Mortgage Rates Fall Again – 15 Year Mortgage Rates Today Under 3.00 Percent
Mortgage rates are lower again, following 10 year bond yields lower. Bond yields and mortgage rates declined because of a weak March jobs report. Average 15 year mortgage rates today are at 2.94 percent, down from last week's average rate of 3.03 percent. Only 126,000 jobs were created in March, much lower than the forecast number of 250,000 jobs.
If we continue to see lackluster job growth in the coming months, the Federal Reserve will probably wait to increase the federal funds rate. This will keep bond yields low, which will prevent mortgage rates from rising much higher from current levels.
Mortgage rates remaining near record lows wasn't supposed to happen in 2015. Forecasts were for 30 year rates to move above 4.50 percent by now and hit 5.00 percent by the end of the year. Current mortgage rates on 30 year loans are averaging 3.74 percent, down from last week's average 30 year rate of 3.80 percent.
It's very unlikely average 30 year rates will hit 5.00 percent this year. Average 30 year rates varied in other mortgage rate reports available this past week. Freddie Mac's Weekly Mortgage Rates Survey released April 2, had 30 year rates averaging 3.70 percent. You can view the entire PMMS survey in the chart below:
The Mortgage Bankers Association's Weekly Mortgage Application Survey had 30 year rates at 3.89 percent.
Today's mortgage rates on 30 year jumbo loans are averaging 3.93 percent, down 23 basis points from last week's average jumbo rate of 4.15 percent. Back in January of this year average 30 year jumbo rates were as high as 4.50 percent. If you're searching for a jumbo mortgage Investors Home Mortgage is quoting 30 year rates in New Jersey at 3.625 percent with no points.
15 year jumbo mortgage rates are averaging 3.52 percent, down from the previous week's average 15 year rate of 3.75 percent. The lowest 15 year jumbo refinance rates quoted on our rate table for California are at 2.75 percent with no points.
Adjustable mortgage rates on 5 year conforming loans are averaging 3.03 percent, down from the prior week's average rate of 3.15 percent. The lowest 5 year adjustable refinance rate on our rate table for Connecticut are at 2.625 percent with no points.
Jumbo adjustable 5 year mortgage rates are higher this week are averaging 3.51 percent. Last week 5 year jumbo rates averaged 3.27 percent. The best 5 year jumbo adjustable rates available on the rate table for Colorado are also at 2.625 percent with no points.
RatesORama.com Average Mortgage Rates