Average Mortgage Rates Move Lower, Approaching Record Lows

Average mortgage rates moved lower again this week and are now just above record lows set in November of last year. The catalysts sending mortgage rates lower this week were a weaker than expected retail sales report and a lower reading on consumer sentiment. As a result of the week economic data released, bond yields moved lower which in turn is sending mortgage rates lower.

Mortgage rates today on 30 year conforming mortgage loans are averaging 3.52 percent, a decline from last week's average 30 year mortgage rate of 3.57 percent. Late last month, average 30 year mortgage interest rates were almost 20 basis points higher at 3.70 percent. This coming week we could see average 30 year rates fall below 3.50 percent.

Right now the best mortgage refinance rates available for 30 year loans are available in our database as low as 3.00 percent with points. The lowest refinance rates without points are still below the average rate at 3.25 percent. In Freddie Mac's rate survey this week, average 30 year conforming rates fell to 3.41 percent with 0.7 points, down from the prior week's average rate of 3.43 percent.  The all-time record low for average 30 year rates in Freddie Mac's survey are at 3.27 percent.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

Show Advertiser Disclosure

The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

5.440%

15-Year Fixed

5.250%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$3,216 /mo

Next >

NMLS #2059741

5.606%

15-Year Fixed

5.490%

$3,032

Includes 0.758 points for $3,032

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.650%

15-Year Fixed

5.490%

$4,172

Includes 0.868 points for $3,472

Lender Fees: $700

$3,267 /mo

Next >

NMLS #1312186

5.652%

15-Year Fixed

5.500%

$3,968

Includes 0.992 points for $3,968

Lender Fees: $0

$3,269 /mo

Next >

NMLS #324599

License: 324599

5.673%

15-Year Fixed

5.500%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$3,269 /mo

Next >

NMLS #6606

5.773%

15-Year Fixed

5.625%

$3,848

Includes 0.962 points for $3,848

Lender Fees: $0

$3,295 /mo

Next >

NMLS #1835285

6.262%

5-Year ARM

6.125%

$5,860

Includes 0.965 points for $3,860

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.356%

30-Year Fixed

6.250%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #324599

License: 324599

6.494%

30-Year Fixed

6.375%

$5,070

Includes 1.000 points for $4,000

Lender Fees: $1,070

$2,496 /mo

Next >

NMLS #2059741

6.569%

30-Year Fixed

6.490%

$3,292

Includes 0.823 points for $3,292

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1312186

6.596%

30-Year Fixed

6.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,529 /mo

Next >

NMLS #1025894

6.600%

30-Year Fixed

6.490%

$4,592

Includes 0.973 points for $3,892

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.714%

30-Year Fixed

6.625%

$3,684

Includes 0.921 points for $3,684

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.734%

30-Year Fixed

6.625%

$4,495

Includes 0.625 points for $2,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #324599

License: 324599

6.743%

5-Year ARM

6.625%

$4,954

Includes 0.971 points for $3,884

Lender Fees: $1,070

$2,562 /mo

Next >

NMLS #1312186

6.968%

5-Year ARM

6.875%

$3,804

Includes 0.951 points for $3,804

Lender Fees: $0

$2,628 /mo

Next >

NMLS #401822

7.698%

15-Year Fixed

7.375%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,680 /mo

Next >

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.

15 year conventional mortgage rates also fell this week, courtesy of weak consumer spending and sentiment. Average 15 year conforming rates are at 3.75 percent this week, a decline from the previous week's average 15 year rate of 3.80 percent. This coming week, average 15 year rates could fall below 3.70 percent but currently many lenders are already quoting 15 year refinancing rates below 3.70 percent.

Depending on the state you search for, you can find rates in our database with lenders quoting 15 year refi rates this week at 2.25 percent with 1 mortgage point. The lowest 15 year conventional refi rates without points in our database right now can be found as low as 2.375 percent - still well below the average rate.

Today's mortgage rates on 30 year jumbo mortgage loans are averaging 3.93 percent, down from the prior week's average 30 year jumbo mortgage rate of 3.97 percent.  If bond yields continue to decline, next week's average 30 year jumbo mortgage rates may fall below 3.85 percent. The best jumbo mortgage rates in our database are currently at 3.375 percent with no points.

Average 15 year jumbo refinance mortgage rates are at 3.33 percent, a decline from last week's average 15 year jumbo mortgage rate of 3.37 percent. The lowest 15 year jumbo refinance rates in our database are at 2.625 percent with 2 mortgage points and the lowest 15 year jumbo rates without points are at 2.875 percent.

Shorter term adjustable mortgage rates for both conforming and jumbo loans also moved lower this week. The average 5 year conforming adjustable mortgage rate is at 2.64 percent, down from last week's average rate of 2.66 percent. 5 year jumbo adjustable rates this week are averaging 2.89 percent, down from last week's average of 2.91 percent.

The lowest 5 year conventional adjustable refinance rates in our database right now are at 1.50 percent with 2 mortgage points and at 2.00 percent with zero points. The lowest 5 year jumbo adjustable refinance rates in our database today are at 2.00 percent with 2 mortgage points and at 2.125 percent with no points.