Lower Mortgage Rates Today: 30 Year Conventional Rates Averaging 4.27 Percent

Mortgage rates have drifted lower for the past several weeks. Average 30 year mortgage rates today are at 4.27 percent, a decline from last week's average 30 year rate of 4.29 percent. Mortgage rates have followed 10 year bond yields lower which are averaging 2.62 percent today.

It will be interesting to see where rates are in the next couple of weeks. The government shutdown hasn't had an effect on bond rates, which in turn hasn't affected mortgage rates but the coming debt ceiling limit is another matter. The official date the U.S. Treasury says we will hit the debt limit is October 17 but it may happen sooner.

Debt Ceiling Breach Would Send Mortgage Rates Tumbling

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 #1067

5.514%

15-Year Fixed

5.375%

$3,624

Includes 0.906 points for $3,624

Lender Fees: $0

$3,242 /mo

Next >

NMLS #401822

5.516%

15-Year Fixed

5.250%

$7,000

Includes 0.750 points for $3,000

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #2578474

5.551%

15-Year Fixed

5.375%

$4,606

Includes 0.889 points for $3,556

Lender Fees: $1,050

$3,242 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.556%

15-Year Fixed

5.375%

$4,909

Includes 0.739 points for $2,956

Lender Fees: $1,953

$3,242 /mo

Next >

NMLS #757416

5.592%

15-Year Fixed

5.490%

$2,652

Includes 0.663 points for $2,652

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.627%

15-Year Fixed

5.490%

$3,572

Includes 0.718 points for $2,872

Lender Fees: $700

$3,267 /mo

Next >

NMLS #2578474

6.360%

30-Year Fixed

6.250%

$4,650

Includes 0.900 points for $3,600

Lender Fees: $1,050

$2,463 /mo

Next >

NMLS #757416

6.437%

30-Year Fixed

6.375%

$2,596

Includes 0.649 points for $2,596

Lender Fees: $0

$2,496 /mo

Next >

NMLS #1067

6.451%

30-Year Fixed

6.375%

$3,208

Includes 0.802 points for $3,208

Lender Fees: $0

$2,496 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.501%

5-Year ARM

6.375%

$5,501

Includes 0.887 points for $3,548

Lender Fees: $1,953

$2,496 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.511%

30-Year Fixed

6.375%

$5,897

Includes 0.986 points for $3,944

Lender Fees: $1,953

$2,496 /mo

Next >

NMLS #1025894

6.569%

30-Year Fixed

6.490%

$3,296

Includes 0.649 points for $2,596

Lender Fees: $700

$2,526 /mo

Next >

NMLS #401822

6.620%

30-Year Fixed

6.500%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$2,529 /mo

Next >

NMLS #3030

6.764%

15-Year Fixed

6.625%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,512 /mo

Next >

NMLS #3030

7.350%

30-Year Fixed

7.250%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,729 /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.

If an agreement is made between Republicans and Democrats to increase the borrowing limit of the U.S. Government, bond rates and mortgage rates will remain around current levels. If the debt ceiling isn't increased and the U.S. defaults, believe it or not bond rates will tumble in the short term which would send mortgage rates sharply lower.

Any other country other than the United States defaulting on its debt would send bond rates for that country through the roof. In the short term, bond rates would plummet on U.S. Treasuries because there would be a classic flight to quality. Equity markets would plummet and most commodity prices (except gold) would plummet, sending investors into the safety of U.S. bonds.

Rates on bonds work in inverse to bond prices, so when prices move higher, rates move lower and vice versa. Investors would flee equity markets, commodity markets, and debt from most other countries. All this money would have to go somewhere and most of it would end up buying U.S. bonds.

In the long run if the United States didn't pay its bills, then yes, U.S. bond rates would soar but everyone knows this scenario won't play out. Even if the debt ceiling is breached, politicians would finally get their act together and pass an increase so the default would be a short-term crisis.

Fixed Conforming Mortgage Rates Today

30 year mortgage rates are averaging 4.27 percent today and probably will stay around current levels until the debt ceiling limit is reached or a deal is made between Democrats and Republicans. If  no deal is made and the ceiling is breached, average 30 year mortgage rates will fall back under 4.00 percent.

If you're looking for a loan, you don't have to wait for average rates to move back under 4.00 percent because there are many lenders already offering rates below 4.00 percent. The lowest 30 year mortgage refinance rates right now in our rate database are at 3.625 percent with 2 mortgage points. The lowest 30 year rates without points are available at 3.875 percent, still under 4.00 percent!

Current mortgage rates on 15 year conventional loans are averaging 3.33 percent this week, a decline from the previous week's average 15 year mortgage rate of 3.35 percent. A default on the nations debt would send 10 year bond rates down towards 2.00 percent which would send 15 year mortgage rates back under 3.00 percent.

As with 30 year rates, we also have lenders currently offering 15 year rates under 3.00 percent. 15 year refinance rates today in our database are available at 2.75 percent with 1.875 mortgage points. We also have many lenders quoting 15 year refinancing rates at 2.75 percent with 2 points. The lowest 15 year refi rates without points are exactly at 3.00 percent.

Today's Jumbo Mortgage Rates

Today's mortgage rates on 30 year jumbo loans are averaging 4.57 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.65 percent. A debt default would send 30 year jumbo rates back under 4.50 percent and probably down to the 4.25 percent range.

Right now the lowest 30 year jumbo mortgage interest rates in our database are still under 4.00 percent. We have one lender, Capital One, quoting 30 year jumbo refinance rates at 3.75 percent with 2 mortgage points. The lowest 30 year jumbo rates without points at 4.125 percent is also from the same lender.

Average 15 year jumbo rates are currently at 3.88 percent, down from last week's average 15 year jumbo rate of 3.93 percent. A debt default would send 15 year jumbo rates down to the 3.50 percent range. Currently, the lowest 15 year jumbo refi rates in our database being offered are at 3.125 percent with 2 points and at 3.50 percent with no points.