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 $150,000. 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 Fri Dec 6, 2013
Since the beginning of 2013, mortgage rates have drifted higher from record lows. The increases on average for both fixed conforming mortgages and fixed jumbo mortgages have been about 1.00 percent, or 100 basis points. Mortgage rates have moved higher but when you compare today’s mortgage rates to historical averages, rates are still incredibly low.
Take 30 year conventional mortgage rates which are currently averaging 4.35 percent. 30 year mortgage interest rates set a record low of just above 3.25 percent in the winter, about 1.00 percent lower than today’s rates. Back in 2008, 30 year conventional rates were above 5.00 percent for most of the year and back in 2006 rates were above 6.00 percent.
Best 30 Year Mortgage Refinance Rates Today
Looking for the lowest rates on our rate lists across the United States, we see in Florida the best rate available is at 3.875 percent with 1.452 mortgage points. The best 30 year refinance rates without points in FL are also below the average rate at 4.125 percent. In California, the lowest 30 year refinance rate is also at 3.875 percent with 1.452 points and at 4.125 percent with zero points.
Millions of homeowners who wanted to take advantage of record low rates the past few years were unable to do so because they didn’t have enough equity in the home. If you’re one of these homeowners, you should look into refinancing again because home prices are up 12 percent the past year.
Lowest 15 Year Refinance Rates Currently Available
Average 15 year refinance rates today are at 3.45 percent, up from last week’s average 15 year refinance rate of 3.43 percent. The best refinance rates on 15 year conforming mortgages are currently at 2.75 percent with 1.879 mortgage points on our rate list in California. The best CA refinance rates without points on 15 year mortgages are at 3.125 percent, still more than 0.30 percent below the average rate.
The best 15 year refinancing rates on our rate list for the state of Texas are at also at 2.75 percent with points. The best 15 year refi rate without points currently offered in TX are listed at 3.125 percent. Many of the lender’s rates mentioned in this article can be found in most states by searching our rate lists.
Best 30 Year Jumbo Refi Rates at 4.125 Percent
For most of 2013, the rate difference between conventional mortgages and jumbo mortgages has been narrowing. Back during the housing bust, if you could find a lender offering 30 year jumbo mortgages the rate was around 2.00 percent higher than 30 year conforming rates at the time.
Now the average rate difference between both types of mortgages is less than 0.25 percent. At one point during this year, average 30 year jumbo rates were actually lower than average 30 year conforming rates. Right now, the lowest 30 year jumbo refinance rates on our list are at 4.125 percent with points. The lowest 15 year jumbo refinancing rates without points are at 4.375 percent.
15 Year Jumbo Rates Averaging 3.75 Percent
15 year jumbo mortgage rates are averaging 3.75 percent today, down from an average 15 year jumbo rate of 3.79 percent. 15 year jumbo rates are very low now and will remain below 4.00 percent for the rest of this year. Looking forward to next year, 15 year jumbo rates will remain between 4.00 percent and 5.00 percent.
The lowest 15 year jumbo rates available right now on our rate list for New Jersey are much lower at 3.25 percent with no points. The lowest 15 year jumbo rates in New York are at 3.375 percent with no points. In the state of California, the best 15 year jumbo rates are at 3.25 percent with 1.874 points and at 3.375 percent with zero points.
Low mortgage rates are bringing home buyers back to the market and sending home prices higher. As home prices rise, more and more homeowners rise above water on their mortgages. According to CoreLogic, in the second quarter of 2013, 2.5 million U.S. properties emerged from underwater or negative equity.
The number of homeowners above water is increasing. In the fourth quarter of 2012, only 200,000 more homeowners returned to positive equity, less then one tenth the number in the second quarter of this year. The total number of residential properties with a mortgage with equity stands at 41.5 million.
7.1 Million Homeowners Still Under Water on Their Mortgage
This news is very positive for the residential real estate market and the economy but there are still 7.1 million homeowners, 14.5 percent of all residential properties, underwater on their mortgage. These homeowners can’t sell their homes if they want to nor are they able to take advantage of record low refinance rates to refinance their loan.
30 Year Refinance Rates Hit a Record Low in 2013
30 year conforming refinance rates fell to as low as 3.27 percent on average earlier this year. Current 30 year refinance rates are higher, averaging 4.16 percent, but are still down from the high of 4.81 percent this year. One recommendation we can make is if your current mortgage rate is 5.00 percent or higher, you should refinance your loan.
Search for the Lowest Mortgage Rates in Your State Here: Mortgage Rates
Even if you tried to refinance your mortgage over the past year and weren’t able to, you should try again. Since home prices have risen in the low double digits over the past 12 months, you might now have enough equity to refinance. Prices in some markets that were hit hard during the housing bubble are bouncing back sharply. Some areas in Arizona, Nevada, California, and Florida have seen prices going up 20 percent or more.
Mortgage Rates Fall to Four Month Lows
Over the summer, average mortgage rates on conforming and jumbo loans shot up over 100 basis points on fears the Federal Reserve would taper their stimulus measures. The Fed didn’t stop their stimulus programs and mortgage rates started falling again. Just this past week, Freddie Mac reported mortgage rates falling to four month lows.
Average 30 year mortgage rates for the week ending October 24, 2013, fell to 4.13 percent with 0.8 mortgage points. The average 30 year mortgage rate is down from the prior week’s average of 4.28 percent. Freddie Mac’s rate is an average rate, currently there are lenders in our rate database quoting 30 year rates as low as 3.75 percent with points.
15 year mortgage rates also fell week over week in Freddie Mac’s report. Average 15 year mortgage rates fell to 3.24 percent with 0.6 mortgage points, down from the prior week’s average 15 year mortgage rate of 3.33 percent. Right now on our rate tables the best mortgage rates on 15 year loans are at 2.625 percent with points.
Jumbo Mortgage Rates Today
Average 30 year jumbo mortgage rates today are at 4.39 percent, a decline from the prior week’s average 30 year jumbo mortgage rate of 4.42 percent. 30 year jumbo rates moved above 5.00 percent during the summer on fears the Federal Reserve would stop buying mortgage-backed securities and long term U.S. bonds.
Since the Fed hasn’t announced an end to their purchases and now look to continue their purchases well into 2014, average jumbo mortgage rates have fallen. For the rest of 2013 it appears 30 year jumbo rates will remain below 4.50 percent and possibly fall back to the 4.00 percent level.
Right now on our rate tables, we have one lender quoting 30 year jumbo loan rates at 4.00 percent with points. We also have many lenders quoting 30 year jumbo rates at 4.125 percent and the lowest jumbo rate without points is quoted at 4.25 percent.
Current mortgage rates on 15 year jumbo loans are currently averaging 3.78 percent, down from the prior week’s average 15 year jumbo mortgage rate of 3.80 percent. For the remainder of the year, 15 year jumbo rates will stay under 4.00 percent and might fall as low as 3.50 percent.
Currently, the lowest 15 year jumbo refinance rates in our database are much lower than the average rate. The lowest rate with mortgage points is at 3.125 percent from Pentagon Federal Credit Union. The lowest 15 year jumbo refinance rate without points is at 3.375 percent.
Mortgage rates continue to trend lower this week, following 10 year U.S. Treasury rates lower. Average 30 year mortgage rates today are at 4.28 percent, down from last week’s average 30 year mortgage rate of 4.35 percent. Both mortgage rates and Treasury rates declined in recent week on the Federal Open Market Committee’s decision to continue quantitative easing.
This week bond rates have been in a tight range of 2.60 percent to 2.65 percent, in essence shrugging off the shutdown of the Federal Government. If the shutdown lasts a long time and the economy is hurt by it, bond rates will decline from current levels which would send mortgage rates lower as well.
Today’s Mortgage Rates on 15 Year Conforming Loans
Average 15 year conforming mortgage rates are at 3.33 percent, down from last week’s average 15 year rate of 3.44 percent. 15 year mortgage rates were below 3.00 percent earlier this year but moved considerably higher over the summer. The high point for 15 year rates was back in early August when average 15 year rates hit 3.85 percent.
In the coming weeks and months, average conventional mortgage rates will stay around current levels provided the government shutdown is resolved and there are no issues increasing the debt ceiling limit. If these two issues can’t be resolved in time, look for conforming rates to move sharply lower because investors will send bond yields much lower on concerns about future economic growth.
Jumbo Mortgage Rates Decline
Jumbo mortgage rates have also moved lower the past several weeks for the same reason that conforming rates declined. Average 30 year jumbo mortgage rates today are at 4.61 percent, down from the prior week’s average 30 year jumbo mortgage rate of 4.73 percent. Average 30 year jumbo rates were just above 5.00 percent in early August and have since moved much lower.
15 year jumbo mortgage rates are averaging 3.85 percent, down from the prior week’s average 15 year jumbo rate of 4.02 percent. Both 30 year and 15 year jumbo rates will move slightly lower in the coming weeks but any big move lower will also be dependent upon the budget issues in Washington.
Adjustable Mortgage Rates Today
Average 5 year conforming adjustable mortgage rates are still above average 5 year jumbo mortgage rates this week. Current 5 year conforming adjustable mortgage rates are averaging 3.43 percent, a decline from an average 5 year adjustable rate of 3.56 percent last week. 5 year jumbo adjustable mortgage rates are averaging 3.15 percent, down from the previous week’s average 5 year jumbo rate of 3.34 percent.
Average mortgage rates held steady the past several weeks but rates will be moving higher in the coming week. Market forces drove 10 year Treasury yields near 3.00 percent on concern the Fed will begin winding down their bond buying program. Since lenders tie mortgage rates to long term bond yields we can expect rates to move higher.
Mortgage Rates Will Move Higher on Strong Job Growth
Two employment reports were released that will send bond yields and mortgage rates even higher. The payroll processing company, ADP, announced the private sector added 176,000 jobs in August. The Labor Department said the number of Americans filing new claims for jobless benefits fell 9,000 last week to 323,000, a near five-year low and the lowest point since the recession.
On the news, 10 year bond yields are up 8 basis points to 2.93 percent, the highest point in 2013. Tomorrow the Labor Department will release non-farm payrolls for the month of August and the current unemployment rate. Analysts are expecting 210,000 new jobs to have been created and the unemployment rate to tick up 0.1 percent to 7.5 percent.
Mortgage Rates Today Conforming Loans
Numbers stronger than expected will send 10 year bond yields over 3.00 percent which will send mortgage rates higher. Mortgage rates today on 30 year conforming loans are averaging 4.46 percent. Next week we could see 30 year mortgage rates move to the 3.65 percent range. Currently there are lenders on our rate list offering 30 year rates as low as 4.00 percent with points.
Today’s mortgage rates on 15 year conventional loans are averaging 3.49 percent, up from Tuesday’s average 15 year mortgage rate of 3.45 percent. Next week average 15 year rates will move above 3.50 percent and probably as high as 3.70 percent. The lowest 15 year refinance rates on our rate list today are at 3.625 percent.
Current Mortgage Rates on Jumbo Loans
Average jumbo mortgage rates are also higher today and will move higher this coming week. Current mortgage rates on 30 year jumbo loans are averaging 4.70 percent, up from Wednesday’s average 30 year jumbo mortgage rate of 4.67 percent. The lowest jumbo refinance rates on our rate list right now are at 4.375 percent with points.
15 year jumbo mortgage rates are currently averaging 4.05 percent, up from Wednesday’s average 15 year jumbo rate of 4.01 percent. This week, average 15 year jumbo rates will move above 4.15 percent but right now you can still find jumbo rates below 4.00 percent. The lowest 15 year jumbo rate in our database are currently at 3.75 percent with points.
Adjustable Mortgage Rates Today
Average 5 year adjustable conforming mortgage rates are at 3.56 percent, up from yesterday’s average 5 year adjustable rate of 3.49 percent. If you’re willing to pay points, the lowest 5 year conforming rates on our rate list are still below 3.00 percent at 2.50 percent. The lowest 5 year conforming rates without points are at 2.75 percent.
Jumbo 5 year adjustable rates are averaging 3.30 percent, up from an average 5 year jumbo rate of 3.27 percent set yesterday. Next week 5 year jumbo rates will probably remain near current levels. The lowest 5 year jumbo refinance rates on our rate list are at 2.625 percent and the lowest 5 year rates without points are at 3.00 percent.
After running much higher for most of the past several months, fixed average mortgage rates are holding steady at current levels. Mortgage rates today on 30 year conventional home loans are averaging 4.52 percent, up slightly from last week’s average rate of 4.45 percent. Current mortgage rates are much higher from levels just a few months ago because 10 year bond yields are much higher.
Concern Federal Reserve Will Stop QE3
There has been growing concern among investors that the Federal Reserve will curtail or even stop their purchases of bonds and mortgage-backed securities. The Federal Open Market Committee (FOMC) is scheduled to meet in September and investors are scared the Fed will announce their policy change right after the meeting.
If the Fed does announce an end to buying long term bonds and mortgage-backed securities, both bond yields and mortgage rates will soar even higher from current levels. Concern of the buying ending has already sent long term bond yields much higher since the beginning of May. The low point for 10 bond yields in early May was at 1.62 percent, today 10 year bond yields are up another 8 basis points to 2.84 percent.
30 Year Conforming Mortgage Rates
10 year bond yields almost doubled during this time and 30 year conforming mortgage rates moved 100 basis points higher. The recent increase in mortgage rates would have been more pronounced if rates were allowed to fall even further. Lenders didn’t lower rates as much as they should have which is why bond yields are up 1.25 percent while 30 year mortgage rates are up only 100 basis points.
If this scenario plays out we could see average 30 year mortgage rates move above 5.00 percent in 2013 which would surprise everyone. Earlier this year most analysts were expecting the high point for 30 year rates at 4.50 percent. Since rates are already above 4.50 percent we could expect 30 year rates to move as high as 5.00 percent sometime before October.
Current Mortgage Rates on 15 Year Conventional Loans
Current mortgage rates on 15 year conventional home loans are averaging 3.49 percent, an increase from last week’s average 15 year mortgage rate of 3.35 percent. The lowest point I saw lenders quoting 15 year refinance rates was at 2.25 percent with 2 mortgage points. This rate and point combination I saw was earlier this year. The lowest 15 year refinance rates today with 2 points are at 3.00 percent.
Average Jumbo Mortgage Rates Today
Today’s mortgage rates on 30 year jumbo loans are averaging 4.68 percent, up from the previous week’s average 30 year jumbo mortgage rate of 4.59 percent. If the Fed stops their current round of buying, AKA “Quantative Easing (QE3), 30 year bond yields will also move higher and average rates will move above 5.00 percent.
Currently, the lowest 30 year jumbo rates quoted by lenders are way below 5.00 percent. The lowest 30 year jumbo refinancing rate in our database for the state of California are quoted at 4.00 percent with 2.00 points. The lowest 30 year jumbo refi rates in Washingont D.C. are quoted slight higher at 4.25 percent with 1.605 points.
15 year jumbo mortgage interest rates are averaging 4.02 percent, up from the prior week’s average 15 year jumbo rate of 3.95 percent. This coming week average 15 year jumbo rates will move above 4.10 percent and possibly as high as 4.15 percent. If the Fed stops QE3 average 15 year jumbo rates will move above 4.50 percent to around 4.75 percent.
The lowest 15 year jumbo mortgage rates today in our database for the state of Texas are at 3.625 percent with 0.875 mortgage points. The lowest Texas jumbo mortgage rates without points are at 3.75 percent. In the state of New Jersey the lowest 15 year rates are quoted at 3.50 percent with 1.125 points and the lowest rate without points are quoted at 3.625 percent.
Pending home sales for the month of June slowed as higher mortgage rates hindered buyers’ demand. Fixed conforming mortgage rates on 30 year and 15 year loans increased more than 1.00 percent the past several months. The sharpest increased occurred in mid-June when 30 year rates increased from an average of 4.00 percent to 4.50 percent in just one week, the highest weekly increase in average rates ever.
Pending Home Sales Slow
Slowing pending home sales isn’t a surprise since mortgage rates have increased so dramatically in such a short period of time. The National Association of REALTORS® reported The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 0.4 percent to 110.9 in June 2013.
June’s number is down from 111.3 in May 2013, but still 10.9 percent higher than in June a year ago. Pending home sales for the month of May reached the highest point in over six years, just prior to the increase in mortgage interest rates which started in June. July’s pending home sales number will be lower than June as mortgage rates haven’t retreated much from the recent highs.
Home Prices Surge in May 2013
Along with current mortgage rates moving higher, home prices have also moved sharply higher the past year. The Standard & Poor’s/Case-Shiller 20-city home price index increased 12.2 percent in May. The increase in home prices was across the United States with the biggest increases in West and Southwest of the country.
The largest increase in home prices was in San Francisco at 24.5%, the second largest increase was in Las Vegas 23.3% and the third largest increase was in Phoenix at 20.6%. The slowest increase in prices was on the East Coast with New York showing a 3.3% gain, Cleveland showing a 3.4% gain and Washington DC a6.5% gain.
Current Mortgage Rates
Mortgage rates today on 30 year conventional mortgage loans are averaging 4.35 percent, up from the prior day’s average 30 year mortgage rate of 4.33 percent. In the spring of 2013, average 30 year rates were about 1.00 percent lower. You can’t find lenders quoting 30 year rates as low as 3.50 percent but there are still some lenders quoting 30 year rates at 3.875 percent if you’re willing to pay points.
Today’s mortgage rates on 15 year conventional loans are averaging 3.43 percent, a slight increase from yesterday’s average 15 year interest rate of 3.42 percent. Back in May of 2013, average 15 year rates were around 2.50 percent and we probably won’t ever see average 15 year rates that low again. There are, however, still some lenders quoting 15 year refinance rates as low as 2.875 percent with points.
Current mortgage rates on 30 year jumbo loans are averaging 4.69 percent, up from Wednesday’s average 30 year jumbo mortgage rate of 4.67 percent. Jumbo mortgage rates never fell as much as conforming rates but they haven’t increased as much the past month either. The lowest jumbo mortgage rates quoted on RatesORama were around 3.50 percent back in May. Currently, the lowest 30 year jumbo rates are quoted at 4.25 percent.
Average 15 year jumbo mortgage rates are at 4.03 percent, up from an average 15 year jumbo rate of 3.99 percent. The best jumbo rates on 15 year loans in our database right now are 50 basis points below the average. If you’re willing to pay points to buy down the mortgage rate, you can find lenders on RatesORama.com with rates as low as 3.50 percent.
5 year adjustable mortgage rates on conforming loans are averaging 3.40 percent, a slight decrease from an average 5 year adjustable rate of 3.41 percent. The lowest 5 year adjustable mortgage quotes in our rate database are at 2.50 percent with points. Just over three months ago, we had lenders quoting 5 year rates as low as 1.75 percent but a rate of 2.50 percent is still very low, historically speaking.
5 year adjustable jumbo mortgage interest rates are averaging 3.20 percent, up from an average 5 year jumbo rate of 3.19 percent. It is interesting that average 5 year jumbo rates are 20 basis points lower than 5 year conforming rates. The best jumbo rates on 5 year loans right now on RateORama can be found as low as 2.875 percent with points.
Mortgage rates continue to march higher this week, driven higher by the relentless increases in 10 year bond yields. Conventional 30 year conforming mortgage rates today have moved above 4.50 and are averaging 4.64 percent. This is the first time since July 11, 2011 that 30 year rates have moved above 4.50 percent.
A mere two months ago, 30 year rates were just above record lows, averaging 3.53 percent. Only one month ago, 30 year rates were averaging 3.81 percent. 10 year bond yields also moved higher the past two months. Back on May 2nd, 10 year yields averaged 1.66 percent, yesterday 10 year yields closed at 2.65 percent.
Some lenders use 10 year bond yields as a barometer to set mortgage rates which is why rates move higher when bond yields move higher and rates move lower when yields move lower. Other lenders use the LIBOR rate, The London Interbank Offered Rate, to set mortgage rates. Our average mortgage rates in our free mortgage rate widget are set by 10 year bond yields.
Current mortgage rates on 15 year conforming loans also moved sharply higher over the past few months. In April, average 15 year mortgage interest rates tied record lows set late in 2013. The lowest rate on 15 year conforming loans was 2.66 percent, last week the average 15 year rate was at 3.41 percent, and this week the average rate is at 3.61 percent.
In just a few months, average rates on both 30 year and 15 year conforming loans are around 100 basis points higher. While the increase in rates has stopped loan demand for refinancing, higher rates still haven’t cooled the housing market. Both home sales and home prices are moving sharply higher due to the low amount of homes available for sale.
Fixed conforming rates are not the only rates moving higher. Rates are moving higher on all products including jumbo loans and adjustable loans. Today’s mortgage rates on 30 year jumbo loans are averaging 4.78 percent, up from last week’s average 30 year jumbo rate of 4.55 percent. In early May, 30 year jumbo rates were averaging 4.94 percent and just last month 30 year rates were at 4.55 percent.
Average 15 year jumbo mortgage rates today are at 4.10 percent, an increase from the previous week’s average 15 year jumbo rate of 3.94 percent. Last month on June 10, average 15 year jumbo interest rates were at 3.59 percent and rates were even lower in early May when they averaged 3.35 percent.
5 year adjustable mortgage rates currently are averaging 3.68 percent, a sharp increase from last week’s average 5 year adjustable rate of 3.25 percent. In late April, average 5 year adjustable rates were over 100 basis points lower at 2.58 percent. You can still find lenders quoting 5 year adjustable rates around 2.50 percent. Currently on our rate table, AimLoan is quoting 5 year adjustable refinance rates at 2.625 percent with points.
Jumbo adjustable mortgage rates on 5 year loans are also sharply higher this week and up considerably over the past two months. Current 5 year jumbo adjustable rates are at 3.36 percent, up from last week’s average jumbo rate of 3.26 percent. Back in early May, 5 year jumbo rates were averaging 2.55 percent. The lowest 5 year jumbo rates in our database are just under 3.00 percent at 2.875 percent with points.
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