Mortgage Rates are Still Low – Average 30 Year Rates are at 3.81 Percent

Mortgage rates today are still low, historically speaking, despite the recent run up. Average mortgage rates increased the past month in anticipation of a fed funds rate increase. The Federal Reserve has increased the fed funds rate for the first time in 9 years.

While mortgage rates are not directly tied to the fed funds rate, long term bond yields are. Increases in the fed funds rate will eventually drive long term interest rate higher, thus forcing lenders to increase mortgage rates. Right now average 30 year conforming rates are at 3.81 percent.

The lowest 30 year rates in our rate database for California are even lower at 3.50 percent with 2 mortgage points. You can get a lower rate if you're willing to pay points on a mortgage loan. Getting a lower rate by utilizing points isn't cheap.

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 MRC'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 #324599

License: 324599

5.045%

15-Year Fixed

4.875%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$3,138 /mo

Next >

NMLS #1025894

5.188%

15-Year Fixed

4.990%

$5,248

Includes 0.812 points for $3,248

Lender Fees: $2,000

$3,162 /mo

Next >

NMLS #324599

License: 324599

5.853%

30-Year Fixed

5.750%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$2,335 /mo

Next >

NMLS #1025894

5.967%

30-Year Fixed

5.875%

$3,972

Includes 0.493 points for $1,972

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #324599

License: 324599

6.229%

5-Year ARM

6.125%

$4,506

Includes 0.859 points for $3,436

Lender Fees: $1,070

$2,431 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by 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.

Paying 1 mortgage point up front at closing is equal to 1 percent of the loan amount. So if the loan amount is $400,000 you will have to pay an additional $4,000 in closing costs. It's best to use a mortgage calculator to figure out if paying points to get a lower rate makes financial sense. You can use a calculator, compare rates, and see how long it will take you to recoup the points you pay.

Current mortgage rates on 15 year conforming loans are averaging 3.00 percent. The lowest 15 year refinance rate in our database for California is much lower at 2.625 percent with 2 points. The lowest rate without points is still below the average at 2.99 percent.

Average 30 year jumbo mortgage rates are currently at 4.30 percent and average 15 year jumbo rates are at 4.10 percent. The best 30 year jumbo refinance rates in our database for CA are at 3.375 percent with 2 points and 15 year refi rates are at 2.875 percent with 1.10 points.

This week's National Average Mortgage Rates are listed in the chart to the right: