This morning 10 year bond yields are higher once again and are now nearing 3.00 percent which would send mortgage rates higher this week. Mortgage rates today on 30 year conforming loans are averaging 4.60 percent, a big increase from last Friday’s average 30 year mortgage rate of 4.33 percent.
Since 10 year bond yields are up another 6 basis points today that means the 4.60 percent mortgage rate on 30 year loans will probably be the low point for this week. By Wednesday 30 year mortgage rates will probably be around 4.75 percent and probably be as high as 4.85 percent by Friday. Current mortgage rates are still low by historical standards so if your thinking of refinancing now is still a good time.
30 year conforming refinance rates hit record lows this year but millions of homeowners were unable to refinance because they didn’t have enough equity in their home. Now that home prices are rising sharply these homeowners now might have the 20 percent equity to refinance to a lower refinance rate.
Right now the lowest refinance rates today for 30 year conforming loans are still under 4.00 percent. If you don’t mind paying points up front on a loan you can find many lenders quoting 30 year refinance rates around 3.75 percent. You’ll probably have to pay 2 points on a loan to get a 30 year refi rate that low.
I saw a couple lenders quoting 30 year mortgage rates on RatesORama.com as low as 3.50 percent with points. Aimloan and Amerisave were both quoting 30 year mortgage refinance rates on a 30 year conforming loan in the amount of $350,000. These lenders were listed on this website in the state of California offering 30 year rates at 3.50 percent with 1.956 points and 2.00 points.
Today’s mortgage rates on 15 year conventional loans are also sharply higher from last Friday’s levels. 15 year mortgage rates are averaging 3.56 percent, up sharply from last Friday’s average 15 year mortgage rate of 3.35 percent. While 15 year rates are still low historically speaking rates have moved much higher since Spring.
Earlier this year I refinanced by mortgage from a 30 year rate of 4.75 percent to a 15 year loan with a rate of 2.25 percent. I paid 1.50 points on the loan to get a rate that low. I know I was lucky to get a 15 year rate that low and will probably never again refinance to a rate in the 2.oo percent range, unless it is a 5 year adjustable loan which I would never do.
This coming week 15 year mortgage rates will also move higher. We will probably see 15 year mortgage rates move to around 3.75 percent so if you’re refinancing try to lock in a rate today. By the end of this week average 15 year mortgage interest rates will move up to the 3.90 percent range. Next week we might even see 15 year rates break 4.00 percent if 10 year bond yields continue to move higher.
Jumbo mortgage rates today on both 30 year and 15 year loans are also higher than last Friday. Current mortgage rates on 30 year jumbo mortgage loans are at 4.72 percent, up 12 basis points from Friday’s average 30 year jumbo rate of 4.60 percent. This week 30 year jumbo refinance rates will move to around 4.90 percent.
Average 15 year jumbo mortgage rates today are at 3.99 percent, up from Friday’s average 15 year jumbo rate of 3.90 percent. This week 15 year jumbo rates will move above 4.00 percent and probably go as high as 4.20 percent.