Fixed Mortgage Rates Decline The First Week of 2016

Fixed mortgage rates on both conforming and jumbo mortgages declined during the first week of 2016. Average 30 year conforming rates are at 3.81 percent, down from last week's average rate of 3.900 percent. Average 30 year jumbo mortgage rates are currently at 4.39 percent, a decline from the prior week's average of 4.44 percent.

The declines may be short lived since a very strong jobs report released Friday morning is likely to send mortgage rates higher next week. Economists were looking for 200,000 jobs being created in December and the number came in at 292,000.

The stronger jobs number will make it more likely the Federal Reserve will increase the fed funds rate when they meet this month. Last month the Fed increased the fed funds rate for the first time in almost a decade. The last time there were back-to-back monthly increases in the rate were May and June of 2006.

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 #1701910

5.585%

15-Year Fixed

5.375%

$5,490

Includes 1.000 points for $4,000

Lender Fees: $1,490

$3,242 /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 #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 #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 #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 #1701910

6.786%

30-Year Fixed

6.750%

$1,490

Includes 0.000 points for $0

Lender Fees: $1,490

$2,595 /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.

While there isn't a direct connection between a higher fed funds rate and higher mortgage rates, both typically move in the same direction. The direction of mortgage rates in the coming years will be higher but rates are currently low by historic standards.

In fact, current average 30 year conforming rates at 3.81 percent are a really good deal. Looking back at Freddie Mac's Primary Mortgage Market Survey in January 1982, average 30 year rates were at 17.48 percent. The all-time low for 30 year rates in the PMMS survey was at 3.35 percent in December 2012.

You can check for current rates in your state by searching our rate database at MonitorBankRates.com.