Mortgage Rates Turn Sharply Higher This Week

Mortgage rates moved considerably higher this week, after hovering just above record lows the past couple of weeks. Average 30 year conforming mortgage rates increased 12 basis points this week from 3.36 percent to 3.48 percent. Despite the recent increase, 30 year rates are only 17 basis points higher than the record low set in the 4th quarter of 2012.

The future trend for mortgage rates will be higher in the coming months and years. The first catalyst for higher rates will be the Federal Open Market Committee's December meeting. The FOMC is predicted to increase the fed funds in December and the increase is widely expected to be 25 basis points.

The fed funds rate increase will likely only have a slight impact on mortgage rates. Any increases in mortgage rates will happen before the meeting because markets will drive 10 year rates higher in anticipation of a rate increase. Regardless, the future trend for higher mortgage rates will start in December.

Fixed mortgage rates and long term bond yields trend higher together because most lenders set fixed mortgage rates based on long term U.S. Treasury yields.

Current Mortgage Rates

  • Current mortgage rates on 15 year loans are averaging 2.69 percent, an increase from the previous week's average 15 year rate of 2.63 percent.
  • 30 year jumbo mortgage rates are averaging  4.17 percent, up from last week's average 30 year jumbo rate of 4.12 percent.
  • Mortgage rates today on 15 year jumbo loans are averaging 3.50 percent, up from last week's average 15 year jumbo rate of 3.45 percent.
  • 5/1 conforming adjustable mortgage rates are averaging 2.95 percent, up from the prior week's average 5/1 adjustable rate of 2.89 percent.
  • 5/1 jumbo adjustable mortgage rates are averaging 3.52 percent, an increase from last week's average 5/1 jumbo ARM of 3.47 percent.

To see a list of today's mortgage rates search our rate lists at MortgageRates.RatesORama.com.



Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 95816, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed mtg refi Mortgage Loan from Star One Credit Union
Star One Credit Union
300000
Refinance
4.253
4.250
USD
Star One Credit Union

4.253%
2/18/2019
4.250%
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $105
 
 
30 yr fixed mtg refi Mortgage Loan from Schools First FCU
Schools First FCU
300000
Refinance
4.528
4.500
USD
Schools First FCU

4.528%
2/18/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $995
 
 
30 yr fixed mtg refi Mortgage Loan from First Tech Credit Union
First Tech Credit Union
300000
Refinance
4.400
4.375
USD
First Tech Credit Union

4.400%
2/20/2019
4.375%
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $898
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of the West
Bank of the West
300000
Refinance
4.784
4.750
USD
Bank of the West

4.784%
2/19/2019
4.750%
at 0.125 pts
60 day lock rate
Est payment: $1,564.94
Fees in APR: $793
 
 
30 yr fixed mtg refi Mortgage Loan from Union Bank
Union Bank
300000
Refinance
4.647
4.625
USD
Union Bank

4.647%
2/20/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $771
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.406
4.375
USD
LincolnWay Community Bank

4.406%
2/19/2019
4.375%
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from San Diego County Credit Union
San Diego County Credit Union
300000
Refinance
4.430
4.375
USD
San Diego County Credit Union

4.430%
2/20/2019
4.375%
at 0.500 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $434
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.662
4.625
USD
Raymond James Bank, NA

4.662%
2/19/2019
4.625%
at 0.000 pts
45 day lock rate
Est payment: $1,542.42
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.




Author: Brian McKay
October 16th, 2016