Mortgage Rates Retreat from Recent Highs

Mortgage rates are finally taking a breather from the recent increases and have declined the past week. Since the beginning of May, mortgage rates on 30 year conforming loans moved 1.00 percent higher from 3.50 percent to around 4.50 percent. In late June, 30 year mortgage rates shot up more than 50 basis points in just one week.

This past week, average 30 year conventional mortgage rates declined below 3.50 percent and are averaging 4.35 percent. The recent surge in mortgage interest rates is directly related to the increase in 10 year bond yields. The average 10 year bond yield increased from 1.60 percent to 2.60 percent over the past three months.

Looking out over the next coming weeks and months, bond yields and mortgage rates will be remain stable around current levels. Average 30 year rates will stay in a range of 4.00 percent to 4.50 percent. Although 30 year conforming rates are around 4.50 percent, there are still many lenders quoting rates just below 4.00 percent if you're willing to pay points on the loan.

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 #2326098

License: 60DBO-181478

4.783%

15-Year Fixed

4.625%

$4,409

Includes 0.614 points for $2,456

Lender Fees: $1,953

$3,086 /mo

Next >

NMLS #1689962

License: 02053435

4.873%

15-Year Fixed

4.750%

$3,280

Includes 0.820 points for $3,280

Lender Fees: $0

$3,112 /mo

Next >

NMLS #1025894

4.978%

15-Year Fixed

4.875%

$2,736

Includes 0.509 points for $2,036

Lender Fees: $700

$3,138 /mo

Next >

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5.595%

30-Year Fixed

5.500%

$4,228

Includes 0.875 points for $3,500

Lender Fees: $728

$2,272 /mo

Next >

NMLS #3030

5.654%

15-Year Fixed

5.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,269 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.726%

30-Year Fixed

5.625%

$4,637

Includes 0.671 points for $2,684

Lender Fees: $1,953

$2,303 /mo

Next >

NMLS #1689962

License: 02053435

5.829%

30-Year Fixed

5.750%

$3,432

Includes 0.858 points for $3,432

Lender Fees: $0

$2,335 /mo

Next >

NMLS #401822

5.905%

15-Year Fixed

5.750%

$4,000

Includes 0.000 points for $0

Lender Fees: $4,000

$3,322 /mo

Next >

NMLS #401822

5.933%

30-Year Fixed

5.750%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$2,335 /mo

Next >

NMLS #1025894

5.956%

30-Year Fixed

5.875%

$3,504

Includes 0.701 points for $2,804

Lender Fees: $700

$2,367 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.258%

5-Year ARM

6.125%

$5,853

Includes 0.975 points for $3,900

Lender Fees: $1,953

$2,431 /mo

Next >

NMLS #3030

6.458%

30-Year Fixed

6.375%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$2,496 /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 15 year mortgage rates this week are at 3.43 percent, unchanged from last week's average rate. 15 year rates have also moved considerably higher since early May. On May 5, average 15 year conforming rates were at 2.55 percent and this past week the average 15 year rate is higher at 3.43 percent. The high for 15 year mortgage rates was 3.67 percent, set in early July.

Over the next several weeks and months, average 15 year rates will be in a range near current levels. On the high end, we could see 15 year rates move above 3.60 percent and on the low end, 15 year rates could fall to around 3.20 percent. Currently, there are many lenders quoting 15 year mortgage rates below 3.00 percent at 2.87 percent with points.

Mortgage rates today on 30 year jumbo mortgage loans are averaging 4.69 percent, up from last week's average rate of 4.63 percent. The recent high for 30 year jumbo mortgage rates was 4.80 percent set in early July. Over the next coming months average 30 year jumbo rates will probably move as high as 4.90 percent and as low as 4.40 percent.

The move higher in average jumbo rates hasn't been as dramatic as conforming rates. The reason being jumbo rates never fell as much as conforming rates so the bounce higher as been smaller. Since recent lows jumbo rates have only increase around 75 basis points, lower than the 100 basis point increase in conforming rates.

 Current mortgage rates on 15 year jumbo loans are averaging 4.03 percent, an increase from the prior week's average 15 year rate of 3.98 percent. The recent high for 15 year jumbo rates was 4.23 percent. Over the next two months the probable range for 15 year jumbo rates will be between 3.75 percent and 4.25 percent.

Adjustable mortgage rates on 5 year conforming loans this week are averaging 3.40 percent, up slightly from last week's average rate of 3.39 percent. Average 5 year adjustable jumbo mortgage rates are slightly lower from 3.22 percent to 3.20 percent. Adjustable rates have increased over the past three months but the increases have been small. 5 year conforming rates were averaging 2.80 percent and 5 year jumbo rates were averaging 2.90 percent three months ago.

While the chance to refinance a mortgage has probably gone out the window for millions of homeowners because refinance rates are higher if you're thinking of buying a home rates are still historically low. Another factor that makes now a good time to buy a home is home prices are still lower than recent highs during the housing bubble.

Low mortgage rates and lower home prices makes home affordability the best it's been in our generation. Even with the recent increase in mortgage rates and home prices you are probably going to be in the best position to buy now instead of later. You can search for and compare rates by searing our lender database at MonitorBankRates.com.