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Lower Mortgage Rates Today - 15 Year Mortgage Rates at 2.625 Percent
 

Lower Mortgage Rates Today – 15 Year Mortgage Rates at 2.625 Percent

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Average mortgage rates moved lower again today, defying predictions of higher rates for 2014. Both conforming and jumbo fixed rates moved lower making new lows for this year. Conforming 15 year mortgage rates today are at 3.22 percent, down from last week's average of 3.28 percent. These rates are average rates, as there are plenty of lenders quoting 15 year mortgage rates well below the average.

Right now on our rate table for the state of California, there is one lender quoting 15 year refinance rates as low as 2.625 percent with 1.10 mortgage discount points. We also have several other lenders quoting 15 year rates in the 2.75 percent to 2.875 percent range with points. The lowest 15 year rate quoted without points is still below the average at 2.875 percent.

Current mortgage rates on 30 year conventional loans are averaging 4.16 percent, a decline from last week's average 30 year mortgage rate of 4.22 percent. The best 30 year conventional refinance rates quoted by lenders in the state of Texas is at 3.75 percent with 1 mortgage discount point and at 3.625 percent with 2 points in the state of California.

Today's mortgage rates on 30 year jumbo loans are averaging 4.53 percent, down from an average 30 year jumbo rate of 4.61 percent last week. The best 30 year jumbo mortgage rates available are well below the average rate. Checking on 30 year jumbo rates in the state of Illinois, the lowest 30 year jumbo rates quoted are at 4.00 percent with 0.63 points and at 4.00 percent with zero points.

Mortgage rates today on 15 year jumbo loans are averaging 4.13 percent, a decline from the prior week's average 15 year jumbo mortgage rate of 4.19 percent. The lowest 15 year jumbo refinance rates quoted by lenders are well below the average rate. Searching the refinance tables for the state of Colorado, the best rate is at 3.25 percent with 1 mortgage point and at 3.50 percent with no points.

5 year conforming adjustable mortgage rate are averaging 3.73 percent, up from last week's average 5 year adjustable rate of 3.65 percent. The lowest 5 year adjustable refinance rates quoted on the rate tables are almost 1.50 percent below the average. The lowest rate quoted is at 2.25 percent with 1.1o points. The lowest rate without points is 1.00 percent below the average at 3.625 percent.

5 year jumbo adjustable mortgage rates are averaging 3.47 percent, down from last week's average 5 year jumbo rate of 3.63 percent. The best 5 year jumbo rates available are also well below the average at 2.50 percent with less than 1 point. The lowest 5 year jumbo rate without points is at 2.65 percent.

Author: Brian McKay
June 30th, 2014