Current Mortgage Rates Hold Steady as the FOMC Wraps Up Its Two Day Meeting

Mortgage 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.

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

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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

5.026%

15-Year Fixed

4.875%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,138 /mo

Next >

NMLS #2473786

5.041%

15-Year Fixed

4.875%

$4,411

Includes 0.829 points for $3,316

Lender Fees: $1,095

$3,138 /mo

Next >

NMLS #757416

5.131%

15-Year Fixed

4.990%

$3,736

Includes 0.934 points for $3,736

Lender Fees: $0

$3,162 /mo

Next >

NMLS #1067

5.146%

15-Year Fixed

5.000%

$3,848

Includes 0.962 points for $3,848

Lender Fees: $0

$3,164 /mo

Next >

NMLS #613839

5.192%

15-Year Fixed

4.990%

$5,351

Includes 0.866 points for $3,464

Lender Fees: $1,887

$3,162 /mo

Next >

NMLS #1312186

5.277%

15-Year Fixed

5.125%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,190 /mo

Next >

NMLS #1954591

License: 60DBO-113383

5.305%

15-Year Fixed

5.125%

$4,791

Includes 0.921 points for $3,684

Lender Fees: $1,107

$3,190 /mo

Next >

NMLS #2433973

5.309%

15-Year Fixed

5.125%

$4,965

Includes 0.750 points for $3,000

Lender Fees: $1,965

$3,190 /mo

Next >

NMLS #2473786

5.362%

5-Year ARM

5.250%

$5,043

Includes 0.987 points for $3,948

Lender Fees: $1,095

$2,209 /mo

Next >

NMLS #6606

5.398%

15-Year Fixed

5.250%

$3,880

Includes 0.970 points for $3,880

Lender Fees: $0

$3,216 /mo

Next >

NMLS #1835285

5.459%

5-Year ARM

5.375%

$3,767

Includes 0.817 points for $3,268

Lender Fees: $499

$2,240 /mo

Next >

NMLS #1025894

5.508%

15-Year Fixed

5.375%

$3,464

Includes 0.691 points for $2,764

Lender Fees: $700

$3,242 /mo

Next >

NMLS #1835285

5.842%

30-Year Fixed

5.750%

$4,019

Includes 0.880 points for $3,520

Lender Fees: $499

$2,335 /mo

Next >

NMLS #2561451

5.845%

30-Year Fixed

5.750%

$4,134

Includes 0.846 points for $3,384

Lender Fees: $750

$2,335 /mo

Next >

NMLS #2473786

5.860%

30-Year Fixed

5.750%

$4,803

Includes 0.927 points for $3,708

Lender Fees: $1,095

$2,335 /mo

Next >

NMLS #1067

5.938%

30-Year Fixed

5.875%

$2,716

Includes 0.679 points for $2,716

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1312186

5.955%

5-Year ARM

5.875%

$3,480

Includes 0.870 points for $3,480

Lender Fees: $0

$2,367 /mo

Next >

NMLS #757416

5.957%

30-Year Fixed

5.875%

$3,556

Includes 0.889 points for $3,556

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1312186

6.081%

30-Year Fixed

6.000%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$2,399 /mo

Next >

NMLS #613839

6.086%

30-Year Fixed

5.990%

$4,143

Includes 0.564 points for $2,256

Lender Fees: $1,887

$2,396 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.096%

30-Year Fixed

5.990%

$4,631

Includes 0.881 points for $3,524

Lender Fees: $1,107

$2,396 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.097%

5-Year ARM

5.990%

$4,663

Includes 0.889 points for $3,556

Lender Fees: $1,107

$2,396 /mo

Next >

NMLS #399799

6.101%

30-Year Fixed

6.000%

$4,488

Includes 0.790 points for $3,160

Lender Fees: $1,328

$2,399 /mo

Next >

NMLS #2433973

6.101%

30-Year Fixed

6.000%

$4,465

Includes 0.625 points for $2,500

Lender Fees: $1,965

$2,399 /mo

Next >

NMLS #1025894

6.198%

30-Year Fixed

6.125%

$3,120

Includes 0.605 points for $2,420

Lender Fees: $700

$2,431 /mo

Next >

NMLS #6606

6.328%

30-Year Fixed

6.240%

$3,732

Includes 0.933 points for $3,732

Lender Fees: $0

$2,461 /mo

Next >

NMLS #2433973

6.376%

5-Year ARM

6.250%

$5,465

Includes 0.875 points for $3,500

Lender Fees: $1,965

$2,463 /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.

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

Average 30 year mortgage rates are at 4.45 percent this week but there are many lenders quoting rates below the average. Searching our rate tables for the state of Illinois, the lowest 30 year mortgage rates with points are quoted at 3.875 percent with 2 mortgage points. The lowest 30 year rates in IL without points right now are currently at 4.125 percent.

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 Today

Mortgage 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 Loans

30 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 Rates

Average 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 Today

5 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.