Mortgage Rates Decline After Three Consecutive Weeks of Increases

Average mortgage rates declined this week, after three consecutive weeks of increases. 30 year conforming mortgage rates are currently averaging 3.90 percent, down from last week's average 30 year rate of 3.94 percent. Rates moved higher the prior three weeks but the increases have been small. 30 year rates were averaging 3.85 percent in early May, only 9 basis points lower from the current level.

Despite near record low mortgage rates, the housing market hasn't fully recovered. Existing-home sales slowed last month in all major regions of the country, except the Midwest. The National Association of Realtors reported existing home sales increased 3.3 percent to seasonally adjusted annual rate of 5.04 million in April.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 95816, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed mtg refi Mortgage Loan from Star One Credit Union
Star One Credit Union
300000
Refinance
4.253
4.250
USD
Star One Credit Union

4.253%
2/18/2019
4.250%
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $105
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.406
4.375
USD
LincolnWay Community Bank

4.406%
2/19/2019
4.375%
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of the West
Bank of the West
300000
Refinance
4.784
4.750
USD
Bank of the West

4.784%
2/19/2019
4.750%
at 0.125 pts
60 day lock rate
Est payment: $1,564.94
Fees in APR: $793
 
 
30 yr fixed mtg refi Mortgage Loan from Union Bank
Union Bank
300000
Refinance
4.647
4.625
USD
Union Bank

4.647%
2/20/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $771
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.662
4.625
USD
Raymond James Bank, NA

4.662%
2/19/2019
4.625%
at 0.000 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from First Tech Credit Union
First Tech Credit Union
300000
Refinance
4.400
4.375
USD
First Tech Credit Union

4.400%
2/20/2019
4.375%
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $898
 
 
30 yr fixed mtg refi Mortgage Loan from San Diego County Credit Union
San Diego County Credit Union
300000
Refinance
4.430
4.375
USD
San Diego County Credit Union

4.430%
2/20/2019
4.375%
at 0.500 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $434
 
 
30 yr fixed mtg refi Mortgage Loan from Schools First FCU
Schools First FCU
300000
Refinance
4.528
4.500
USD
Schools First FCU

4.528%
2/18/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $995
 
 

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.





The sole reason for the slowdown is the low number of available homes for sale. Buyers are coming back into the market, because of a stronger economy and a lower unemployment rate, but the low number of homes for sale is forcing prices higher.

Lawrence Yun, NAR’s chief economist, said:
Housing inventory declined from last year and supply in many markets is very tight, which in turn is leading to bidding wars, faster price growth and properties selling at a quicker pace," says Yun. "To put it in perspective, roughly 40 percent of properties sold last month went at or above asking price, the highest since NAR began tracking this monthly data in December 2012.

Home prices are moving higher and mortgage rates will eventually also move higher, making homes less affordable. If you're thinking about buying a home, now is probably one of the best times to buy for several years to come. If you already own a home and are thinking about refinancing your mortgage, you should do so sooner than later, if refinancing makes financial sense for you.

Average mortgage rates for May 26, 2015 are listed below. These mortgage rates are average rates, there are many lenders quoting rates on purchase loans and refinance loans below the average. Be sure to shop around to find the best rate available. Just like you would shop around for the lowest price on any major purchases.

  • Mortgage rates today on 15 year conforming loans are averaging 3.07 percent, a decline from the previous week's average 15 year rate of 3.12 percent.

  • 30 year jumbo mortgage rates are averaging 4.24 percent, down from last week's average 30 year jumbo rate of 4.28 percent.

  • Today's mortgage rates on 15 year jumbo loans are averaging 3.82 percent, down slightly from last week's average rate of 3.83 percent.

  • 5 year adjustable conforming mortgage rates are currently averaging 3.14 percent, a decline from the prior week's average 5 year adjustable rate of 3.20 percent.

  • 5 year jumbo adjustable mortgage rates are averaging 3.37 percent, down from the prior week's average 5 year jumbo rate of 3.44 percent.


You can search for and compare mortgage refinance rates from many lenders in your state by search our rate lists: Mortgage Rates Today

 
Author: Brian McKay
May 26th, 2015