Current Mortgage Rates Hold Steady as the FOMC Wraps Up Its Two Day MeetingMortgage rates are holding steady as the Federal Open Market Committee (FOMC) ends its two day meeting this afternoon. The Fed Chairman, Ben Bernanke, will hold a press conference at 2:30 PM EST to announce any changes to the Fed's policies. Current mortgage rates on 30 year conforming loans are averaging 4.45 percent, an increase from last week's average 30 year mortgage rate of 4.42 percent. Will The FOMC Taper Their Purchases?Most analysts believe the Fed will continue its current polices of buying $85 billion a month in mortgage backed securities (MBS) and long term U.S. Treasuries to keep a lid on interest rates from rising. Some analysts believe the Fed will announce tapering their purchases by increments of $10 billion a month starting this month. If the Fed doesn't start tapering this month, they surely will start to taper in March of 2014, their next scheduled meeting. Lender
APR / Rate
Fees / Points
Payment
$5,412
Includes 0.853 points for $3,412
Lender Fees: $2,000
$3,216 /mo
$7,000
Includes 0.750 points for $3,000
Lender Fees: $4,000
$3,242 /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
$6,500
Includes 0.625 points for $2,500
Lender Fees: $4,000
$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
$7,872
Includes 0.968 points for $3,872
Lender Fees: $4,000
$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.
Regardless of when the Fed tapers, now or in the next few months, mortgage rates are moving higher in 2014. Gone are the record low mortgage rates we saw earlier in 2013. We probably won't see rates that low again in our lifetime. That is unless another economic crisis hits us. Lowest 30 Year Conforming Mortgage Rates Available
If you're thinking about buying a home or refinancing your current mortgage, now is a good time to do so. Mortgage rates are moving higher next year, by the middle of 2014 average 30 year rates will be near 5.00 percent and the lowest rates available will be around 4.50 percent. Average 15 Year Conforming Mortgage Rates TodayMortgage rates today on 15 year conforming loans are averaging 3.49 percent, an increase from last week's average 15 year mortgage rate of 3.45 percent. Average 15 year mortgage rates are up from record lows of 2.64 percent set back in January 2013. The best 15 year refinance rates available are below the average and only slightly below the all-time average. Today's mortgage rates on 15 year conforming loans in the state of Pennsylvania are as low as 2.875 percent with just under 2 points. The lowest PA refinance rates without points right now are still below the average at 3.125 percent. Today's Jumbo Mortgage Rates on 30 Year Loans30 year jumbo mortgage rates today are averaging 4.57 percent, up from the previous week's average 30 year jumbo mortgage rate of 4.52 percent. Average jumbo mortgage rates haven't moved up as much as average conforming rates. Earlier this year, the low point for 30 year jumbo rates was 3.94 percent, only 63 basis points above the record low. Comparing jumbo mortgage rates across the United States, the best 30 year jumbo rates in California are currently at 4.125 percent with just over 1 point. The best jumbo rates in CA right now without points are still slightly below the average at 4.25 percent. Current 15 Year Jumbo Mortgage RatesAverage 15 year jumbo mortgage interest rates are at 3.82 percent, a slight increase from the prior week's average 15 year rate of 3.79 percent. The best 15 year jumbo refinance rates available in our database for North Carolina are currently at 3.375 percent with 2 mortgage points. The lowest 15 year jumbo rates without points in NC are currently at 3.625 percent. Adjustable Mortgage Rates Today5 year conventional adjustable mortgage rates are averaging 3.50 percent, up from last week's average 5 year rate of 3.49 percent. The best 5 year adjustable interest rates available across the U.S. are well below the average of 3.50 percent. In the state of Ohio, we have lenders quoting 5 year adjustable refinance rates of 2.125 percent with 1.596 mortgage points. The lowest 5 year rates in OH without points is still well below the average at 2.55 percent. Average 5 year jumbo adjustable rates are currently at 2.88 percent, down 1 basis point from last week's average 5 year jumbo rate of 2.89 percent. The lowest 5 year jumbo refi rates in our database for Michigan are at 2.50 percent with 2 mortgage points and the lowest 5 year jumbo rate without points is at 2.75 percent. Explore Other Mortgage and Refinance Offers
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