Mortgage Rates Decline as 10 Year Bond Yields Fall Below 2.50 Percent

Mortgage rates and 10 year bond yields have fallen to new lows in 2014, just the opposite of what analysts expected to happen this year. The general consensus was that both bond yields and mortgage rates would move higher as the Federal Reserve tapered their monthly bond and mortgage backed security purchases. The Fed has already reduced their monthly purchases from $85 billion a month down to $45 billion a month in 2014.

During the first five months of 2014, average 30 year mortgage rates have fallen from 4.65 percent down to today's average rate of 4.17 percent. 10 year bond yields have fallen in 2014 from just over 3.00 percent down to today's yield of 2.47 percent. Average 30 year mortgage rates were forecasted to move towards 5.00 percent in 2014 but analysts are likely to be revising those estimates.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 23223, All points, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
3.660%
3.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/18/2019
at 2.000 pts
45 day lock rate
Est payment: $1,348
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.073%
3.990%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/18/2019
at 1.000 pts
45 day lock rate
Est payment: $1,431
Fees in APR: $3,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.500%
4.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/18/2019
at 0.000 pts
45 day lock rate
Est payment: $1,521
Fees in APR: None
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.353%
3.250%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 1.250 pts
30 day lock rate
Est payment: $1,306
Fees in APR: $3,903
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
3.660%
3.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/18/2019
at 2.000 pts
45 day lock rate
Est payment: $1,348
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.073%
3.990%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/18/2019
at 1.000 pts
45 day lock rate
Est payment: $1,431
Fees in APR: $3,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.281%
3.125%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 2.000 pts
30 day lock rate
Est payment: $1,286
Fees in APR: $5,961
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.524%
3.500%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 0.250 pts
30 day lock rate
Est payment: $1,348
Fees in APR: $903
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.750%
3.750%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 0.000 pts
30 day lock rate
Est payment: $1,390
Fees in APR: ($153)
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.500%
4.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
08/18/2019
at 0.000 pts
45 day lock rate
Est payment: $1,521
Fees in APR: None
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from AimLoan.com
AimLoan.com
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112335.gif
300000
Purchase
3.430%
3.375%
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
08/18/2019
at 0.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $2,085
Internet direct lender since 1998. View rates & fees, apply/lock online 24/7
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.





Average 30 year rates will probably top out in a range of 4.50 percent to 4.75 percent in 2014. We probably won't see 30 year rates above 5.00 percent until 2015. The best 30 year mortgage rates today can be found well below the average rate and below 4.00 percent.

The best 30 year rates lenders quoted for the state of North Carolina are offered at 3.75 percent with about 1 mortgage point. The lowest 30 year rates quoted by lenders in NC without points are also below 4.00 percent at 3.875 percent.

Mortgage rates today on 15 year conventional home loans are averaging 3.21 percent, down from last week's average 15 year mortgage rate of 3.25 percent. 15 year rates have fallen from a high of 3.57 percent this year, down to the current rate of 3.21 percent. By the end of this week average rates will probably move down towards 3.15 percent.

The lowest 15 year mortgage refinance rates offered by lenders are well below the average rate. Checking on 15 year refinance rates for the state of Pennsylvania, we see the best rates are at 2.625 percent with 1.10 mortgage points. The best 15 year rates without points are also below the average at 2.875 percent.

Current mortgage rates on 30 year jumbo loans are averaging 4.51 percent, down from an average 30 year rate of 4.63 percent. 30 year jumbo rates were just over 5.00 percent early in January but will fall through 4.51 percent this week. The lowest 30 year jumbo rates are well below the average.

Looking for rates in the state of California, we see lenders quoting jumbo rates as low as 3.75 percent with 1.10 mortgage points. The lowest 30 year jumbo refinance rates without points are still below 4.00 percent at 3.875 percent.

Today's mortgage rates on 15 year jumbo loans have fallen through 4.00 percent. This is the first time rates are below 4.00 percent in 2014. Current 15 year rates are averaging 3.98 percent, down from the previous week's average rate of 4.04 percent.

The best 15 year jumbo mortgage interest rates quoted by lenders in the state of New Jersey are below the average at 2.625 percent with 1.10 points. The best 15 year rates without points also below 3.00 percent are at 2.875 percent.
Author: Brian McKay
May 28th, 2014