Mortgage Rates Fall Again This Week: Lowest 30 Year Refinance Rates at 3.50%

30 year mortgage rates are lower again this week, falling back below 4.00 percent. Mortgage rates will continue to move lower in the coming days as a result of lower U.S. bond yields. 10 year bond yields declined below 2.00 percent yesterday and the decline will send 30 year mortgage rates down another 5 to 10 basis points in the next few days.

Lower bond yields and mortgage rates can be attributed to the decline in equity markets across the globe. Sharp declines in markets have sent investors into the safely of U.S. bonds. As bond prices move higher, bond yields move lower. Lenders tie mortgage rates to 10 year bond yields so when yields decline, mortgage rates also decline.

Mortgage rates today on 30 year loans are averaging 3.89 percent, down from last week's average 30 year rate of 4.00 percent. Average rates are at 3.89 percent but there are many lenders quoting rates below the average. The lowest 30 year conforming rates in our rate database are quoted at 3.50 percent with points.

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

5.353%

15-Year Fixed

5.125%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$3,190 /mo

Next >

NMLS #2273319

5.428%

15-Year Fixed

5.125%

$7,995

Includes 0.750 points for $3,000

Lender Fees: $4,995

$3,190 /mo

Next >

NMLS #401822

5.554%

15-Year Fixed

5.250%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #1025894

5.634%

15-Year Fixed

5.490%

$3,760

Includes 0.765 points for $3,060

Lender Fees: $700

$3,267 /mo

Next >

NMLS #6606

5.884%

15-Year Fixed

5.740%

$3,732

Includes 0.933 points for $3,732

Lender Fees: $0

$3,320 /mo

Next >

NMLS #1835285

6.266%

30-Year Fixed

6.125%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #2273319

6.312%

30-Year Fixed

6.125%

$7,995

Includes 0.750 points for $3,000

Lender Fees: $4,995

$2,431 /mo

Next >

NMLS #2273319

6.315%

5-Year ARM

6.125%

$8,131

Includes 0.784 points for $3,136

Lender Fees: $4,995

$2,431 /mo

Next >

NMLS #1835285

6.371%

5-Year ARM

6.250%

$5,112

Includes 0.778 points for $3,112

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #1025894

6.582%

30-Year Fixed

6.490%

$3,856

Includes 0.789 points for $3,156

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.715%

30-Year Fixed

6.625%

$3,708

Includes 0.927 points for $3,708

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.746%

30-Year Fixed

6.625%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #3030

6.784%

15-Year Fixed

6.625%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,512 /mo

Next >

NMLS #3030

7.476%

30-Year Fixed

7.375%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,763 /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.

Low mortgage rates are continuing to help the housing market recover. The National Association of Realtors reported total existing-home sales rose 2 percent in July to a seasonally adjusted annual rate of 5.59 million. Existing home sales are up 10.3 percent above a year ago and are at the highest pace since February 2007.

Not only are home sales higher, home prices are also moving higher. A strong jobs market combined with a low number of homes available for sale are driving prices sharply higher. The NAR reported the median existing-home price for all housing types was $234,000 in July, up 5.6 percent above a year ago.

Weekly Mortgage Rate Report August 25, 2015

Conforming Mortgage Rates

• 30 year mortgage rates are averaging 3.89 percent, down from last week's average rate of 4.00 percent.
• 15 year mortgage rates are averaging 2.93 percent, down from 3.03 percent the prior week
• 5 year adjustable mortgage rates are averaging 3.11 percent, down from 3.24 percent last week.

Jumbo Mortgage Rates

• 30 year jumbo mortgage rates are currently averaging 4.23 percent, down from the previous week's average of 4.28 percent.
• 15 year jumbo mortgage rates are averaging 3.74 percent, a decline from last week's average of 3.79 percent.
• 5 year jumbo adjustable mortgage rates are averaging 3.71 percent, a sharp decline from last week's average of 3.92 percent.

Lowest Refinance Rates Available in the Rate Database August 25, 2015

Conforming Refinance Rates

• 30 year refinance rates at 3.50 percent with 2 mortgage points
• 20 year refinance rates at 3.25 percent with 2 mortgage points
• 15 year refinance rates at 2.625 percent with 2 mortgage points
• 10 year refinance rates 2.50 percent with 2 mortgage points
• 10 year adjustable refinance rates at 3.25 percent with 0 points
• 7 year adjustable refinance rate at 2.75 percent with 1 mortgage point
• 5 year adjustable refinance rates at 2.50 percent with 1 mortgage point
• 3 year adjustable refinance rate at 1.99 percent with 0 mortgage points

Jumbo Refinance Rates

• 30 year jumbo refinance rates at 3.625 percent with 0.75 mortgage points
• 15 year jumbo refinance rates at 2.875 percent with 1.10 mortgage points
• 10 year jumbo adjustable refinance rates at 2.875 percent with 1.10 mortgage points
• 7 year adjustable refinance rates at 2.75 percent with 0.88 mortgage points
• 5 year adjustable refinance rates at 2.375 percent with 1.10 mortgage points
• 3 year adjustable refinance rate at 1.99 percent with 0 mortgage points

Search for the best mortgage rates in your state by searching our rate database here: MonitorBankRates.com/Mortgages