30 Year Mortgage Rates Fall to a 2014 low of 4.09 Percent, Now is a Good Time to Refinance

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.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 23223, All points, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.281%
3.125%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 2.000 pts
30 day lock rate
Est payment: $1,286
Fees in APR: $5,961
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.353%
3.250%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 1.250 pts
30 day lock rate
Est payment: $1,306
Fees in APR: $3,903
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.430%
3.375%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 0.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $2,085
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.524%
3.500%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 0.250 pts
30 day lock rate
Est payment: $1,348
Fees in APR: $903
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.750%
3.750%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 0.000 pts
30 day lock rate
Est payment: $1,390
Fees in APR: ($153)
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.





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

 
Author: Brian McKay
October 7th, 2014