Mortgage Rates Remain Low This Week – Average 30 Year Rates at 3.83%

30 year conforming mortgage rates remained under 4.00 percent this week and actually dropped week over week. Average 30 year rates are currently at 3.83 percent, a decline from the prior week's average rate of 3.90 percent. It's looking more and more likely that 30 year rates will remain under 4.25 percent for the rest of 2015. Forecasts were for 30 year rates to hit 5.00 percent by the end of the year.

Mortgage rates near record lows is spurring demand for homes heading into the fall. The National Association of Realtors reported that for transactions that closed in July, the homes were typically on the market for 42 days. A year ago homes averaged 48 days on the market. In July of 2015, 43 percent of sold properties spent less than a month on the market. You can read more in the Realtors Confidence Index.

Home builders are also ramping up building because of low mortgage rates and tight housing inventory.  According to the Commerce Department, construction spending surged to the highest level in more than seven years in July. Construction spending was up 0.7 percent month over month, reaching a seasonally adjusted annual rate of $1.083 trillion. Read more on the Commerce Department's website: Value of Construction Put in Place

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 #274058

5.552%

15-Year Fixed

5.375%

$4,638

Includes 0.637 points for $2,548

Lender Fees: $2,090

$3,242 /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

5.756%

15-Year Fixed

5.625%

$3,404

Includes 0.676 points for $2,704

Lender Fees: $700

$3,295 /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 #274058

6.515%

5-Year ARM

6.375%

$5,894

Includes 0.951 points for $3,804

Lender Fees: $2,090

$2,496 /mo

Next >

NMLS #274058

6.632%

30-Year Fixed

6.500%

$5,506

Includes 0.854 points for $3,416

Lender Fees: $2,090

$2,529 /mo

Next >

NMLS #1025894

6.721%

30-Year Fixed

6.625%

$3,956

Includes 0.814 points for $3,256

Lender Fees: $700

$2,562 /mo

Next >

NMLS #401822

6.770%

30-Year Fixed

6.625%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #3030

6.889%

15-Year Fixed

6.750%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,540 /mo

Next >

NMLS #6606

6.960%

30-Year Fixed

6.875%

$3,468

Includes 0.867 points for $3,468

Lender Fees: $0

$2,628 /mo

Next >

NMLS #3030

7.589%

30-Year Fixed

7.500%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$2,797 /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.

Average/Lowest Mortgage Rate Report September 8, 2015

30 year conforming rates are averaging 3.83 percent, down from last week's average rate of 3.90 percent. Lowest 30 year refinance rates available in the database are at 3.50 percent with points.

Mortgage rates today on 15 year conforming loans are averaging 2.95 percent, a decline from last week's average rate of 2.96 percent. Lowest 15 year refinance rates are at 2.75 percent with points.

5 year adjustable conforming rates are currently at 3.12 percent, down from the prior week's average 5 year adjustable rate of 3.19 percent. The lowest 5 year adjustable refinance rates in the database are at 2.50 percent with points.

Current mortgage rates on 30 year jumbo loans are averaging 4.26 percent, down from last week's average 30 year jumbo rate of 4.27 percent. The lowest 30 year jumbo refinance rates available in the database are at 3.625 percent with points.

15 year jumbo mortgage rates are averaging 3.85 percent, a decline from the previous week's average rate of 3.88 percent. The lowest 15 year jumbo refinance rates available right now are at 2.99 percent with points.

5 year jumbo adjustable mortgage rates are averaging 3.82 percent, down from last week's average rate of 3.84 percent. The best 5 year jumbo refinance rates available today are at 2.625 percent with no points.

You can search and compare mortgage rates in the state you live in by using our database at MonitorBankRates Mortgage Rates