Mortgage Rates Increase This Week as Fed Raises Interest Rates

Mortgage rates increased again this week to the highest level this year. We expected mortgage rates to increase because the Federal Reserve increased the fed funds rate by 25 basis points last week. Mortgage rates today on 30 year conforming loans are currently at 4.57 percent.

The fed funds rate was increased on September 27th to a level of 2.00 percent to 2.25 percent. Since the increase happened a few days ago, we believe the 0.25 percent increase isn't fully reflected in current mortgage rates. Average 30 year rates will move towards 4.65 to 4.75 percent in the coming weeks.

While the average 30 year rate is at 4.57 percent, there are lenders offering rates lower than average. The lowest rates in our database with no points are around 4.375 percent, about 20 basis points lower than the average. If you're willing to pay points, you can get an ever lower rate.

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

4.846%

15-Year Fixed

4.625%

$5,912

Includes 0.978 points for $3,912

Lender Fees: $2,000

$3,086 /mo

Next >

NMLS #1513908

5.201%

15-Year Fixed

4.990%

$5,822

Includes 0.879 points for $3,516

Lender Fees: $2,306

$3,162 /mo

Next >

NMLS #1689962

License: 02053435

5.391%

15-Year Fixed

5.250%

$3,708

Includes 0.927 points for $3,708

Lender Fees: $0

$3,216 /mo

Next >

NMLS #2578474

5.393%

15-Year Fixed

5.250%

$3,750

Includes 0.675 points for $2,700

Lender Fees: $1,050

$3,216 /mo

Next >

NMLS #401822

5.409%

15-Year Fixed

5.125%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,190 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.436%

15-Year Fixed

5.250%

$5,077

Includes 0.781 points for $3,124

Lender Fees: $1,953

$3,216 /mo

Next >

NMLS #2006915

License: 60DBO-149268

5.445%

15-Year Fixed

5.250%

$5,117

Includes 0.793 points for $3,172

Lender Fees: $1,945

$3,216 /mo

Next >

NMLS #1025894

5.532%

15-Year Fixed

5.375%

$4,104

Includes 0.851 points for $3,404

Lender Fees: $700

$3,242 /mo

Next >

NMLS #1835285

5.864%

30-Year Fixed

5.750%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$2,335 /mo

Next >

NMLS #1835285

6.007%

5-Year ARM

5.875%

$5,696

Includes 0.924 points for $3,696

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #1513908

6.105%

30-Year Fixed

5.990%

$5,186

Includes 0.720 points for $2,880

Lender Fees: $2,306

$2,396 /mo

Next >

NMLS #2578474

6.236%

30-Year Fixed

6.125%

$4,750

Includes 0.925 points for $3,700

Lender Fees: $1,050

$2,431 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.249%

30-Year Fixed

6.125%

$5,469

Includes 0.879 points for $3,516

Lender Fees: $1,953

$2,431 /mo

Next >

NMLS #401822

6.265%

30-Year Fixed

6.125%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,431 /mo

Next >

NMLS #3030

6.281%

15-Year Fixed

6.125%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,403 /mo

Next >

NMLS #1689962

License: 02053435

6.319%

30-Year Fixed

6.250%

$2,908

Includes 0.727 points for $2,908

Lender Fees: $0

$2,463 /mo

Next >

6.326%

30-Year Fixed

6.250%

$3,228

Includes 0.625 points for $2,500

Lender Fees: $728

$2,463 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.355%

30-Year Fixed

6.250%

$4,445

Includes 0.625 points for $2,500

Lender Fees: $1,945

$2,463 /mo

Next >

NMLS #1025894

6.456%

30-Year Fixed

6.375%

$3,400

Includes 0.675 points for $2,700

Lender Fees: $700

$2,496 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.881%

5-Year ARM

6.750%

$5,581

Includes 0.907 points for $3,628

Lender Fees: $1,953

$2,595 /mo

Next >

NMLS #3030

6.973%

30-Year Fixed

6.875%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,628 /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.

Lenders Offer Lower Mortgage Rates

Garden State Home Loans is currently quoting 30 year refinance rates with .10 points at 4.125 percent. GSHL's rate is almost .50 percent lower than the current average rate. Getting a quarter point lower mortgage for one tenth point is a great deal.

Average 15 year conforming rates also shot higher this week. The current average 15 year rate is at 3.93 percent, up 10 basis points from the prior week's average rate of 3.83 percent. We expect average 15 year rates to move above 4.00 percent in the coming weeks.

Right now, the best 15 year mortgage rate in our database is much lower than the average rate. The lowest current rate offered by Sebonic is at 3.24 percent with 1.10 mortgage points. The lowest rate without points is at 3.75 percent, still below the average rate.

Unfortunately, the days of getting the lowest mortgage rates are over. Rates will continue to move higher for the rest of this year and in 2019. Although rates are off  of their all-time lows, historically speaking, current rates are still good. Go back a decade and average 30 year rates were above 5.00 percent. If you go back even further to the early 1980s, the highest average 30 year rate was above 17 percent.