Average Mortgage Rates Hold Steady as 10 Year Treasury Yields Near 3.00 Percent

Average mortgage rates held steady the past several weeks but rates will be moving higher in the coming week. Market forces drove 10 year Treasury yields near 3.00 percent on concern the Fed will begin winding down their bond buying program. Since lenders tie mortgage rates to long term bond yields we can expect rates to move higher.

Mortgage Rates Will Move Higher on Strong Job Growth


Two employment reports were released that will send bond yields and mortgage rates even higher. The payroll processing company, ADP, announced the private sector added 176,000 jobs in August. The Labor Department said the number of Americans filing new claims for jobless benefits fell 9,000 last week to 323,000, a near five-year low and the lowest point since the recession.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from First Midwest Bank
First Midwest Bank
https://www.brimg.net/system/img/inst/10612_logo.gif
300000
Refinance
3.812
3.750
USD
First Midwest Bank Logo
at 0.750 pts
60 day lock rate
Est payment: $1,389.35
Fees in APR: None
 
 
Next button
30 yr fixed Mortgage Loan from First Midwest Bank
First Midwest Bank
https://www.brimg.net/system/img/inst/10612_logo.gif
300000
Refinance
3.875
3.875
USD
First Midwest Bank Logo
at 0.000 pts
60 day lock rate
Est payment: $1,410.71
Fees in APR: None
 
 
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30 yr fixed Mortgage Loan from First Midwest Bank
First Midwest Bank
https://www.brimg.net/system/img/inst/10612_logo.gif
300000
Refinance
3.727
3.625
USD
First Midwest Bank Logo
at 1.250 pts
60 day lock rate
Est payment: $1,368.15
Fees in APR: None
 
 
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30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.306
4.250
USD
State Department Federal Credit Union

4.306%
5/20/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.169
4.125
USD
Northwest Federal Credit Union

4.169%
5/22/2019
4.125%
at 0.500 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.295
4.250
USD
Bank of Oak Ridge

4.295%
5/23/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.306
4.250
USD
Santander Bank, N.A.

4.306%
5/23/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.030
4.000
USD
LincolnWay Community Bank

4.030%
5/21/2019
4.000%
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.537
4.500
USD
Raymond James Bank, NA

4.537%
5/21/2019
4.500%
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.213
4.125
USD
Virginia Credit Union

4.213%
5/21/2019
4.125%
at 0.500 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.219
4.125
USD
Apple Federal Credit Union

4.219%
5/22/2019
4.125%
at 1.000 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.427
4.375
USD
Citizens Bank, NA

4.427%
5/24/2019
4.375%
at 0.125 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $1,466
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.103
4.000
USD
Bank of America

4.103%
5/22/2019
4.000%
at 0.798 pts
60 day lock rate
Est payment: $1,432.25
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.403
4.375
USD
Fulton Bank, NA

4.403%
5/21/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $1,007
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

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.





On the news, 10 year bond yields are up 8 basis points to 2.93 percent, the highest point in 2013. Tomorrow the Labor Department will release non-farm payrolls for the month of August and the current unemployment rate. Analysts are expecting 210,000 new jobs to have been created and the unemployment rate to tick up 0.1 percent to 7.5 percent.

Mortgage Rates Today Conforming Loans


Numbers stronger than expected will send 10 year bond yields over 3.00 percent which will send mortgage rates higher. Mortgage rates today on 30 year conforming loans are averaging 4.46 percent. Next week we could see 30 year mortgage rates move to the 3.65 percent range. Currently there are lenders on our rate list offering 30 year rates as low as 4.00 percent with points.

Average Mortgage Rates Hold Steady as 10 Year Treasury Yields Near 300 PercentToday's mortgage rates on 15 year conventional loans are averaging 3.49 percent, up from Tuesday's average 15 year mortgage rate of 3.45 percent. Next week average 15 year rates will move above 3.50 percent and probably as high as 3.70 percent. The lowest 15 year refinance rates on our rate list today are at 3.625 percent.

Current Mortgage Rates on Jumbo Loans


Average jumbo mortgage rates are also higher today and will move higher this coming week. Current mortgage rates on 30 year jumbo loans are averaging 4.70 percent, up from Wednesday's average 30 year jumbo mortgage rate of 4.67 percent. The lowest jumbo refinance rates on our rate list right now are at 4.375 percent with points.

15 year jumbo mortgage rates are currently averaging 4.05 percent, up from Wednesday's average 15 year jumbo rate of 4.01 percent. This week, average 15 year jumbo rates will move above 4.15 percent but right now you can still find jumbo rates below 4.00 percent. The lowest 15 year jumbo rate in our database are currently at 3.75 percent with points.

Adjustable Mortgage Rates Today


Average 5 year adjustable conforming mortgage rates are at 3.56 percent, up from yesterday's average 5 year adjustable rate of 3.49 percent. If you're willing to pay points, the lowest 5 year conforming rates on our rate list are still below 3.00 percent at 2.50 percent. The lowest 5 year conforming rates without points are at 2.75 percent.

Jumbo 5 year adjustable rates are averaging 3.30 percent, up from an average 5 year jumbo rate of 3.27 percent set yesterday. Next week 5 year jumbo rates will probably remain near current levels. The lowest 5 year jumbo refinance rates on our rate list are at 2.625 percent and the lowest 5 year rates without points are at 3.00 percent.
Author: Brian McKay
September 5th, 2013