Mortgage Rates at Highest Level This Year – Average 30 Year Rates at 4.27%
mortgage rates this week are at 4.27 percent, up from the prior week's average rate of 4.16 percent. The last time 30 year rates were this high was back in October 2014.
Strong economic data released the past several weeks has sent bond yields higher. 10 year yields closed at 2.44 percent yesterday, up 19 basis points from the June low of 2.25 percent. The low point for average 30 year mortgage rates in June as 3.92 percent. Lenders tie mortgage rates to 10 year bond yields, so when yields move higher, lenders increase mortgage rates.
Higher mortgage rates has already crimped loan demand, the Mortgage Bankers Association reported mortgage applications dropped 4.7 percent for the week ending June 26. Applications to refinance loans, fell 5 percent week-to-week to the lowest level since December of last year.
Along with everyone else, we have been forecasting higher mortgage rates for most of 2015. If you're thinking about buying a home or refinancing a mortgage the sooner you do so the lower rate you will get on your loan. By the end of 2015, average 30 year mortgage rates are forecast to hit 5.00 percent.
Current Average Mortgage Rates July 2, 2015
Lowest Mortgage Rates Available on Our Rate List July 2, 2015
As you can see, the best 5 year jumbo adjustable mortgage rate available on our rate list is actually lower than the best 5 year conforming rate. You can search our rate lists for the lowest mortgage refinance rates in your state: Refinance Rates
RatesORama.com Average Mortgage Rates