Mortgage Rates Decline, Lowest 30 Year Mortgage Rates at 3.875%

Mortgage rates are down this week after rising almost every week for the past two months. Average 30 year conforming mortgage rates are currently at 4.41 percent, down from last week's average 30 year rate of 4.50 percent. Average rates are still above 4.00 percent but the lowest quoted rates with points on our 30 year loan table are under 4.00 percent at 3.875 percent. Check for the lowest rates in our state here: Mortgage Rates.

Mortgage Rates Decline on a Weak Employment Report

Average mortgage interest rates are lower this week on the news of a surprisingly weak unemployment report for December 2013. The report released last Friday showed only 74,000 jobs were created in the month of December, much lower than the forecasted amount of 185,000 jobs.

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

5.456%

15-Year Fixed

5.250%

$5,412

Includes 0.853 points for $3,412

Lender Fees: $2,000

$3,216 /mo

Next >

NMLS #2006915

License: 60DBO-149268

5.675%

15-Year Fixed

5.500%

$4,565

Includes 0.655 points for $2,620

Lender Fees: $1,945

$3,269 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.700%

15-Year Fixed

5.500%

$5,389

Includes 0.859 points for $3,436

Lender Fees: $1,953

$3,269 /mo

Next >

NMLS #1025894

5.806%

15-Year Fixed

5.625%

$4,692

Includes 0.998 points for $3,992

Lender Fees: $700

$3,295 /mo

Next >

NMLS #757416

5.870%

15-Year Fixed

5.750%

$3,112

Includes 0.778 points for $3,112

Lender Fees: $0

$3,322 /mo

Next >

NMLS #152859

5.896%

15-Year Fixed

5.750%

$3,780

Includes 0.945 points for $3,780

Lender Fees: $0

$3,322 /mo

Next >

NMLS #401822

5.932%

15-Year Fixed

5.625%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,295 /mo

Next >

NMLS #1835285

6.356%

30-Year Fixed

6.250%

$4,504

Includes 0.626 points for $2,504

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.618%

30-Year Fixed

6.500%

$4,945

Includes 0.750 points for $3,000

Lender Fees: $1,945

$2,529 /mo

Next >

NMLS #152859

6.683%

30-Year Fixed

6.625%

$2,384

Includes 0.596 points for $2,384

Lender Fees: $0

$2,562 /mo

Next >

NMLS #757416

6.710%

30-Year Fixed

6.624%

$3,548

Includes 0.887 points for $3,548

Lender Fees: $0

$2,561 /mo

Next >

NMLS #1025894

6.721%

30-Year Fixed

6.625%

$3,984

Includes 0.821 points for $3,284

Lender Fees: $700

$2,562 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.738%

30-Year Fixed

6.625%

$4,853

Includes 0.725 points for $2,900

Lender Fees: $1,953

$2,562 /mo

Next >

NMLS #1835285

6.893%

5-Year ARM

6.750%

$5,876

Includes 0.969 points for $3,876

Lender Fees: $2,000

$2,595 /mo

Next >

NMLS #401822

7.010%

30-Year Fixed

6.875%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$2,628 /mo

Next >

NMLS #3030

7.130%

15-Year Fixed

6.990%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,594 /mo

Next >

NMLS #3030

7.200%

30-Year Fixed

7.125%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$2,695 /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.

10 year bond yields, which were above 3.00 percent early last week, fell back under 3.00 percent on the news of the weak employment report. 10 year bond yields fell from 3.01 percent to 2.82 percent yesterday and are currently at 2.90 percent. Lenders set mortgage rates based on 10 year bond rates, which is why average rates are lower this week.

Current Mortgage Rates Set to Move Higher This Week

Current mortgage rates are probably at the lowest for the week and will increase by the end of the week. By Friday, average 30 year mortgage rates will be back above 4.50 percent and the lowest 30 year refinance rates quoted on our rate table will be at 4.00 percent.

The trend is for higher mortgage rates in the coming weeks and months. That is, as long as economic growth continues to be robust and there are no more surprise employment reports. By the middle of 2014, average 30 year conforming mortgage rates are forecast to be around 5.00 percent and by the end of 2014, rates are forecasted to be slightly above 5.00 percent.

15 Year Mortgage Rates Today

The current average 15 year conventional mortgage rate is back under 3.50 percent at 3.45 percent. By the end of this week, average 15 year mortgage rates will rise above 3.50 percent and by the end of 2014, average 15 year rates will rise above 4.00 percent. Right now on our rate tables, we have plenty of lenders quoting 15 year refinance rates with and without points below the averages.

The lowest mortgage rates on 15 year loans on our table for the state of California are currently at 2.873 percent with 1.875 mortgage points. The best 15 year refinance mortgage rates right now for our table in the state of Texas are currently at 3.125 percent. These lenders are also quoting 15 year on our rate tables for most other states.

Average Jumbo Mortgage Rates

30 year jumbo mortgage rates today are averaging 4.57 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.65 percent. 30 year jumbo rates will be back around 4.65 percent by the end of the week and will rise above 5.00 percent by the summer of 2014. By the end of this year, 30 year jumbo rates will average around 5.00 percent to 5.25 percent.

The lowest 30 year jumbo refinance rates available right now on our rate table for the state of New Jersey are currently at 4.125 percent with no mortgage points. We also have other lenders quoting 30 year jumbo refi rates with and without points below the average of 4.57 percent.

Today's mortgage rates on 15 year jumbo loans are averaging 3.84 percent, a decline from last week's average 15 year jumbo rate of 3.89 percent. Average 15 year jumbo rates will increase this week and rise to 3.90 percent by Friday. By the third quarter of 2014, average 15 year rates will be around 4.25 percent and rise above 4.50 percent by the end of the year.

Checking on our 15 year jumbo rate tables for the state of Colorado, the lowest rate is currently at 3.375 percent with 1 mortgage point, almost 50 basis points below the average rate. The lowest 15 year refi rate without points on our table for CO is still below the average at 3.75 percent.

5/1 Conforming Adjustable Mortgage Rates

The current average 5/1 conforming adjustable mortgage rate is at 3.57 percent this week, a decline from the previous week's average 5 year adjustable rate of 3.67 percent. By the end of this week, average 5 year adjustable rates will rise to around 3.75 percent. The forecast for adjustable rates is also higher for 2014.

Average 5 year conforming rates will be around 4.00 percent by June 2014 and will rise to around 4.50 percent by the end of 2014. Right now, the lowest adjustable rates on our table are more than 1.00 percent lower than the average rate. The lowest 5/1 adjustable rate on our table for the state of Nevada is currently at 2.375 percent with just under 2 mortgage points. The best rate without points in NV is currently at 2.75 percent.

Jumbo 5/1 Adjustable Mortgage Rates

5 year jumbo mortgage rates are actually higher today. The current average 5 year jumbo rate is at 3.05 percent, up from last week's average 5 year jumbo rate of 3.02 percent. By the end of this week, average 5 year jumbo rates will be around 3.10 percent. By the end of 2014, average 5 year rates will be around 3.50 percent to 3.75 percent.

The best 5 year jumbo rates on our rate table for the state of South Carolina are 1.55 percent below the average rate. The best rate is currently at 2.50 percent with 2 mortgage points. The lowest 5 year jumbo rate without points is still well below the average at  2.75 percent.