Actions by The Bank of Japan will Help Force Mortgage Rates Lower in the United StatesCurrent actions by The Bank of Japan (BOJ) will help force mortgage rates in the United States lower. The BOJ has started down an unprecedented path of stimulus by announcing their plan to purchase more than ¥100 trillion of Japanese government debt over the next two years. As a result of the BOJ's actions, investors are retreating from the Japanese bond market and looking for higher yields elsewhere in Europe and the United States.
Mortgage rates today on 30 year conforming loans are averaging 3.56 percent, a decline from last week's average 30 year mortgage rate of 3.65 percent. The recent high for average 30 year rates was 3.86 percent just a few weeks ago. Overall, average rates are expected to stay within current levels and will remain under 4.00 percent for the entire year. The forecast is for higher average 30 year mortgage rates in the coming year but rates will also remain under 4.50 percent for all of 2014. Lender
APR / Rate
Fees / Points
Payment
$5,412
Includes 0.853 points for $3,412
Lender Fees: $2,000
$3,216 /mo
$4,565
Includes 0.655 points for $2,620
Lender Fees: $1,945
$3,269 /mo
$5,389
Includes 0.859 points for $3,436
Lender Fees: $1,953
$3,269 /mo
$4,692
Includes 0.998 points for $3,992
Lender Fees: $700
$3,295 /mo
$3,112
Includes 0.778 points for $3,112
Lender Fees: $0
$3,322 /mo
$3,780
Includes 0.945 points for $3,780
Lender Fees: $0
$3,322 /mo
$8,000
Includes 1.000 points for $4,000
Lender Fees: $4,000
$3,295 /mo
$4,504
Includes 0.626 points for $2,504
Lender Fees: $2,000
$2,463 /mo
$4,945
Includes 0.750 points for $3,000
Lender Fees: $1,945
$2,529 /mo
$2,384
Includes 0.596 points for $2,384
Lender Fees: $0
$2,562 /mo
$3,548
Includes 0.887 points for $3,548
Lender Fees: $0
$2,561 /mo
$3,984
Includes 0.821 points for $3,284
Lender Fees: $700
$2,562 /mo
$4,853
Includes 0.725 points for $2,900
Lender Fees: $1,953
$2,562 /mo
$5,876
Includes 0.969 points for $3,876
Lender Fees: $2,000
$2,595 /mo
$5,495
Includes 0.875 points for $3,500
Lender Fees: $1,995
$2,628 /mo
$3,500
Includes 0.875 points for $3,500
Lender Fees: $0
$3,594 /mo
Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
Average 30 year jumbo mortgage rates this week are averaging 3.96 percent, down from last week's average 30 year jumbo mortgage rate of 4.12 percent. Another factor that sent average mortgage interest rates lower this past week was a disappointing unemployment report which showed 88,000 jobs were created in March, lower than the expected number of 200,000. 15 year conventional mortgage rates are also lower this week, averaging 2.78 percent, down from last week's average 15 year rate of 2.91 percent. For the 2013 year, average 15 year rates are expected to remain under 3.10 percent. Average 15 year jumbo mortgage rates today are at 3.34 percent, a decline from last week's average 15 year jumbo rate of 3.51 percent. For 2013, 15 year jumbo rates are expected to remain under 3.75 percent. If you're thinking about refinancing a 30 year mortgage, you should give serious consideration to a 15 year loan. Depending on your loan amount, you can save tens of thousands or even hundreds of thousands of dollars in mortgage interest by refinancing to a 15 year loan. Another reason to consider a 15 year loan is that 15 year rates are always lower than 30 year rates. The lowest 15 year conforming refinance rates currently available are around 2.25 percent with points. Compare those rates to the lowest 30 year conforming refinance rates which can be found as low as 3.00 percent you can see the rate benefit of a 15 year loan vs. a 30 year loan. The same is true for jumbo rates, the lowest 30 year jumbo refinance rates available right now are at 3.50 percent with points. The lowest 15 year jumbo refi rates are at 2.75 percent with points. The only drawback to choosing a 15 year loans instead of a 30 year loans is the monthly mortgage payments will be higher, but if you can afford the higher payments a 15 year loan is the smart choice. Explore Other Mortgage and Refinance Offers
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