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