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 Tue Oct 21, 2014
Cost & Fees
Billions Funded. Direct Lender.
Billions Funded. Direct Lender.
Billions Funded. Direct Lender.
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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 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.
Mortgage interest rates hit 2014 lows last week and have moved slightly higher this week. A week ago, average 30 year mortgage rates hit a low of 4.07 percent. Rates increased because long term bond yields moved higher. 10 year bond yields rose 15 basis points the past 5 trading days, driving average 30 year mortgage rates up to 4.24 percent.
At the start of 2014 mortgage analysts predicted average 30 year mortgage rates would move just above 5.00 percent. The high point this year for 30 year rates was 4.53 percent during the first week of January. We don’t anticipate average 30 year rates moving much higher or lower from current levels and rates certainty won’t move towards 5.00 percent.
For the remainder of 2014 average 30 year rates will be range bound between 4.25 percent and 4.65 percent. There is more of a chance rates will fall towards 4.00 percent instead of moving up near 5.00 percent. Although rates have remained above 4.00 percent this entire year lenders have quoted rates below 4.00 percent all year long.
The lowest 30 year mortgage rates today quoted on our rate list are at 3.75 percent with 1 mortgage point. If you don’t want to pay points on a loan we have a couple of lenders quoting 30 year rates at 3.875 percent without points. Feel free to use our rate tables to find the best mortgage interest rates in your state: Mortgage Rates Today. Best of all you don’t have to provide any personal information or contact information to see a list of rates.
Listed below are average mortgage rates this week and the lowest mortgage rates available on our rate tables:
Average Mortgage Rates
Lowest Mortgage Rates Available
Average mortgage rates increased this week but will fall in the coming days as a result of lower 10 year bond yields. The current average 30 year mortgage rate is at 4.25 percent, an increase from last week’s average 30 year rate of 4.17 percent. Mortgage rates moved higher this week rates but are still very low, historically speaking.
Mortgage rates have remained near record lows for several years now and will move higher in the coming years. Despite the fact that rates are near record lows, loan demand is still sluggish. The Mortgage Bankers Association reported mortgage applications decreased 2.7 percent for the week ending August 8, 2014.
In the coming years, rates will be moving higher as a result of stronger economy growth and the Federal Reserve policies. Joe Mollica, of Connecticut Financial Mortgage, said the following regarding rates, the housing market, and the Federal Reserve:
Listed below are average mortgage rates today:
Conforming Mortgage Rates
Jumbo Mortgage Rates
Mortgage rates moved higher today, following 10 year bond yields higher. Average conforming 30 year mortgage rates are at 4.30 percent, up from the previous week’s average rate of 4.23 percent. Both conforming and jumbo rates moved higher over the weekend but they should fall again over the next couple of days.
30 year conforming rates are averaging 4.30 percent but the lowest available rates are lower than the average. The best 30 year refinance rates in the state of New Jersey are currently at 3.75 percent with 1.75 mortgage points. The best 30 year refi rate without points is still below the average at 3.99 percent.
Today’s mortgage rates on 15 year conforming loans are averaging 3.30 percent, an increase from the prior week’s average rate of 3.25 percent. The best 15 year refinance rates on the tables right now are below 3.00 percent in all states. For California, the best 15 year rate is at 2.75 percent with 1 mortgage point. The best rate without points is still below 3.00 percent at 2.99 percent.
Average 30 year jumbo mortgage rates are at 4.60 percent, up from last week’s average 30 year jumbo mortgage rate of 4.54 percent. The lowest jumbo refinance rates available are much lower at 3.875 percent with 1 mortgage point. The best 30 year jumbo rate without points is currently at 4.125 percent.
15 year jumbo mortgage rates are currently averaging 3.76 percent, up from an average rate of 3.69 percent. The best 15 year jumbo rates available are much lower at 3.375 percent with 0.75 mortgage points. The lowest 15 year rate without points is still below the average at 3.625 percent.
Conventional 5 year adjustable mortgage rate are averaging 3.34 percent, up from last week’s average 5 year adjustable rate of 3.29 percent. The lowest 5 year adjustable refinance rates available are well below the average at 2.375 percent with 1 mortgage point. The lowest 5 year adjustable refi rate without points is at 2.625 percent.
Current mortgage rates on 5 year jumbo adjustable rates are averaging 3.58 percent, up from an average rate of 3.51 percent. The best 5 year jumbo refi rates available are at 2.50 percent with 2 points and at 2.875 percent with no points.
RatesORama.com Average Mortgage Rates