Fiscal Cliff Deal on Taxes Sends Mortgage Rates Today Higher
Average mortgage rates today are higher as we just adverted on fiscal cliff crisis on taxes and kicked the can down the road on spending for two months. There was some entertainment along with the deal. The Democratic leader in the Senate, Harry Reid, said on the Senate floor that House Speaker, John Boehner, ran the House like a dictatorship. Boehner than shot back at him in front of the Oval Office telling him to "Go f--- yourself".
Stock prices and bond yields rallied higher on the fiscal cliff news. As a result of higher bond yields average mortgage rates will move higher this week. Current mortgage rates on 30 year conforming mortgage loans are averaging 3.43 percent, up from an average 30 year mortgage rate of 3.42 percent yesterday.
Mortgage interest rates are higher today and will move higher over the next few days but the overall trend for 2013 is still lower. The Federal Open Market Committee's policy is to keep interest rates low for the next couple of years. The FOMC is also continuing to buy mortgage-backed securities to force mortgage rates lower to help the housing market. The current policy drove mortgage rates to a series of new all-time record lows in 2012 and will do the same in 2013.
Jumbo mortgage rates are also slightly higher today thanks to higher 10 year Treasury yields. Current 30 year jumbo mortgage rates are averaging 4.04 percent, an increase from yesterday's average 30 year jumbo mortgage rate of 4.01 percent. The average conforming rates and average jumbo rates I mentioned above are just averages, there are dozens of home loan lenders quoting rates below the averages on our rate lists.
If you live in the state of New Jersey and are looking for 30 year conforming refinance rates you can find home loan lenders quoting rates just under 3.00 percent with points. The lowest conforming 30 year rate is at 2.875 percent with points and the lowest rate without points is just above 3.00 percent at 3.125 percent.
We also have home loan lenders on our jumbo rate list quoting 30 year jumbo refinance rates below the average. The lowest jumbo refinance rate right now on our rate list in Florida is at 3.50 percent with two points. The lowest Florida refinance rate without points on our list is at 3.625 percent.
Average 15 year conventional mortgage rates moved higher to 2.85 percent, up from an average 15 year mortgage rate of 2.83 percent. The lowest 15 year conforming refinance rate on our list for the state of Illinois is at 2.25 percent with two mortgage points. The lowest Illinois refinance rate without points is at 2.375 percent on 15 year conforming loans.
Today's mortgage rates on 15 year jumbo mortgage loans are averaging 3.46 percent, an increase from an average 15 year jumbo mortgage rate of 3.42 percent. The lowest 15 year jumbo refi rates on rate list for the state of New York are at 2.75 percent with two mortgage points. The lowest 15 year New York jumbo mortgage rate without points is at 2.875 percent.
RatesORama.com Average Mortgage Rates