Today’s Mortgage Rates Move Lower as Refinance Demand Continues to Drop

Today's mortgage rates moved lower as a result of U.S. Treasury yields going lower. Average 30 year refinance rates are at 4.31 percent, a decline from last week's average 30 year refinance rate of 4.39 percent. Since the start of 2014, average mortgage rates have fallen, following 10 year treasury yields lower.

Average 30 year rates are at 4.31 percent but you can easily find lenders quoting 30 year rates below the average. The lowest 30 year mortgage rates quoted right now on our rate table is at 3.875 percent with less than 2.00 points. If you'd rather not pay points, the lowest 30 year rates we have are quoted at 4.125 percent, which is still below the average rate.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 06101, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed mtg refi Mortgage Loan from UniBank for Savings
UniBank for Savings
300000
Refinance
4.536
4.500
USD
UniBank for Savings

4.536%
4/19/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $500
 
 
30 yr fixed mtg refi Mortgage Loan from Liberty Bank
Liberty Bank
300000
Refinance
4.169
4.125
USD
Liberty Bank

4.169%
4/19/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $814
 
 
30 yr fixed mtg refi Mortgage Loan from Union Savings Bank
Union Savings Bank
300000
Refinance
4.399
4.375
USD
Union Savings Bank

4.399%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $852
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.

4.557%
4/19/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from The Washington Trust Company
The Washington Trust Company
300000
Refinance
4.155
4.125
USD
The Washington Trust Company

4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,083
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank

4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.291
4.250
USD
The Guilford Savings Bank

4.291%
4/19/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $719
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
4.575
4.500
USD
First National Bank of Omaha

4.575%
4/19/2019
4.500%
at 0.625 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $752
 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.397
4.375
USD
Savings Bank of Danbury

4.397%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $790
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.403
4.375
USD
Citizens Bank, NA

4.403%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $998
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.154
4.125
USD
TD Bank, NA

4.154%
4/16/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $1,043
 
 
30 yr fixed mtg refi Mortgage Loan from United Bank
United Bank
300000
Refinance
4.276
4.250
USD
United Bank

4.276%
4/16/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $911
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.365
4.250
USD
Bank of America

4.365%
4/15/2019
4.250%
at 0.903 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,351
 
 

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.




Mortgage Rates Lower on Heels of Federal Reserve Tapering


At the beginning of the year, 30 year mortgage rates were above 4.50 percent at 4.57 percent. Average rates were predicted to move towards 5.00 percent because the Federal Reserve started tapering their purchases of long term U.S. bonds and mortgage-backed securities. The Fed had been buying $85 billion a month in these securities but announced in December that they would buy $10 billion less a month starting in January.

The Fed also announced in January that starting in February they would buy only $65 billion a month. The Fed is expected to continue tapering their purchases in 2014, eventually stopping their buys sometime later this year. The prospect of this happening sent average mortgage rates and long term bond yields over 1.00 percent in 2013.

Refinancing Loan Demand Declines


Now that the tapering is actually happening, the good news for those buying a home is that rates are not moving higher but higher refinance rates snapped demand for homeowners refinancing their mortgage. The Mortgage Bankers Association's most recent Weekly Mortgage Survey showed demand for home loans increasing while the refinancing share of loans continues to fall.

The refinance share of mortgage loans decreased to 57.7 percent of total applications for the week ending February 28, 2014, down from 58 percent the previous week. Refinance share of loans is at the lowest level since early September of 2013. The general rule when refinancing a loan is that it makes financial sense if the rate on your loan is at least 1.00 percent higher than current rates.

Refinance to a Shorter Term Mortgage


If you missed the refinance window because rates are higher, you might still have an option to refinance to a shorter term mortgage. For example, if your current mortgage is a 30 year loan, it will still make financial sense to refinance to a shorter term loan like a 15 year loan or even a 10 year loan.

Even if 15 year and 10 year mortgage rates are not 1.00 percent lower than your current mortgage rate, refinancing will still save you money. You can use a mortgage calculator to figure out if refinancing to a shorter term loans makes sense for you. The only drawback to a 15 year or 10 year loan over a 30 year loan is the monthly mortgage payments will be higher.

Average 15 Year Mortgage Rates Today


15 year mortgage rates today are averaging 3.32 percent, a decline from last week's average 3.38 percent. Earlier this year average 15 year mortgage rates were above 3.50 percent and were headed towards 3.75 percent. Now it looks like rates will decline to near 3.25 percent.

The best 15 year refinance rates on our rate table are almost 50 basis points below the average 15 year rate. The lowest 15 year rate quoted by lenders right now is at 2.875 percent with 2 mortgage points. The best 15 year rate without points is quoted at 3.375 percent.

Current Jumbo Mortgage Rates on 30 Year Mortgages


The average 30 year jumbo mortgage rate is currently at 4.28 percent, down from the previous week's average 30  year jumbo rate of 4.37 percent. During the first week of January 2014, average 30 year jumbo rates were above 4.50 percent at 4.63 percent. Average rates looked to head towards 5.00 percent but now it appears rates will fall closer to 4.00 percent.

The lowest current jumbo rates quoted by lenders in our rate table are at 4.25 percent with no mortgage points.

Today's 15 Year Jumbo Rates


Average 15 year jumbo mortgage rates today are at 3.69 percent, down from the prior week's average 15 year jumbo mortgage rate of 3.75 percent. Average 15 year jumbo rates will probably fall back under 3.50 percent which is a big change from earlier this year when 15 year rates were slightly above 4.00 percent.

The best 15 year jumbo rates on our rate list are below the average at  3.25 percent with no mortgage points.

5/1 Conforming Adjustable Mortgage Rates


Average 5 year conforming adjustable rates are currently at 3.39 percent, down from last week's average 5 year adjustable mortgage rate of 3.42 percent. Average 5 year adjustable rates haven't moved as much as fixed rates the past year since shorter term bond yields haven't changed much.

The best 5 year adjustable rate on our rate list is over 1.00 percent lower than the average rate. The lowest 5 year adjustable refinance rate today is at 2.125 percent with 1.77 mortgage points. The lowest 5 year conforming adjustable rate without points is still way below the average at 2.625 percent.

5 year Jumbo Adjustable Rates


5 year jumbo adjustable mortgage rates are currently averaging 2.84 percent, a decline from last week's average 5 year jumbo rate of 2.89 percent. For the past year average 5 year jumbo rates have been lower than average 5 year conforming rates. The lowest 5 year jumbo rate on our rate list is also below the average rate.

Right now the lowest 5 year jumbo adjustable rate in our database is at 2.375 percent with 1.75 mortgage points. The best 5 year jumbo rate on our rate table is at 2.75 percent, still below the average rate.
Author: Brian McKay
March 10th, 2014