Mortgage Rates Continue to Rise as 10 Year Treasury Yields Move Higher

Mortgage rates drifted higher this President's Day thanks to higher 10 year Treasury yields. 10 year yields which started last week below 2.00 percent, closed at 2.01 percent on Friday. As a result of higher yields, average 30 year mortgage rates today increased to 3.66 percent, up from last week's average 30 year mortgage rate of 3.61 percent.

Average mortgage rates on 30 year conforming loans moved higher in 2013 but rates are still less than 50 basis points above all-time record lows. The average record low was 3.27 percent, set back in November 2012. Whether or not we see record low mortgage rates in 2013 depends on the sequester and fiscal year 2013 budget.

If Democrats and Republicans fail to act responsibly on these two issues and throw the economy into a recession, both bond yields and mortgage rates will plummet to new record lows.

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 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 #2059741

4.764%

15-Year Fixed

4.625%

$3,708

Includes 0.927 points for $3,708

Lender Fees: $0

$3,086 /mo

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NMLS #2473786

4.779%

15-Year Fixed

4.625%

$4,119

Includes 0.756 points for $3,024

Lender Fees: $1,095

$3,086 /mo

Next >

NMLS #2473786

4.972%

5-Year ARM

4.875%

$4,451

Includes 0.839 points for $3,356

Lender Fees: $1,095

$2,117 /mo

Next >

NMLS #6606

5.260%

15-Year Fixed

5.125%

$3,548

Includes 0.887 points for $3,548

Lender Fees: $0

$3,190 /mo

Next >

NMLS #2059741

5.573%

30-Year Fixed

5.490%

$3,700

Includes 0.925 points for $3,700

Lender Fees: $0

$2,269 /mo

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NMLS #2473786

5.587%

30-Year Fixed

5.490%

$4,295

Includes 0.800 points for $3,200

Lender Fees: $1,095

$2,269 /mo

Next >

NMLS #6606

5.958%

30-Year Fixed

5.875%

$3,592

Includes 0.898 points for $3,592

Lender Fees: $0

$2,367 /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.

If politicians can come to an agreement and avoid a recession, the economy will take off. While a stronger economy would lead to higher yields and rates the increases will be minimal. 10 year bond yields would remain under 2.50 percent and 30 year mortgage rates would remain under 4.00 percent.

Current mortgage rates on 30 year jumbo loans remained unchanged this week at 4.12 percent. The all-time record low for 30 year jumbo mortgage rates are just below 4.00 percent at 3.91 percent. A recession in 2013 would force 30 year jumbo rates as low as 3.75 percent on average. If there isn't a recession, average 30 year jumbo rates would move as high as 4.50 percent.

Today's mortgage rates on 15 year conventional loans are averaging 2.92 percent, an increase from last week's average 15 year mortgage rate of 2.90 percent. The record low for 15 year mortgage rates was 2.78 percent, set back in November 2012. You can actually find lenders quoting 15 year mortgage refinance rates well below the average rate. The lowest refinance rates on 15 year conforming loans in our database are at 2.25 percent with points.

Average 15 year jumbo mortgage rates are at 3.41 percent, an increase from last week's average 15 year jumbo mortgage rate of 3.39 percent. The record low for 15 year jumbo rates was 3.17 percent set in November 2012. Current 15 year jumbo rates can be found as low as 2.875 percent to 3.125 percent with points.