Mortgage Rates Increase on Fed Tapering Fears

For the past couple of weeks we thought we were safe from higher mortgage rates but that isn't the case anymore. The fear that the Federal Reserve will start tapering bond and mortgage-backed security purchases are back. The Federal Open Market Committee (FOMC) just released their October meeting minutes, suggesting that the central bank is looking for a way to slow down and stop their buying.

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The committee members did vote 9-to-1 to continue the $85 billion-per-month asset-purchase program, which will keep a lid on mortgage rates for now. What is stoking fears again is the minutes revealed some members believed an exit strategy should be decided upon and announced within the next few meetings.

Loan Type

Purchase Refinance with Cash out Refinance

State

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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 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

4.938%

15-Year Fixed

4.750%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$3,112 /mo

Next >

NMLS #1283930

License: 01970483

5.445%

15-Year Fixed

5.250%

$5,125

Includes 1.000 points for $4,000

Lender Fees: $1,125

$3,216 /mo

Next >

NMLS #1838

5.455%

15-Year Fixed

5.250%

$5,395

Includes 0.974 points for $3,896

Lender Fees: $1,499

$3,216 /mo

Next >

NMLS #1025894

5.548%

15-Year Fixed

5.375%

$4,512

Includes 0.953 points for $3,812

Lender Fees: $700

$3,242 /mo

Next >

NMLS #1835285

5.887%

30-Year Fixed

5.750%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$2,335 /mo

Next >

NMLS #401822

6.039%

15-Year Fixed

5.750%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,322 /mo

Next >

NMLS #3030

6.146%

15-Year Fixed

5.990%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,374 /mo

Next >

NMLS #1838

6.231%

30-Year Fixed

6.125%

$4,535

Includes 0.759 points for $3,036

Lender Fees: $1,499

$2,431 /mo

Next >

NMLS #401822

6.289%

30-Year Fixed

6.125%

$7,000

Includes 0.750 points for $3,000

Lender Fees: $4,000

$2,431 /mo

Next >

NMLS #1283930

License: 01970483

6.347%

30-Year Fixed

6.250%

$4,125

Includes 0.750 points for $3,000

Lender Fees: $1,125

$2,463 /mo

Next >

NMLS #1025894

6.477%

30-Year Fixed

6.375%

$4,284

Includes 0.896 points for $3,584

Lender Fees: $700

$2,496 /mo

Next >

NMLS #1835285

6.637%

5-Year ARM

6.500%

$5,700

Includes 0.925 points for $3,700

Lender Fees: $2,000

$2,529 /mo

Next >

NMLS #3030

6.949%

30-Year Fixed

6.875%

$3,000

Includes 0.750 points for $3,000

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.

Conforming Mortgage Rates Today

As a result of the news, 10 year bond rates soared higher on Wednesday and hit a high of 2.84 percent Thursday morning. The 15 basis point increase in 10 year bond yields this week has sent 30 year conventional mortgage rates up to 4.37 percent. If 10 year bond yields stay near current levels, 30 year mortgage rates will move back towards 4.45 percent.

Just yesterday Freddie Mae reported 30 year conforming rates fell to 4.22 percent. Next week's report will show average 30 year mortgage rates at 4.45 percent. Right now the best 30 year mortgage refinance rates in our database for California, rates are at 3.625 percent with 2 mortgage points. The lowest current rates in most other states are at 3.75 percent with points.

Mortgage rates today on 15 year conventional home loans are averaging 3.39 percent. Next week 15 year mortgage rates will move back towards 3.50 percent if 10 year bond rates stay above 2.75 percent. Currently, the lowest 15 year refinance rates in our database of rates are at 2.75 percent. The lowest 15 year refinancing rates without points are at 3.00 percent.

Current Jumbo Mortgage Rates Today

Current 30 year jumbo mortgage rates today are averaging 4.45 percent, an increase from yesterday's average 30 year jumbo mortgage rate of 4.39 percent. Next week 30 year jumbo rates will move back above 4.50 percent and possibly as high as 4.60 percent.

The best jumbo refinance rates today in our database on 30 year loans are much lower at 4.00 percent. The best 30 year jumbo refi rates without points are currently at 4.25 percent.

Today's mortgage rates on 15 year jumbo loans are averaging 3.84 percent, up from an average 15 year jumbo rate of 3.79 percent. This coming week, 15 year mortgage rates will move towards 3.90 percent on average.

Right now, the best jumbo rates on 15 year loans in our database are much lower at 3.125 percent with points. The lowest 15 year jumbo rate without points is still below the average at 3.50 percent.

Today's Adjustable Mortgage Rates

5/1 conforming adjustable mortgage rates are averaging 3.50 percent today, an increase from yesterday's average 5/1 mortgage rate of 3.44 percent. Next week 5/1 adjustable refinance rates will move towards 3.60 percent. Currently the lowest 5 year adjustable rate is lower at 2.25 percent with points. The lowest 5 year adjustable rate without points is at 2.49 percent.

Jumbo rates on 5/1 adjustable loans are averaging 2.80 percent, an increase from an average 5 year jumbo rates of 2.77 percent. This week 5 year jumbo rates will be higher, averaging around 2.90 percent. The lowest 5 year jumbo rates in our database with points are also at 2.125 percent and the lowest rate without points is at 2.49 percent.