Mortgage Rates Move Higher This Week, Average 15 Year Mortgage Rate at 3.11 Percent
Mortgage rates moved higher this week, following 10 year bond yields higher. Bond yields and mortgage rates were higher on stronger than expected third quarter GDP growth and a stronger than expected manufacturing report.
Third quarter GDP growth came in at 3.5 percent, higher than the 3.0 growth analysts had expected. The ISM Manufacturing Index also beat expectations, registering 59 last month, up from September's reading of 56.6.
Conventional 15 year mortgage rates today are averaging 3.11 percent this week, up from the prior week's average 15 year rate of 3.05 percent. Average mortgage interest rates are higher this week but rates are still low, historically speaking. Average 15 year rates were 6 basis points higher this week but the lowest 15 year rates available remained the same at 2.75 percent.
Current mortgage rates on 30 year conforming loans are still below 4.00 percent this week at 3.99 percent. 30 year rates are slightly higher from last week's average of 3.98 percent. The best 30 year refinance rates available actually fell 0.125 percent this week to 3.625 percent with 2 mortgage points.
30 year jumbo mortgage rates are down this week, bucking the uptrend. The current average 30 year jumbo rate is at 4.22 percent, down 1 basis point from last week's average rate. The lowest 30 year jumbo refinance rate available on the rate table are up 0.125 percent this week to 3.75 percent with 1.5 points. The lowest 30 year jumbo refi rate without points remained the same at 3.875 percent.
Average 15 year jumbo mortgage rates are at 3.88 percent, a big decline from the previous week's average 15 year rate of 4.01 percent. The lowest 15 year jumbo refinance rates are at 2.99 percent with 1.50 points and at 3.125 percent with no points.
5/1 conforming adjustable mortgage rates are averaging 3.25 percent, down from last week's average 5 year adjustable rate of 3.32 percent. The best 5 year adjustable ARMs available are still well below the average at 2.375 percent with 1.75 points and at 2.55 percent with no points.
Today's mortgage rates on 5 year jumbo adjustable loans are averaging 3.47 percent, a sharp uptick from last week's average 5 year jumbo rate of 3.14 percent. The lowest 5 year jumbo refi rates available are at 2.50 percent with 2 points and at 2.55 percent with no points.
RatesORama.com Average Mortgage Rates