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Mortgage Rates Inch Down, Lowest 30 Year Mortgage Rates at 4.00 Percent

Mortgage Rates Inch Down, Lowest 30 Year Mortgage Rates at 4.00 Percent

Mortgage rates moved lower this week as the Federal Open Market Committee (FOMC) continues to taper. The FOMC is now only buying $55 billion a month in bonds and mortgage backed securities, down from December's amount of $85 billion. Surprisingly, mortgage rates and long term bond rates have fallen since December but rates will eventually move higher in 2014.

Mortgage rates today on 30 year conforming mortgage loans are averaging 4.34 percent, a decline from yesterday's average 30 year mortgage rate of 4.36 percent. 30 year mortgage interest rates back in December 2013 were above 4.50 percent, averaging 4.63 percent. Average rates were poised to move above 4.75 percent but now it looks like rates won't move that high until the summer.

The best 30 year mortgage refinance rates available on our rate list are at 4.00 percent with 2 mortgage points. This rate and point combination is available in most states. The lowest 30 year refinance rate without points is also below the average at 4.125 percent.

Conventional 15 year mortgage rates are currently averaging 3.36 percent, down from the prior day's average 15 year mortgage rate of 3.39 percent. 15 year rates have also fallen this year. At the end of December, 15 year rates were around 3.75 percent but probably will be back near that level by the summer of this year.

The lowest 15 year refinance rates available in our rate table are lower than the average at 3.00 percent with 1.893 mortgage points. The lowest 15 year refinancing rates without points are also below the average at 3.25 percent. If you're in a position to refinance your mortgage, you should consider a 15 year loan over a 30 year loan. You can save a lot of money in mortgage interest payments by shortening the mortgage term and a lower interest rate for the life of the loan.

Today's mortgage rates on 30 year jumbo loans are averaging 4.71 percent, a decline from the previous day's average 30 year jumbo mortgage rate of 4.75 percent. Earlier this year, 30 year jumbo rates were just above 5.00 percent and will move back above 5.00 percent in the coming months.

The best jumbo mortgage rates on 30 year loans are more than 50 basis points below the average of 4.71 percent. Currently, on our jumbo rate list in the state of California we have lenders quoting 30 year jumbo refi rates at 4.25 percent with 2 mortgage points. The lowest 30 year jumbo refi rate without points is quoted at 4.375 percent.

Current mortgage rates on 15 year jumbo loans are averaging 4.25 percent, down from yesterday's average 15 year jumbo rate of 4.29 percent. Earlier this year average 15 year jumbo rates were around 4.75 percent but the best 15 year rates are still under 4.00 percent. Currently on our rate list the lowest 15 year jumbo refi rates are at 3.75 percent with zero mortgage points.

Average 5/1 conforming mortgage rates are at 3.39 percent, down from Wednesday's average 5 year rate of 3.42 percent. At the beginning of this year 5 year ARMs were averaging 3.56 percent. Short term adjustable rates are not expected to move much higher until the FOMC increases short term interest rates. The best 5/1 conforming refinance rates on our rate table are much lower than the average at 2.25 percent with 1.10 points. The lowest rate without points is at 2.625 percent.

5 year adjustable jumbo mortgage rates are averaging 3.54 percent, down from yesterday's average jumbo rate of 3.57 percent. The lowest 5 year jumbo rates quoted on our table are much lower at 2.375 percent with 2 mortgage points. The lowest 5/1 jumbo rates without points are quoted at 2.625 percent.

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Author: Brian McKay
April 3rd, 2014