Lower Mortgage Rates This Week Continue to Help Housing Market

For the second consecutive week, average mortgage rates are lower which is providing help to the ongoing housing market recovery. Mortgage rates are lower because bond yields have also moved lower the past couple of weeks. Conventional 30 year mortgage rates today are averaging 3.54 percent, down from the prior week's average 30 year mortgage rate of 3.68 percent. 10 year bond yields have also fallen this past week and are at 1.70 percent today.

Lower Mortgage Rates This Week Continue to Help Housing MarketAverage 30 year mortgage rates this week are just above an all-time record low set in November 2012. The all-time record low 30 year rate was at 3.27 percent, today's mortgage rates are only 27 basis points above the record low. In the coming weeks we could see 30 year rates break the record low if 10 year bond yields decline.

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 mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.345
4.250
USD
Apple Federal Credit Union

4.345%
3/20/2019
4.250%
at 1.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.321
4.250
USD
Bank of America

4.321%
3/20/2019
4.250%
at 0.415 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.152
4.125
USD
TD Bank, NA

4.152%
3/15/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.551
4.500
USD
Citizens Bank, NA

4.551%
3/15/2019
4.500%
at 0.125 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.432
4.375
USD
Virginia Credit Union

4.432%
3/19/2019
4.375%
at 0.125 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.550
4.500
USD
Fulton Bank, NA

4.550%
3/19/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.432
4.375
USD
Santander Bank, N.A.

4.432%
3/21/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.280
4.250
USD
LincolnWay Community Bank

4.280%
3/19/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.557
4.500
USD
State Department Federal Credit Union

4.557%
3/18/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.326
4.250
USD
Northwest Federal Credit Union

4.326%
3/20/2019
4.250%
at 0.875 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.225
4.180
USD
Bank of Oak Ridge

4.225%
3/21/2019
4.180%
at 0.250 pts
60 day lock rate
Est payment: $1,463.55
Fees in APR: $853
 
 
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%
3/19/2019
4.500%
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $1,299
 
 

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.





Yesterday, equity markets and commodity prices tumbled as investors worried about economies slowing down in China and the United States. Gold prices fell by the largest dollar amount ever yesterday and is down more than 20 percent from the record high, which puts gold in bear market territory.

If commodity prices and equity prices continue with sharp declines investors will flee to safer assets like U.S. Treasuries. This "classic flight to quality" always happens in periods of uncertainty and will happen again. When bond prices rise as investors pour into bonds, yields decline. As bond yields decline so do long term fixed mortgage rates.

If this scenario happens we could see 30 year conforming mortgage rates fall as low as 3.25 percent over the next couple of weeks. Right now you can find lenders quoting 30 year refinance rates below the current average of 3.54 percent and even below our prediction of 3.25 percent. The lowest 30 year refinancing rates on our rate table are at 3.00 percent with points. The lowest 30 year refi rates without points are at 3.25 percent.

Current mortgage rates on 15 year conventional home loans are averaging 2.78 percent this week, a decline from last week's average 15 year mortgage rate of 2.89 percent. If bond yields fall in the coming weeks, average 15 year conforming mortgage rates could fall as low as 2.50 percent. There are already lenders quoting 15 year conforming rates below the average and below 2.50 percent.

On our 15 year refinance rate tables for the state of Georgia you can find lenders quoting 15 year conforming refi rates as low as 2.25 percent with points. The lowest GA refinance rates without points on our rate tables right now are at 2.375 percent. Right now on our tables for the state of California you can also find lenders quoting refinance rates at 2.25 percent with points and at 2.50 percent without points.

30 year jumbo mortgage rates today are averaging 3.96 percent a decline from last week's average 30 year jumbo mortgage rate of 4.08 percent. If 10 year Treasury yields fall in the coming weeks we predict average 30 year jumbo mortgage refinance rates will fall as low as 3.75 percent. Right now the lowest jumbo refinance rates in our database for the state of New Jersey are at 3.375 percent with 2 mortgage points and at 3.625 percent with no points.

Average 15 year jumbo mortgage rates currently are averaging 3.34 percent, a decline from the previous week's average 15 year jumbo mortgage rate of 3.49 percent. The lowest jumbo mortgage interest rates on our rate tables right now in the state of Colorado are at 2.625 percent with 2 mortgage points and the lowest 15 year jumbo refi rates without points are at 3.15 percent.
Author: James Martin
April 16th, 2013