Mortgage Rates Slightly Higher This Week as Housing Forecasts are Revised Higher

Mortgage rates moved slightly higher this week but will decline later this week because of lower bond yields. Despite the increase in rates, average mortgage rates are still near all-time record lows. Near record low mortgage rates, combined with 5 million jobs created over the past two years, and an unemployment rate nearing 5 percent will help the housing market in 2015.

30 year conventional mortgage rates today are averaging 3.90 percent, up slightly from last week's average 30 year rate of 3.88 percent. Average 30 year rates are only about 50 basis points from the all-time record lows set in May 2013.

Economists with Freddie Mac and Fannie Mae, have revised their outlook higher for housing this year. Home sales and home prices are expected to increase in the final 6 months of 2015. 30 year mortgage rates are forecast to remain near current levels and also remain under 4.00 percent in 2015. You can view all Fannie Mae forecasts: Fannie Mae's Housing Forecast for May 2015

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

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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

5.440%

15-Year Fixed

5.250%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$3,216 /mo

Next >

NMLS #2059741

5.606%

15-Year Fixed

5.490%

$3,032

Includes 0.758 points for $3,032

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.650%

15-Year Fixed

5.490%

$4,172

Includes 0.868 points for $3,472

Lender Fees: $700

$3,267 /mo

Next >

NMLS #1312186

5.652%

15-Year Fixed

5.500%

$3,968

Includes 0.992 points for $3,968

Lender Fees: $0

$3,269 /mo

Next >

NMLS #324599

License: 324599

5.673%

15-Year Fixed

5.500%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$3,269 /mo

Next >

NMLS #6606

5.773%

15-Year Fixed

5.625%

$3,848

Includes 0.962 points for $3,848

Lender Fees: $0

$3,295 /mo

Next >

NMLS #1835285

6.262%

5-Year ARM

6.125%

$5,860

Includes 0.965 points for $3,860

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.356%

30-Year Fixed

6.250%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #324599

License: 324599

6.494%

30-Year Fixed

6.375%

$5,070

Includes 1.000 points for $4,000

Lender Fees: $1,070

$2,496 /mo

Next >

NMLS #2059741

6.569%

30-Year Fixed

6.490%

$3,292

Includes 0.823 points for $3,292

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1312186

6.596%

30-Year Fixed

6.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,529 /mo

Next >

NMLS #1025894

6.600%

30-Year Fixed

6.490%

$4,592

Includes 0.973 points for $3,892

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.714%

30-Year Fixed

6.625%

$3,684

Includes 0.921 points for $3,684

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.734%

30-Year Fixed

6.625%

$4,495

Includes 0.625 points for $2,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #324599

License: 324599

6.743%

5-Year ARM

6.625%

$4,954

Includes 0.971 points for $3,884

Lender Fees: $1,070

$2,562 /mo

Next >

NMLS #1312186

6.968%

5-Year ARM

6.875%

$3,804

Includes 0.951 points for $3,804

Lender Fees: $0

$2,628 /mo

Next >

NMLS #401822

7.698%

15-Year Fixed

7.375%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,680 /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.

Current mortgage rates on 15 year conventional loans are averaging 3.06 percent, up from last week's average 15 year mortgage rate of 3.03 percent. Average 15 year rates are slightly above 3.00 percent but there are many lenders quoting 15 year refinance rates below 3.00 percent in our rate database. The lowest current rate in our database for California is at 2.75 percent with 1.10 mortgage points from Lenda (NMLS # 991397, State Lic # 01926580).

5 year adjustable mortgage rates on conventional loans are averaging 3.05 percent, unchanged from last week's average adjustable rate. The lowest 5 year adjustable rates available in our database for all states are much lower. For example, the lowest 5 year rate in Ohio is at 2.40 percent with 1 point from Third Federal (NMLS # 449401).

30 year jumbo mortgage rates are currently averaging 4.27 percent, up from the prior week's average 30 year jumbo rate of 4.21 percent. The best 30 year jumbo refinance rates in our database of lenders for Connecticut are below 4.00 percent. The lowest rate currently available is at 3.75 percent with 0.95 points from First Internet Bank (NMLS # 424182).

Today's mortgage rates on 15 year jumbo mortgage loans are averaging 3.82 percent, up from the previous week's average 15 year rate of 3.79 percent. The lowest 15 year jumbo refinance rates in our rate database for New York is at 3.25 percent with 0.25 points from Investors Home Mortgage (NMLS # 60061).

5 year jumbo adjustable mortgage rates are averaging 3.42 percent, an increase from the previous week's average rate of 3.38 percent. The best jumbo 5 year adjustable refinance rates in the database are under 3.00 percent. In the rate database for Georgia, the lowest rate is from Third Federal at 2.75 percent with zero mortgage points.