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Mortgage Rates| Compare Current Mortgage Rates TodaySearch 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 Sun Oct 22, 2017
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APR
Rate
Cost & Fees
Notes
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IAB Financial Bank 4.285%
10/18/2017
4.250%
at 0.000 pts
30 day lock rate Est payment: $983.88
Fees in APR: $828
Somerset Savings Bank, SLA 3.768%
10/17/2017
3.750%
at 0.000 pts
90 day lock rate Est payment: $926.23
Fees in APR: $432
Proponent Federal Credit Union 4.038%
10/20/2017
4.000%
at 0.000 pts
45 day lock rate Est payment: $954.83
Fees in APR: $924
Shore Community Bank 4.255%
10/19/2017
4.250%
at 0.000 pts
30 day lock rate Est payment: $983.88
Fees in APR: $126
Raymond James Bank, NA 4.305%
10/17/2017
4.250%
at 0.000 pts
45 day lock rate Est payment: $983.88
Fees in APR: $1,299
Metuchen Savings Bank 3.921%
10/17/2017
3.875%
at 0.500 pts
60 day lock rate Est payment: $940.47
Fees in APR: $108
United Teletech Financial 3.908%
10/19/2017
3.875%
at 0.000 pts
30 day lock rate Est payment: $940.47
Fees in APR: $795
Amalgamated Bank 3.937%
10/19/2017
3.875%
at 0.000 pts
60 day lock rate Est payment: $940.47
Fees in APR: $1,504
Schuyler Savings Bank 4.257%
10/16/2017
4.250%
at 0.000 pts
60 day lock rate Est payment: $983.88
Fees in APR: $170
OceanFirst Bank 3.789%
10/17/2017
3.750%
at 0.000 pts
60 day lock rate Est payment: $926.23
Fees in APR: $952
Fulton Bank of New Jersey 4.044%
10/16/2017
4.000%
at 0.125 pts
60 day lock rate Est payment: $954.83
Fees in APR: $807
TD Bank, NA 3.917%
10/20/2017
3.875%
at 0.000 pts
45 day lock rate Est payment: $940.47
Fees in APR: $1,016
Valley National Bank 4.066%
10/20/2017
4.000%
at 0.500 pts
60 day lock rate Est payment: $954.83
Fees in APR: $577
Financial Resources Federal Credit Union 4.021%
10/20/2017
4.000%
at 0.000 pts
60 day lock rate Est payment: $954.83
Fees in APR: $510
Magyar Bank 3.875%
10/17/2017
3.875%
at 0.000 pts
60 day lock rate Est payment: $940.47
Fees in APR: None
Malvern Federal Savings Bank 4.021%
10/18/2017
3.990%
at 0.000 pts
60 day lock rate Est payment: $953.68
Fees in APR: $745
Santander Bank, N.A. 4.209%
10/20/2017
4.125%
at 0.000 pts
60 day lock rate Est payment: $969.30
Fees in APR: $2,004
Affinity FCU 4.129%
10/20/2017
4.125%
at 0.000 pts
60 day lock rate Est payment: $969.30
Fees in APR: $97
Credit Union of New Jersey 4.131%
10/20/2017
4.125%
at 0.000 pts
30 day lock rate Est payment: $969.30
Fees in APR: $147
Audubon Savings Bank 4.149%
10/19/2017
4.125%
at 0.000 pts
60 day lock rate Est payment: $969.30
Fees in APR: $580
Manasquan Savings Bank 4.025%
10/17/2017
4.000%
at 0.000 pts
45 day lock rate Est payment: $954.83
Fees in APR: $606
LincolnWay Community Bank 3.920%
10/17/2017
3.875%
at 0.000 pts
30 day lock rate Est payment: $940.47
Fees in APR: $1,085
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. Mortgage rates continued the relentless decline this week, hitting yet another new low for 2017. Back in January of this year, forecasts for average 30 year mortgage rates by this time were in the range of 4.75 percent. Average 30 year mortgage rates closed yesterday at 3.67 percent, more than 100 basis points lower than the forecast. 30 year rates are now only about 30 basis points above the all-time record low set in 2012. 15 year mortgage rates also fell this week, hitting a new low for 2017 and falling below 3.00 percent for the first time this year. Average 15 year mortgage rates are at 2.94 percent, down from last week’s average rate of 3.01 percent. 15 year mortgage rates were forecast to be around 3.75 percent by the third quarter of 2017. 5 year adjustable mortgage rates were slightly higher this week, averaging 3.15 percent, up from last week’s average rate of 3.14 percent. In the chart below, you can see the steady decline for mortgage rates this year.
30 year jumbo mortgage rates declined this week to 4.20 percent, down from last week’s average 30 year jumbo rate of 4.26 percent. Average 15 year jumbo rates fell to 3.83 percent, down from the prior week’s average 15 year rate of 3.87 percent. 5 year jumbo adjustable rates are currently at 3.62 percent, up from last week’s average of 3.60 percent. Mortgage rates were widely forecast to move higher in 2017 but that hasn’t happened. In fact, mortgage rates have actually declined since the beginning of 2017. Now we are in the month of June, halfway through the year, and rates are still moving lower. Back in January 2017, 30 year mortgage rates were above 4.00 percent, averaging around 4.25 percent. By the end of May, 30 year mortgage rates were back under 4.00 percent, averaging 3.90 percent. 30 year mortgage rates today are even lower, averaging 3.75 percent. RatesORama.com, along with most mortgage related websites, forecast higher mortgage rates. One of the premier organizations in the mortgage business, the Mortgage Bankers Association, also forecast higher mortgage rates. Naturally, their forecast for average rates has declined each month as rates moved lower. MBA Mortgage Rate ForecastsJanuary 19th Forecast
April 18th Forecast
June 12th Forecast
The MBA’s forecasts will certainly come down again next month since the 2nd quarter of 2017 is almost over and average 30 year rates are at 3.75 percent. Future Direction of Mortgage RatesRatesORama.com now forecast average fixed mortgage rates to hover around current levels for the rest of 2017. That would mean 30 year rates will remain around 3.75 percent and 15 year mortgage rates will remain near 3.00 percent. Shorter term adjustable mortgage rates are more susceptible to short term bond yields moving higher. The Fed is expected to increase the fed funds rate once more in 2017. The increase will be 25 basis points, which will likely force short term mortgage rates up 25 basis points. Current average 5 year adjustable mortgage rates are at 3.15 percent. A 25 basis point increase will put 5 year adjustable rates around 3.40 percent. 7 year adjustable rates currently averaging 3.35 percent will move towards 3.60 percent. The general consensus is that mortgage rates will move higher in 2017 but that hasn’t happened yet and the year is almost half over. When Trump surprised everyone and won the election, 10 year bond yields and mortgage rates moved higher. 10 year yields increased from roughly 1.80 percent to 2.60 percent and average 30 year mortgage rates increased from 3.40 percent to 4.00 percent. Since then, both bond yields and mortgage rates are lower and in fact, both are lower overall in 2017. This wasn’t supposed to happen because the Federal Reserve is in tightening mode and has increased rates twice since December 2016. While the Federal Reserve doesn’t set mortgage rates, their rate changes do affect mortgage rates and the housing market. Mortgage rates tend to move in the same direction as 10 year bond yields because the 10 year note serves as a benchmark for mortgages and many forms of credit. When the fed funds rate is increased, bond yields move higher and mortgage rates also move higher. The same process happens but in the opposite direction when the fed funds rate is lowered. The Fed is expected to increase the fed funds rate two more times in 2017 and those rate increases will put more upward pressure on bond yields and mortgage rates. Will two more rate hikes actually produce higher mortgage rates? We believe so. Don’t be alarmed though -mortgage rates won’t move much higher from current levels. 30 year mortgage rates today are still under 4.00 percent, averaging 3.92 percent. At the beginning of the year, 30 year mortgage rates were forecast to hit 5.00 percent by the end 2017. We think this is highly unlikely at this point. A more realistic forecast is for 30 year rates to move up to 4.50 percent by the end of the year, which is only 50 basis points higher than today’s average rate. Mortgage rates and bond yields have surged higher over the past three months. The increase in rates and yields accelerated since Donald Trump won the Presidential Election. The month before the election, average 30 year conforming mortgage rates were at 3.54 percent. 30 year mortgage rates today are above 4.00 percent, averaging 4.18 percent. During the same time, 10 year U.S. Treasury yields rose from around 1.60 percent to today’s yield of 2.60 percent, a 100 basis point increase. We expect even higher rates and yields in 2017 because the Federal Open Market Committee is expected to increase rates. The FOMC anticipates increasing the fed funds rate by 0.75 percent in 2017 and may possibly increase the rate more if needed. This will put upward pressure on Treasury yields, which in turn will put upward pressure on mortgage rates. 10 year Treasury yields could hit 3.50 percent and average 30 year mortgage rates might hit 5.00 percent by the end of 2017. 15 year mortgage rates are also moved sharply higher over the past three months. In late September of this year, average 15 year mortgage rates were around 2.75 percent. 15 year mortgage rates today are much higher, averaging 3.33 percent, an increase of 58 basis points. 15 year mortgage rates will likely hit 4.00 percent by the end of 2017. On a percentage basis, the current increase for both 30 year rates and 15 year rates are even higher. Average 30 year mortgage rates increased by 18 percent and average 15 year mortgage rates increased by 21 percent in 3 months. You can see an archive of average mortgage rates for 2016 at Freddie Mac Mortgage Rate Archive. Unfortunately, for homeowners financing their purchase, higher mortgage rates are here and will continue to move higher. If you’re a potential homebuyer, now is time to lock in a mortgage rate before rates increase. The higher the mortgage rates, the higher your monthly mortgage payment will be and the less home you can afford. The rates mentioned above are average rates but you can still find lenders quoting mortgage rates below the average. If you’re comparing mortgage rates, you can see a list of lenders listed in your state by searching our rate lists at Mortgage Rates. Mortgage rates moved considerably higher this week, after hovering just above record lows the past couple of weeks. Average 30 year conforming mortgage rates increased 12 basis points this week from 3.36 percent to 3.48 percent. Despite the recent increase, 30 year rates are only 17 basis points higher than the record low set in the 4th quarter of 2012. The future trend for mortgage rates will be higher in the coming months and years. The first catalyst for higher rates will be the Federal Open Market Committee’s December meeting. The FOMC is predicted to increase the fed funds in December and the increase is widely expected to be 25 basis points. The fed funds rate increase will likely only have a slight impact on mortgage rates. Any increases in mortgage rates will happen before the meeting because markets will drive 10 year rates higher in anticipation of a rate increase. Regardless, the future trend for higher mortgage rates will start in December. Fixed mortgage rates and long term bond yields trend higher together because most lenders set fixed mortgage rates based on long term U.S. Treasury yields. Current Mortgage Rates
To see a list of today’s mortgage rates search our rate lists at MortgageRates.RatesORama.com. |
RatesORama.com Average Mortgage Rates
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