Mortgage Rates Decline as Equity Prices and Commodity Prices Tumble

Average mortgage rates declined as equity prices and commodity prices tumbled yesterday on fears of slower growth. 30 year conventional mortgage rates today are averaging 3.51 percent, a decline from last week's average 30 year mortgage rate of 3.56 percent. Equity and commodity prices dropped considerably yesterday on fears of slowing economies in the United States and China.

Gold, the most active futures contract, fell for June delivery by losing more than $140 an ounce yesterday, adding to the declines of last week. Surprisingly, bond yields only slipped 2 basis points yesterday but will continue to fall in the coming days if stock prices and commodity prices end further.

The current average 30 year mortgage interest rate is just above a record low of 3.27 percent, set late in 2012. This week we could see average 30 year mortgage rates fall below 3.51 percent and possibly as low as 3.40 percent. If you're searching and comparing mortgage rates, we have lenders in our database offering 30 year conforming rates below the record low of 3.27 percent. The lowest 30 year refinance rates in our database can be found as low as 3.00 percent with points in some states. The best refinance rates without points in our database can be found as low as 3.25 percent.

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 #2890

License: 413-0477

5.651%

15-Year Fixed

5.500%

$3,923

Includes 0.732 points for $2,928

Lender Fees: $995

$3,269 /mo

Next >

NMLS #757416

5.726%

15-Year Fixed

5.625%

$2,632

Includes 0.658 points for $2,632

Lender Fees: $0

$3,295 /mo

Next >

NMLS #1025894

5.778%

15-Year Fixed

5.625%

$3,984

Includes 0.821 points for $3,284

Lender Fees: $700

$3,295 /mo

Next >

NMLS #2890

License: 413-0477

6.713%

30-Year Fixed

6.625%

$3,659

Includes 0.666 points for $2,664

Lender Fees: $995

$2,562 /mo

Next >

NMLS #2473786

6.731%

30-Year Fixed

6.625%

$4,399

Includes 0.826 points for $3,304

Lender Fees: $1,095

$2,562 /mo

Next >

NMLS #2561451

6.763%

30-Year Fixed

6.624%

$5,811

Includes 0.954 points for $3,816

Lender Fees: $1,995

$2,561 /mo

Next >

NMLS #757416

6.804%

30-Year Fixed

6.750%

$2,220

Includes 0.555 points for $2,220

Lender Fees: $0

$2,595 /mo

Next >

NMLS #1025894

6.834%

30-Year Fixed

6.750%

$3,440

Includes 0.685 points for $2,740

Lender Fees: $700

$2,595 /mo

Next >

NMLS #401822

6.896%

30-Year Fixed

6.750%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,595 /mo

Next >

NMLS #399799

6.969%

30-Year Fixed

6.875%

$3,976

Includes 0.662 points for $2,648

Lender Fees: $1,328

$2,628 /mo

Next >

NMLS #401822

7.804%

15-Year Fixed

7.500%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,709 /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.

15 year conforming mortgage rates are averaging 2.77 percent this week, down slightly from last week's average 15 year mortgage rate of 2.78 percent. This week, average 15 year conforming rates might fall below 2.75 percent and possibly as low as 2.70 percent if bond yields drop. We have lenders quoting 15 year refinance rates today in our database as low as 2.25 percent with points and as low as 2.50 percent with no points.

Today's mortgage rates on 30 year jumbo mortgage loans are averaging 3.95 percent, which is slightly higher than last week's average 30 year jumbo mortgage rate of 3.94 percent. The lowest 30 year jumbo refinance rates today in our database are below the average rates at 3.375 percent with points. The lowest jumbo refinancing rates without points on 30 year jumbo loans are slightly higher at 3.50 percent.

Current mortgage rates on 15 year jumbo mortgage loans are averaging 3.34 percent this week, down from the previous week's average 15 year jumbo rate of 3.47 percent. In our database we have lenders quoting 15 year jumbo refinancing rates as low as 2.625 percent with 2 mortgage points and the lowest 15 year refi rates without points are quoted at 3.125 percent.

The lowest 5 year conforming adjustable refinance rates in our database are much lower than the average rate. 5 year conforming mortgage rates today are averaging 2.66 percent, a slight increase from last week's average 5 year conforming adjustable rate of 2.65 percent. The lowest quoted rates offered by lenders are at 1.50 percent with 1.80 mortgage points. The lowest 5 year adjustable refi rates without points are being offering at 2.00 percent.