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Mortgage Rates Continue to Decline, Average 30 Year Rates Below 4.00 Percent
 

Mortgage Rates Continue to Decline, Average 30 Year Rates Below 4.00 Percent

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Mortgage rates continue to decline as average 30 year mortgage rates fell below 4.00 percent for the first time in 2014. Lower mortgage rates this year weren't supposed to happen. Analysts predicted average 30 year rates would head towards 5.00 percent in 2014. Even the most recent forecasts had average 30 year rates above 4.50 percent.

Where 30 year rates end up before the year is over remains to be seen but rates will most likely remain under 4.50 percent, once again defying the analysts. 30 year mortgage rates are currently averaging 3.98 percent, down from the prior week's average rate of 4.05 percent. The best 30 year refinance rates available this week are at 3.75 percent with points. The best 30 year refinance rate without points is at 3.875 percent.

Mortgage rates today on 15 year conforming loans are averaging 3.05 percent, a new low in 2014 and down from last week's average rate of 3.09 percent. The lowest 15 year refinance rates available are 2.75 percent and the best 15 year rates without points are at 3.875 percent.

30 year jumbo mortgage rates are averaging 4.23 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.27 percent. The best 30 year jumbo refi rates available are at 3.625 percent with points and at 3.875 percent with no points.

Current mortgage rates on 15 year jumbo loans are averaging 4.01 percent, down from the previous week's average rate of 4.05 percent. The best 15 year jumbo refi rates are much lower than the average at 3.00 percent with points and at 3.625 percent with no points.

5 year conforming adjustable mortgage rates are slightly higher this week averaging 3.32 percent, up from the prior week's average 5 year adjustable rate of 3.29 percent. The lowest 5 year conforming adjustable refinance rates available are well below the average at 2.50 percent with points and at 2.55 percent with no points.

Today's mortgage rates on 5 year jumbo adjustable mortgages are at 3.14 percent, down 1 basis point from last week's average rate. The best jumbo adjustable 5 year refi rates available are at 2.375 percent with points and at 2.55 percent with no mortgage points.
Author: Brian McKay
November 3rd, 2014