Mortgage Rates March Higher as 30 Year Conforming Rates Move Above 4.50 Percent

Mortgage rates continue to march higher this week, driven higher by the relentless increases in 10 year bond yields. Conventional 30 year conforming mortgage rates today have moved above 4.50 and are averaging 4.64 percent. This is the first time since July 11, 2011 that 30 year rates have moved above 4.50 percent.

A mere two months ago, 30 year rates were just above record lows, averaging 3.53 percent. Only one month ago, 30 year rates were averaging 3.81 percent. 10 year bond yields also moved higher the past two months. Back on May 2nd, 10 year yields averaged 1.66 percent, yesterday 10 year yields closed at 2.65 percent.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.321
4.250
USD
Bank of America

4.321%
3/20/2019
4.250%
at 0.415 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.152
4.125
USD
TD Bank, NA

4.152%
3/15/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.345
4.250
USD
Apple Federal Credit Union

4.345%
3/20/2019
4.250%
at 1.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.550
4.500
USD
Fulton Bank, NA

4.550%
3/19/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.432
4.375
USD
Virginia Credit Union

4.432%
3/19/2019
4.375%
at 0.125 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.551
4.500
USD
Citizens Bank, NA

4.551%
3/15/2019
4.500%
at 0.125 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.432
4.375
USD
Santander Bank, N.A.

4.432%
3/21/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.280
4.250
USD
LincolnWay Community Bank

4.280%
3/19/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.557
4.500
USD
State Department Federal Credit Union

4.557%
3/18/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.326
4.250
USD
Northwest Federal Credit Union

4.326%
3/20/2019
4.250%
at 0.875 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.225
4.180
USD
Bank of Oak Ridge

4.225%
3/21/2019
4.180%
at 0.250 pts
60 day lock rate
Est payment: $1,463.55
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.537
4.500
USD
Raymond James Bank, NA

4.537%
3/19/2019
4.500%
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $1,299
 
 

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.





Some lenders use 10 year bond yields as a barometer to set mortgage rates which is why rates move higher when bond yields move higher and rates move lower when yields move lower. Other lenders use the LIBOR rate, The London Interbank Offered Rate, to set mortgage rates. Our average mortgage rates in our free mortgage rate widget are set by 10 year bond yields.

Mortgage Rates Continue to March Higher as 30 Year Conforming Rates Move Above 450 PercentCurrent mortgage rates on 15 year conforming loans also moved sharply higher over the past few months. In April, average 15 year mortgage interest rates tied record lows set late in 2013. The lowest rate on 15 year conforming loans was 2.66 percent, last week the average 15 year rate was at 3.41 percent, and this week the average rate is at 3.61 percent.

In just a few months, average rates on both 30 year and 15 year conforming loans are around 100 basis points higher. While the increase in rates has stopped loan demand for refinancing, higher rates still haven't cooled the housing market. Both home sales and home prices are moving sharply higher due to the low amount of homes available for sale.

Fixed conforming rates are not the only rates moving higher. Rates are moving higher on all products including jumbo loans and adjustable loans. Today's mortgage rates on 30 year jumbo loans are averaging 4.78 percent, up from last week's average 30 year jumbo rate of 4.55 percent. In early May, 30 year jumbo rates were averaging 4.94 percent and just last month 30 year rates were at 4.55 percent.

Average 15 year jumbo mortgage rates today are at 4.10 percent, an increase from the previous week's average 15 year jumbo rate of 3.94 percent. Last month on June 10, average 15 year jumbo interest rates were at 3.59 percent and rates were even lower in early May when they averaged 3.35 percent.

5 year adjustable mortgage rates currently are averaging 3.68 percent, a sharp increase from last week's average 5 year adjustable rate of 3.25 percent. In late April, average 5 year adjustable rates were over 100 basis points lower at 2.58 percent. You can still find lenders quoting 5 year adjustable rates around 2.50 percent. Currently on our rate table, AimLoan is quoting 5 year adjustable refinance rates at 2.625 percent with points.

Jumbo adjustable mortgage rates on 5 year loans are also sharply higher this week and up considerably over the past two months. Current 5 year jumbo adjustable rates are at 3.36 percent, up from last week's average jumbo rate of 3.26 percent. Back in early May, 5 year jumbo rates were averaging 2.55 percent. The lowest 5 year jumbo rates in our database are just under 3.00 percent at 2.875 percent with points.
Author: Brian McKay
July 9th, 2013