure, rates will be moving higher in the coming years so don’t get too used to these low rates.
If you’re thinking about buying a home now is probably one of the best times ever. Not only are mortgage rates low right now home prices are still a lower than they were at the height of the housing bubble. Home affordability is still high historically speaking. You can use Realtor.com’s Home Affordability Calculator to see how much house you can afford.
Current mortgage rates on 15 year conforming loans are averaging 3.04 percent, up from last week’s average 15 year mortgage rate of 2.98 percent. We expect average 15 year mortgage rates to fall back below 3.00 percent on any jobs report that doesn’t show stronger than expected job growth. There are lenders quoting 15 year refinance rates below 3.00 percent if you’re willing to pay points on a loan to secure a lower rate.
Today’s mortgage rates on 30 year jumbo loans are also higher averaging 4.15 percent, up from last week’s average 30 year jumbo rate of 4.09 percent. Jumbo mortgage rates will remain near current levels for the rest of 2014 and might actually fall back below 4.00 percent. Right now the best jumbo rates available from lenders are still under 4.00 percent if you’re willing to pay points to buy down the rate.
15 year jumbo mortgage rates are currently averaging 3.75 percent, an increase from the previous week’s average 15 year jumbo rate of 3.69 percent. Average 15 year jumbo rates will also remain near current levels for the rest of the year. Right now on the rate table the lowest 15 year jumbo refinance rates available are well below the average at 2.875 percent with 1 mortgage point.
The lowest mortgage rates in 60 years hasn’t helped re-vigor the housing market from the worst bust since the Great Depression. Since the housing bust, the Federal Reserve’s economic polices were designed to force mortgage rates down to record lows. The Fed has been successful at driving rates down, but one factor has kept a lid on a full housing recovery, lending standards.
Prior to the housing bust, anyone and everyone was able to get a mortgage. The most outrageous loans given to people were “no doc” loans, one was able to get a mortgage without providing proof of your income. Thankfully those days are gone but now the pendulum has swung the other direction and only people with the best credit scores are able to get a loan. That is until recently.
According to Ellie Mae Research, in July 2014, 67 percent of all mortgages applied for closed, meaning the loan was approved and given to the buyer. That is a large increase from January 2014, when the rate of mortgages that closed were at just 53 percent.
Lenders relaxing lending standards will help the housing market and help one group in particular, first time home buyers. Late last month federal regulars dropped a requirement that borrowers make a 20% down payment in order to get a “high-quality” mortgage. Regulators voted to relax the standard after hearing warnings that such a requirement hinders the ability of millions of Americans to get a mortgage.
Fannie and Freddie are also planning to guarantee some loans with down payments of as little as 3%. These new relaxed lending standards combined with current mortgage rates near record lows will help reinvigorate the housing market in 2015. Mortgage rates today on 30 year conforming loans are averaging 3.97 percent, about 0.50 percent higher from a record low set in 2013.
There are many lenders quoting 30 year mortgage rates much lower than the average rate. The lowest 30 year refinance rates this week are quoted at 3.625 percent with 1 mortgage point. The lowest 30 year refi rate without points is also below the average at 3.75 percent.
Current mortgage rates on 15 year conforming loans are averaging 3.11 percent, down from an average 15 year rate of 3.15 percent. You can easily find lenders quoting 15 year refinance rates below the average rate and below 3.00 percent. The lowest rate in our database for California are at 2.875 percent with 1 mortgage point and at 3.00 percent with no points.
Today’s mortgage rates on 30 year jumbo loans are averaging 4.20 percent, a decline from the previous week’s average 30 year jumbo rate of 4.26 percent. The lowest 30 year jumbo refinance rates in the database for New Jersey are at 3.75 percent with 1 mortgage point and at 3.875 percent with no points.
Average 15 year jumbo mortgage rates are currently at 3.74 percent, down from the prior week’s average 15 year rate of 3.77 percent. The best 15 year jumbo refinance rates quoted today in the rate table for Illinois are at 3.125 percent with 0.50 points and at 3.25 percent with zero points.
5 year adjustable mortgage rates on conforming loans are averaging 3.22 percent. Last week the average 5 year conforming ARM was at 3.31 percent. The lowest 5 year adjustable refinance rate available in the database for Florida is at 2.40 percent with 1 point and at 2.50 percent with no points.
Jumbo adjustable mortgage rates on 5 year loans are averaging 3.47 percent, down from last week’s average 5 year jumbo rate of 3.54 percent. The best 5 year jumbo rate available today is at 2.50 percent with 2 mortgage points and at 2.75 percent with no points.
Mortgage rates continue to decline as average 30 year mortgage rates fell below 4.00 percent for the first time in 2014. Lower mortgage rates this year weren’t supposed to happen. Analysts predicted average 30 year rates would head towards 5.00 percent in 2014. Even the most recent forecasts had average 30 year rates above 4.50 percent.
Where 30 year rates end up before the year is over remains to be seen but rates will most likely remain under 4.50 percent, once again defying the analysts. 30 year mortgage rates are currently averaging 3.98 percent, down from the prior week’s average rate of 4.05 percent. The best 30 year refinance rates available this week are at 3.75 percent with points. The best 30 year refinance rate without points is at 3.875 percent.
Mortgage rates today on 15 year conforming loans are averaging 3.05 percent, a new low in 2014 and down from last week’s average rate of 3.09 percent. The lowest 15 year refinance rates available are 2.75 percent and the best 15 year rates without points are at 3.875 percent.
30 year jumbo mortgage rates are averaging 4.23 percent, a decline from last week’s average 30 year jumbo mortgage rate of 4.27 percent. The best 30 year jumbo refi rates available are at 3.625 percent with points and at 3.875 percent with no points.
Current mortgage rates on 15 year jumbo loans are averaging 4.01 percent, down from the previous week’s average rate of 4.05 percent. The best 15 year jumbo refi rates are much lower than the average at 3.00 percent with points and at 3.625 percent with no points.
5 year conforming adjustable mortgage rates are slightly higher this week averaging 3.32 percent, up from the prior week’s average 5 year adjustable rate of 3.29 percent. The lowest 5 year conforming adjustable refinance rates available are well below the average at 2.50 percent with points and at 2.55 percent with no points.
Today’s mortgage rates on 5 year jumbo adjustable mortgages are at 3.14 percent, down 1 basis point from last week’s average rate. The best jumbo adjustable 5 year refi rates available are at 2.375 percent with points and at 2.55 percent with no mortgage points.
Average 30 year conforming mortgage rates have fallen to a new low in 2014. The average 30 year mortgage rate fell to 4.09 percent this week, down from the previous week’s average 30 year rate of 4.14 percent. If you missed a chance to refinance your mortgage loan over the past few years, you might get another chance since rates are at a low for this year.
The average 30 year rate is just above 4.00 percent but you can easily find mortgage companies online quoting 30 year rates below 4.00 percent. The lowest 30 year rates available right now on our rate list are at 3.75 percent with points. The lowest rate without points is still below the average at 3.875 percent.
Whether or not you’re able to refinance depends if you have enough equity in your home. Even the former Federal Reserve Chairman, Ben Bernake, recently said at a conference that he was unable to refinance his mortgage. In fact, millions of home owners haven’t been able to take advantage of record low refinance rates since the housing bust because they either owe more than their home is worth or don’t have enough equity to refinance.
Home prices have increased over the past couple of years so you might have enough equity in your home to refinance now. Another option when refinancing is choosing a shorter term mortgage, like a 15 year mortgage. Refinancing to a short term loan will save you a lot of money in interest payments over the life of the loan. You can use a mortgage calculator to figure out the savings of a 15 year loan instead of a 30 year loan.
Mortgage rates today on 15 year conforming lows are averaging 3.20 percent, down from last week’s average 15 year mortgage rate of 3.24 percent. 15 year rates are just above the 2014 low of 3.18 percent set early in September. The best 15 year refinance rates currently available are well below the average rate. Searching on our rate lists in the state of California we see the best 15 year rate is at 2.75 percent with points and at 2.99 percent with no points.
Current mortgage rates on 30 year jumbo loans are averaging 4.55 percent, a decline from last week’s average 30 year jumbo mortgage rate of 4.61 percent. The best jumbo refinance rates available on 30 year loans are at 3.75 percent with 2 mortgage points. The lowest 30 refi rates without points are also below the average at 4.00 percent.
Today’s mortgage rates on 15 year jumbo loans are averaging 3.92 percent, down from the prior week’s average 15 year rates of 3.97 percent. The best 15 year jumbo refinancing rates available are at 3.25 percent with 1 point and at 3.50 percent with no points.
You can search for the best rates available in your state on the tables: Mortgage Rates
Low current mortgage rates and a slowing of home sales make now a good time to buy a home. Average 30 year mortgage rates today remain just above the record low at 4.23 percent. While the average rate is above 4.00 percent, there are plenty of lenders quoting 30 year rates below 4.00 percent if you’re willing to pay points on a loan.
The past year 30 year mortgage rates have increased from the record low of 3.34% set in January 2013 but rates are still low, historically speaking. Over the past decade, average 30 year conforming rates have declined significantly and have remained low. The last time average 30 year rates were above 5.00 percent was back in January 2010. The last time 30 year rates were above 6.00 percent was back in May 2008 and the last time we saw rates above 7.00 percent was back in March 2002.
A report released by the National Association of Realtors shows existing home sales dropped in August, the first slip after four consecutive months of gains. Total existing home sales fell from 5.14 million in July to 5.05 million in August. The main reason home sales slowed is a decline in all cash purchase by investors.
The NAR report showed all-cash sales made up 23 percent of transactions in August, compared to 29 percent in July. Transactions completed by individual investors dropped from 16 percent in July to 12 percent in August. The average home buyer can’t compete with investors offering all cash. Now that home price appreciation is slowing from the double digits to the single digits, investors/flippers are moving onto other investments.
As you can see, rates are still low right now so if you are thinking about buying a home and haven’t yet, now is probably the best time to buy in your lifetime. If you’re financing your home (like the vast majority of home buyers), low rates allow you to afford “more home.” Low rates, however, are not the only reason to buy now.
Investors slowing purchases means less competition for buyers, especially for first-time home buyers who finance most of their home purchase. While, home prices are higher than the housing bust lows, prices in many areas of the country are still considerably lower than the prices were at the peak of the housing bubble.
For these reasons now is probably one of the best times to buy a home, or refinance a mortgage if you already own a home. Refinance rates and home prices will be moving higher in the coming years because of better economic growth, a lower unemployment rate and higher inflation. The recession and slow job growth the past 5 years has lowered demand for homes.
U.S. household formation was only at 434,000 for the month of June 2014, about one third of the long term average of 1,140,000 (Soure: Census Bureau). In fact, there is so much pent up demand for housing once the economic outlook is brighter all these buyers will rush into the market causing home prices to rise.
RatesORama.com Average Mortgage Rates