Mortgage Rates Today Drift Lower as Janet Yellen says Interest Rates Will Stay Low

Mortgage rates drifted slightly lower as the Fed Chairperson, Janet Yellen, spoke yesterday and said that interest rates will stay low for quite some time to help the job market recover. Average 30 year conforming mortgage rates today are down 1 basis point to 4.38 percent, down from yesterday's average 30 year rate of 4.39 percent.

Yellen's remarks made it clear that even after the Fed phases out its monthly bond and mortgage backed securities (MBS) purchases later this year, the Fed has no plans to raise the fed funds rate anytime soon. The Fed has been buying bonds and MBS to force long term bond rates and mortgage rates lower.

Current mortgage rates on 30 year conforming loans are 1.00 percent higher from record lows set in early 2013. While mortgage rates are expected to increase in 2014, the increase from current levels will be small. Forecasts are for 30 year rates to increase to 5.00 percent by the end of 2014, a mere 60 basis points from today's average rate.

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

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.

Average 30 year mortgage rates are at 4.38 percent but you can still find lenders quoting 30 year refinance rates below the average. In our database of rates we have many lenders quoting 30 year refinance rates around 4.00 percent with and without points. We have one lender quoting 30 year refinance rates at 3.875 percent with 1.10 points.

Today's mortgage rates on 15 year conforming loans are averaging 3.38 percent, down from yesterday's average 15 year mortgage rate of 4.41 percent. Average 15 year mortgage rates are about 0.75 percent above record lows set early in 2013. The lowest point for average 15 year rates was at 2.64 percent in April last year.

The lowest 15 year refinance rates available in our database of rates are much lower than the average rate. The best 15 year refinance rate quoted in our database is at 2.75 percent with 1.10 mortgage points. The best 15 year refi rate without points in our database is also below the average rate at 3.125 percent.

Average 30 year jumbo mortgage rates today are at 4.74 percent, down from an average 30 year jumbo rate of 4.83 percent. 30 year jumbo rates are about 1.oo percent higher from the record low of 3.94 percent set in 2013. The best jumbo rates quoted in our database are currently at 4.125 percent with points and the best jumbo rate without points is quoted at 4.25 percent.

Current 15 year jumbo mortgage rates are averaging 4.18 percent, down from the previous day's average 15 year jumbo mortgage rate of 4.23 percent. The lowest point in 2013 for average 15 year jumbo rates was at 3.37 percent set in April 2013. The lowest 15 year jumbo refinance rates available in our database are quoted at 3.50 percent with 1.10 points and at 3.625 percent with no points.

Conforming 5/1 adjustable mortgage rates are currently averaging 3.42 percent, a decline from the prior day's average 5 year adjustable mortgage rate of 3.46 percent. The best 5 year adjustable refinance rates available in our database are more than 100 basis points below the average at 2.25 percent with 1.10 points. The best 5 year adjustable rate without points is also way below the average rate at 2.625 percent.

Jumbo 5 year adjustable mortgage rate are averaging 3.63 percent, down from the yesterday's average 5 year adjustable jumbo mortgage rate of 3.67 percent. The lowest 5 year jumbo refinance rate in our database are also much lower than the average at 2.625 percent with 1.10 points. The lowest 5 year jumbo refi rate without points is at 2.875 percent.

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