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
  
$
in 06101, All points, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from AmeriSave Mortgage Corporation
AmeriSave Mortgage Corporation
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111333.gif
300000
Purchase
3.138%
3.125%
USD
AmeriSave Mortgage Corporation Logo
NMLS # 1168
State Lic # 11309
10/23/2020
at 0.000 pts
30 day lock rate
Est payment: $1,286
Fees in APR: $500
Direct Lender. Billions Funded.
 
PERIOD_FIXED_30YEARS Mortgage Loan from AmeriSave Mortgage Corporation
AmeriSave Mortgage Corporation
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111333.gif
300000
Purchase
2.646%
2.500%
USD
AmeriSave Mortgage Corporation Logo
NMLS # 1168
State Lic # 11309
10/23/2020
at 1.750 pts
30 day lock rate
Est payment: $1,186
Fees in APR: $5,795
Direct Lender. Billions Funded.
 
PERIOD_FIXED_30YEARS Mortgage Loan from AmeriSave Mortgage Corporation
AmeriSave Mortgage Corporation
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111333.gif
300000
Purchase
2.934%
2.875%
USD
AmeriSave Mortgage Corporation Logo
NMLS # 1168
State Lic # 11309
10/23/2020
at 0.625 pts
30 day lock rate
Est payment: $1,245
Fees in APR: $2,297
Direct Lender. Billions Funded.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
3.693%
3.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/23/2020
at 2.000 pts
45 day lock rate
Est payment: $1,348
Fees in APR: $7,250
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
3.739%
3.625%
USD
Rocket Mortgage Logo
NMLS # 3030
10/23/2020
at 1.000 pts
45 day lock rate
Est payment: $1,369
Fees in APR: $4,250
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
3.314%
3.125%
USD
Rocket Mortgage Logo
NMLS # 3030
10/23/2020
at 2.000 pts
45 day lock rate
Est payment: $1,286
Fees in APR: $7,250
From the lender: We can close your loan in less than a month!
 
Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.



Author: Brian McKay
October 16th, 2016