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Mortgage Rates Fall Again This Week, Average 30 Year Mortgage Rates at 4.32 Percent

Mortgage Rates Fall Again This Week, Average 30 Year Mortgage Rates at 4.32 Percent

Experts predicted higher mortgage rates in 2014 but so far they have been wrong. Average mortgage rates fell again this week and are at the lowest point in six weeks. Mortgage rates today on 30 year conforming loans are averaging 4.32 percent, a decline from last week's average 30 year mortgage rate of 4.39 percent.

For most of April, 10 year bond yields have fallen which is why mortgage rates have also fallen this month. Lenders tie their mortgage rates to 10 year bond yields so when bond yields fall mortgage rates also move lower. Bond yields and mortgage rates also increase in tandem. On Friday, 10 year bond yields increased 8 basis points so average mortgage rates will be moving higher this week.

For all of 2014 average 30 year mortgage rates have been in a tight range. The low point for average 30 year mortgage rates this year was 4.23 percent in February, and the high point was at 4.53 percent in January. Rates will be moving higher in 2014 but the increase in rates will probably happen more towards the end of the year.

Average 30 year rates will be near 5.00 percent by the end of 2014 so if you're thinking about buying a home now is a good time to lock in a rate. Lenders offer mortgage rate locks for terms of 30 days to 60 days so you won't be able to lock in a rate now to buy a home in the fall but if you are close to buying time lock in the rate.

There are lenders quoting 30 year mortgage refinance rates below the average of 4.32 percent. Below is a list of the lowest quoted 30 year rates with points and without points on our rate table this week for the state of California. Many lenders are offering the same rate and point combinations in all states.

Lowest 30 Year Mortgage Rates with Points

  • Aimloan.com 3.875% with 1.10 points

  • Certus Bank Mortgage 4.00% with 2.00 points

  • First Guaranty Mortgage Company 4.00% with 1.00 point

  • Aimloan.com 4.00% with 0.10 point

Lowest 30 Year Mortgage Rates without Points

  • Mortgage Services Across America (MSAA) 4.125%

  • First Guaranty Mortgage Company 4.125%

  • Aimloan.com 4.125%

  • Certus Bank Mortgage 4.25%

Mortgage rates today on 15 year conventional loans are averaging 3.36 percent, down from the previous week's average 15 year mortgage rate of 3.45 percent. 15 year mortgage rates have also been in a tight range for this year. The highest point for 15 year rates was at 3.55 percent the first week of January and the low point was at 3.32 percent in the first week of March.

15 year rates are predicted to eventually move higher this year. By the end of 2014 average 15 year rates will be near the 4.00 percent range. Historically speaking a 4 percent 15 year mortgage rate is still very low. Currently, the best 15 year rates are still near the 3.00 percent range. Listed below are the best refinance rates on 15 year loans in the state of Illinois.

Best 15 Year Refinance Rates with Points

  • Aimloan.com 2.75% with 1.10 points

  • First Guaranty Mortgage Company 3.00% with 1.00 point

  • Aimloan.com 3.00% with 0.10 point

  • Sebonic Financial 3.00% with 2 points

Best 15 Year Refinance Rates without Points

  • First Guaranty Mortgage Company 3.125%

  • First Savings Bank of Hegewisch 3.125%

  • Sebonic Financial 3.125%

  • Aimloan.com 3.125%

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Author: Brian McKay
April 23rd, 2014