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Mortgage Rates Today Increase, 10 Year Bond Yields Nearing 3.00 Percent

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.



Refinance Rates Slightly Higher This Week but Heading Lower in 2012

Thanks to an surprisingly strong employment report for the month of September, refinance rates moved slightly higher this week. The unemployment rate dropped below 8 percent in the September employment report and an even stronger showing was in the household survey which showed an increase of 873,000 jobs, the strongest number in years. As a result bond yields ticked higher, moving above 1.70 percent and current refinance rates moved higher as well.

The increase in refinance rates today won’t be a trend to come. The Fed is still purchasing $85 billion a month in mortgage-backed securities until the end of 2012 and then $40 billion a month indefinitely. The Fed’s current policy is designed to drive mortgage refinance rates lower and the Fed’s policies are working.

In this week’s Primary Mortgage Market Survey released by Freddie Mac average 30 year mortgage rates increased sightly to 3.39 percent with 0.7 mortgage points for the week ending October 11, 2012. The average 30 year mortgage refinance rate is up from the prior week’s record low average of 3.36 percent. Today’s refinance rates have declined since Freddie Mac’s mortgage rate survey, average 30 year conforming refinance rates are at 3.35 percent.

There are many lenders offering 30 year conventional refinance rates below the average refinancing rates posted by Freddie Mac. We have several different lenders offering 30 year refi rates below the averages on our rate table. The lowest 30 year refinance rate right now on our rate list is at 3.125 percent for the state of California. We also have lenders listed offering 30 year refi rates in Texas and Florida at the very low rate of 3.125 percent.

The Fed’s policy of forcing mortgage refinance rates lower to help the economy and housing market will send 30 year refinance mortgage rates below 3.00 percent in the coming weeks. We might possibly see 30 year mortgage refinancing interest rates fall as low as 2.75 percent on average. You will definitely find lenders offering 30 year rates at 2.75 percent with points in the coming month.

Speaking of mortgage interest rates that are already below 3.00 percent, 15 year mortgage rates increased slightly this week to 2.70 percent with 0.6 mortgage points in Freddie’s survey. Average 15 year mortgage interest rates are up from the prior week’s average of 2.69 percent.

Refinance rates today on 15 year loans are averaging lower than Freddie’s report at 2.67 percent. You can already find dozens of home loan lenders offering 15 year refinance rates well below the average released by Freddie Mac. Refinance rates current on our New Jersey 15 year refi rates list has lenders offering rates as low as 2.375 percent with points.

Also higher in this week’s PMMS released by Freddie Mac were average adjustable mortgage rates on both 5 year adjustable loans and 1 year adjustable loans. The average 5 year adjustable mortgage rate was at 2.73 percent with 0.6 mortgage point, an increase from the prior week’s average 5 year adjustable mortgage rate of 2.72 percent.

Both fixed mortgage refinance rates and adjustable refinance rates are at record lows. If I were refinancing and had to choose between both types of mortgage products I would choose a fixed refinance rate. Why? Because rates are so low eventually rates will move higher and might possibly move considerably higher in the next 5 years.

Right now you can find lenders on our 5 year adjustable refinance rates list today offering rates as low as 2.125 percent with points in the state of Ohio. Other lenders are offering 5 year adjustable refinancing rates as low as 2.50 percent with zero points.



Refinance Rates Continue to Decline, Expect Low Refinance Mortgage Rates for 2013

Average refinance rates continue to make new lows and Treasury yields decline and the Federal Reserve buys $40 billion a month in mortgage backed securities. In this week’s Mortgage Application Survey released by the Mortgage Bankers Association average 30 year mortgage rates hit new record lows and as a result applications for mortgage loans increased. We can expect more new record low refinance rates for the rest of 2012 and into 2013.

Applications for both home purchases and refinances increased this past week which isn’t a surprise when you have record low refinance rates today. Average 30 year refinancing rates hit record lows and there are lenders offering current refinance rates on 30 year conforming loans below the average rates.

The refinance share of all mortgage applications has been around 80% this year which isn’t unexpected since home sales are low and most people applying for a loan these days are homeowners looking to get a lower mortgage refinance rate on their loan. Some homeowners have refinanced their loan more than once over the past few years, it usually pays to refinance if your current mortgage rate is at least 1.00 percent higher than prevailing mortgage rates. There are fees involved with you recoup over the few years when you do a refi to a lower interest rate.

There has been a couple of positive housing reports recently that suggest a bottom in home prices, sales and new home building has been made. A report out today on housing show U.S. home prices are rising again. The S&P/Case-Shiller Home Price Indices showed average home prices increased by 1.5% for the 10-City Composite and by 1.6% for the 20-City Composite in July versus June.

Finally there is some home in the housing market thanks to a bottoming of home prices and record low current mortgage rates driving people back into home ownership. If you have been thinking about buying a home but have been waiting because of the free fall in home prices now is probably going to be the best time in our lifetime to buy.

Low home prices and record low mortgage rates today make owning a home more affordable than ever. Hopefully the mortgage interest tax deduction will not be taken away if Romney does win the Presidential election which doesn’t look likely.



Refinance Rates Going Lower as Fed Buys $40 Billion a Month in Mortgage Backed Securities to Send Rates Lower

The Federal Open Market Committee (FOMC) late last week announced more easing to drive refinance rates and mortgage rates lower to help stimulate demand. Every couple of months the FOMC meets to decide the direction of interest rates and monetary policy. A weak unemployment report was the nail in the coffin to force the FOMC to start another round of quantitative easing (QE3) to drive mortgage refinance rates lower to help the recovery and employment growth.

Current refinance rates on 30 year conforming loans are averaging around 3.50 percent. If the FOMC’s actions are succesful which I can’t imagine they won’t be average 30 year refinancing rates could possible fall to the 3.00 percent level. There are already mortgage loan lenders offering 30 year conventional refinance rates at 3.125 percent with points.

In addition to buying $40 billion a month in mortgage backed-securities (MBS) to specifically drive refinance mortgage rates lower the Fed will also continue Operation Twist which involves selling short term securities and buying long term securities to drive long term interest rates lower.

The Fed also annoced the Fed Funds rate which is in targeted range of zero percent to one quarter percent until 2014 will now remain in that range until mid 2015. The efforts of the Fed are designed to get people borrowing money again to help the economy. I do hope the Fed is very aggressive at driving mortgage rates and refinance rates lower like they have been the past couple of years.

You can listen to the entire press conference by the Fed Chairman, Ben Bernanke here:

During the past two years average refinance rates on all types of mortgage loans have hit record lows. In fact there were already so many new lows made on average mortgage interest rates that many homeowners have already refinanced their mortgage, sometimes more than once.

Today’s refinance rates on 15 year conforming loans are averaging 2.95 percent, which is just above an all-time record low 15 year refinance rate of 2.86 percent. There are lenders already offering 15 year refinancing rates well below the averages. Right now on our refinance rates list there are lenders advertising 15 year refi rates as low as 2.375 percent with points and at 2.625 percent with no points.

Refinance rates today on 30 year jumbo mortgage loans are also just above record lows at 4.13 percent. The all-time record low average 30 year jumbo refinance rates are at 4.06 percent. There are lenders offering 30 year jumbo refinance rates below 4.00 percent and with points you can find some lenders offering rates as low as 3.75 percent.

Refinance rates current on 15 year jumbo home loans are averaging 3.35 percent, 7 basis points from an all-time record low 15 year jumbo refinance rate of 3.29 percent. If you’re searching for 15 year jumbo refinance rates you can find lenders offering



Today’s Refinance Rates Move Lower and Mortgage Loan Demand Surges

As we expected today’s refinance rates have moved lower following Treasury yields lower last week. In this week’s Mortgage Application Survey average mortgage refinance rates declined for all types of home loans and as a result demand for home loans surged in the double digits for both home purchases and home loan refinancing.

In the mortgage applications survey released by the Mortgage Bankers Association for the week ending September 7, 2012, average 30 year mortgage rates declined to 3.75 percent, down from an average 30 year mortgage rate of 3.78 percent. Average mortgage discount points increased on 30 year loans this week to 0.44 point, up from last week’s average point of 0.37 point.

Mortgage applications generally increase when refinance mortgage rates move lower. The adjusted Refinance Index increased 12 percent from the previous week. The Refinance Index is a measure of loan applications for refinacing a loan. The Purchase Index increased 8 percent from one week earlier on a seanally adjusted basis. The Market Composite Index, which is a measure of all mortgage loan application volume for both refinancing and home purchases, increased 11.1 percent on a seasonally adjusted basis from one week prior.

Current refinance rates are even lower today as rates have fallen since the MBA’s report. The report is a trailing report since today’s refinance rates are for September 12, while the MBA report is for the week ending September 7. Anyway 30 year refinance rates today are averaging 3.56 percent, down from yesterday’s average 30 year refinance rate of 3.64 percent.

The average rates we mention above are just average rates which are complied from lenders offering rates higher than the average and rates lower than the average. Speaking of rates lower than the average rates right now on our 30 year refinance rates list you can find lenders offering 30 year rates as low as 3.25 percent with points.

Average 30 year jumbo mortgage rates were at 4.00 percent for the week that ended on the 7th in the MBA survey. Average jumbo mortgage interest rates on 30 year loans are down from the prior week’s average of 4.05 percent. Discount points on 30 year jumbo loans averaged 0.30 points, down from the prior week’s average of 0.32 points.

Refinance rates today on 30 year jumbo loans have also decreased since this survey was taken. Average 30 year jumbo refinance rates are at 3.98 percent, down from an average 30 year jumbo refinance rate of 3.99 percent. There are many lenders offering 30 year jumbo refinancing rates below the averages with points if you just search and compare rates from many different lenders.

Back to the MBA survey for FHA mortgage rates which averaged 3.50 percent, a decline from an average 30 year FHA mortgage rate of 3.54 percent. Discount points on 30 year FHA mortgage loans averaged 0.43 points for the week that ended on Sept 7, down from an average of 0.44 points the previous week. Current FHA mortgage rates can be found as low as 3.25 percent for refinance FHA loans.

15 year mortgage refinance rates averaged 3.07 percent for the week ending Sept 7, a decline from an average 15 year mortgage refinance rate of 3.10 percent. Mortgage points on 15 year conforming loans averaged 0.38 points, an increase from the prior week’s average of 0.37 points.

The lowest 15 year refinance rates are much lower than the averages right now. Depending on the state you reside in there are mortgage lenders offering 15 year refi rates as low as 2.375 percent with points and rates as low as 2.75 percent with points.

Adjustable mortgage rates on 5 year conforming adjustable mortgage loans averaged in at 2.63 percent, down from an average 5 year adjustable refinance rate of 2.64 percent. Average points this week increased to 0.47 point, an increase from last week’s average of 0.35 point.

 



Refinance Rates Move Slightly Lower This Week as Treasury Yields Fall

Lower Treasury yields on 10 year bonds is once again sending refinance rates on conforming loans and jumbo loans lower today. Current refinance rates which are lower than last week’s average refinance rates will be heading even lower since today’s employment report came in less than expected. This news will force the Fed to start more easing which will send refinancing rates down more in the coming months, let’s hope lower rates will help the housing market and economy.

Current mortgage refinance rates in Freddie Mac’s mortgage survey (PMMS) on 30 year conforming home loans are averaging 3.55 percent for the week that ended on September 6, 2012. Average 30 year conforming refinance mortgage rates are down from the prior week’s average of 3.59 percent. Average mortgage discount points was 0.7 points, last week’s average mortgage points on 30 year loans was also at 0.7 points.

Since this report came out refinance rates have moved lower on the weak employment report. Today’s refinance rates on 30 year mortgage loans are averaging lower at 3.49 percent which is just above an all time record low rate. You can already find lenders offering 30 year refinance rates below the averages. Refinancerates.me lists lenders offering 30 year refinance rates at an incredibly low rate of 3.13 percent.

Average 15 year mortgage refinance rates are at 2.86 percent with .6 mortgage point for the week ending September 6, 2012. In the prior week’s survey the average 15 year mortgage refinance rate was the same at 2.86 percent. I remember just a few years ago when 5 year adjustable refinance rates were about 3.00 percent, now fixed conforming 15 year refi rates are below 3.00 percent. We have lenders listed on our 15 year refinancing rates list that are offering rates below the average and as low as 2.375 percent which is an unbelievably low refi rate.

Conforming adjustable mortgage refinance rates on 5 year loans and 1 year loans were both lower for the week ending September 6, 2012. 5 year adjustable refinance rates averaged 2.75 percent with .7 point. The average 5 year adjustable mortgage rate is lower from last week’s average of 2.78 percent. Today’s refinance rates on 5 year adjustable loans can be found as low as 2.125 percent with points on our rate tables.

1 year adjustable mortgage refinance rates also fell this week, current refi rates on 1 year adjustable loans averaged 2.61 percent with 0.4 point, a decline from the prior week’s average 1 year adjustable mortgage rate of 2.63 percent. All types of mortgage rates are just off of record lows set in July, expect average refinance rates to fall more in the coming months.



Refinance Mortgage Applications Decline Even Though Mortgage Rates Decline

Refinance mortgage applications declined this week which is a surprise because mortgage refinance rates moved lower on all types of mortgage loans. This is a surpise because when refinance rates move lower demand for refinance loans increases as home owners take advantage of declining rates to save money by refinancing their mortgage loan.

In this week’s Mortgage Banker Association’s Weekly Application Survey average 30 year conforming mortgage rates declined to 3.80 percent with mortgage points remaining unchanged this week at 0.42 points. Average 30 year mortgage interest rates are down from last week’s average of 3.86 percent. You can find 30 year refinance rates below the average and as low as 3.25 percent with 2 mortgage points.

The MBA’s Refinance Index which measures mortgage loan demand for refinacning loans declined 6 percent this week. The Purchase Index which is a measure of mortgage loan applicaiton volume for home purchases increased 1 percent this week. I believe the reason why the refinance index decreased this week is average refinance rates today are still higher than refinance rates were a few weeks ago.

This coming week I’m sure current refinance rates on all types of loans will move lower since bond yields have been falling. Late last week Ben Bernanke, the Federal Reserve Chairman said the FOMC will act if it determines the economy is slowing down. When the FOMC acts they do more easing forcing bond yields lower which forces refinancing rates low to spur demand for refinancing which is one way of helping the housing market.

Jumbo mortgage rates in the survey were also lower averaging 4.06 percent with 0.34 mortgage points. The average 30 year jumbo mortgage in the prior week’s survey was at 4.11 percent with 0.42 mortgage points. I bet this week 30 year jumbo refinance rates will average lower and fall below 4.00 percent. Current refinance rates on 30 year jumbo loans can be already found below 4.00 percent if you’re willing to pay points to get the lower refi rate.

FHA mortgage rates were also lower in the survey this past Thursday. In the survey the average 30 year FHA mortgage rate was at 3.60 percent with 0.48 mortgage point. The prior week’s survey had 30 year FHA mortgage rates slightly higher at 3.62 percent with 0.50 point.

If you’re a first time home buyer FHA mortgage loans allow you to put very little money down to buy a home. Current FHA refinance rates on 30 year loans are even lower than the averages right now. Right now there are lenders offering 30 year FHA refinancing rates as low as 3.25 percent with 2 mortgage points.

Average 15 year mortgage rates declined to 3.12 percent in the survey, this is down from an average 15 year mortgage rate of 3.15 percent in the prior week’s survey. Average discount points on 15 year mortgage loans remained unchanget this week at 0.44 point.

Right now there are lenders offering today’s refinance rates on 15 year mortgage loans below the averages. Currently refinance rates can be found as low as 2.75 percent with 2 mot



Refinance Rates Decline for the First Time in Four Weeks

Average refinance rates are lower today for the first time in four weeks thanks to a big decline in U.S. Treasury yields. 10 year yields have declined over 25 basis points this past week. Refinance rates today on 30 year conforming mortgages have declined to an average rate of 3.55 percent, down from an average 30 year refinance rate of 3.78 percent set last week.

Right now on our 30 year refinances rates list you can find lenders offering refi rates lower than the average. The lowest refinance rates are at 3.31 percent with points in the state of Connecticut. If you’re searching for 30 year conforming refinance rates and don’t want to pay points we have lenders listed offering 30 year refi rates at 3.50 percent. You can find similar 30 year refinancing rates by lenders in all states by using our mortgage refinance rates lists.

Current mortgage rates on 15 year conforming mortgage loans are also lower this week. The average conforming 15 year mortgage rate is at 2.98 percent, down from an average 15 year mortgage rate of 3.05 percent. Right now on our 15 year refinance rates list in the state of California there are lenders offering 15 year refi rates as low as 2.50 percent with points.

Jumbo refinance mortgage rates on 30 year jumbo loans and 15 year jumbo loans are also lower this week. After heading higher for several weeks its nice to see jumbo refinance rates move lower. Refinance rates current on 30 year jumbo loans are averaging 4.15 percent, a decline from an average 15 year jumbo refinance rate of 4.21 percent.

Right now on our 30 year jumbo mortgage refinance rates list for the state of Florida there are lenders offering 30 year jumbo refi rates as low as 4.00 percent with points. If you want a lower jumbo rate you’ll have to refinance to a 15 year loan. Currents refinance rates on 15 year jumbo mortgages are averaging 3.50 percent, down from an average 15 year jumbo mortgage refinance rate of 3.56 percent.

Adjustable conforming mortgage refinance interest rates are averaging 2.99 percent this week, down from the prior week’s average 5 year adjustable conforming refi rate of 3.06 percent. Right now on our 5 year adjustable refinance rates list for the state of New York there are lenders offering rates as low as 2.65 percent with points.

Jumbo adjustable refinance rates are averaging 3.01 percent this week, in the prior week’s s



Mortgage Refinance Rates Move Higher Sending Mortgage Application Volume Lower

After a string of record low refinance mortgage rates week after week since early July average refinancing rates have once again moved higher this week sending demand for mortgage applications down. What is moving refinance rates higher is higher Treasury yields.

In this week’s Weekly Mortgage Survey released by the Mortgage Bankers Association average conforming 30 year mortgage rates increased to 3.86 percent. Demand for refinance mortgage loans decreased 9 percent this week.

In the previous week’s survey average 30 year mortgage rates were at 3.76 percent. Average mortgage discount points were at 0.42 this week, down from last week’s average of 0.47 percent.

Average refinance rates have moved lower since this mortgage survey was released. Today’s refinance rates on 30 year conforming loans are averaging 3.79 percent.

Depending on the state you live in you can also find 30 year refi rates below the average. Right now on our refi rates list there are lenders offering 30 year refi rates as low as 3.25 percent with points.

Average jumbo mortgage rates on 30 year jumbo mortgage loans were at 4.11 percent this week, up from the previous week’s average 30 year jumbo mortgage rate of 4.03 percent. Average points on 30 year jumbo loans were at 0.42 this week, up from last week’s average of 0.27 point.

Current refinance rates on 30 year jumbo loans have moved lower today. 30 year jumbo refinance rates are at 4.07 percent. Currently on our 30 year jumbo refi rates list there are lenders offering jumbo refinancing loans as low as 3.50 percent with points.

FHA mortgage rates on 30 year loans also increased in this week’s mortgage survey. 30 year FHA mortgage rates averaged 3.62 percent this week, an increase from last week’s average 30 year FHA mortgage rate of 3.53 percent. Average points on FHA mortgage loans increased to 0.50 points this week, up from last week’s average of 0.49 percent.

As with conforming loans and jumbo loans you can find FHA loans with refinance interest rates below the average of 3.62 percent. Refinance rates today on 30 year FHA loans can be found as low as 3.25 percent on our FHA refi rates list.

15 year conforming mortgage rates were also higher this week. 15 year conventional mortgage rates averaged 3.15 percent, up from the previous week’s average of 3.12 percent. Average points increased to 0.44 point, up from last week’s average of 0.40 point.

If you’re thinking about refinancing a mortgage loan if you can afford higher mortgage payments on a 15 year loan instead of a 30 year loan you should refinance to a shorter term mortgage.

Today’s refinance rates on 15 conforming mortgages and 15 year jumbo mortgages can be found below the average rates. Right now in the state of California 15 year jumbo refinance rates are as low as 2.75 percent with points. On our 15 year refi rates list in New York there are lenders offering 15 year refinance mortgage rates also as low as 2.75 percent.

Adjustable mortgage rates on 5 year conforming loans averaged 2.74 percent this week, up from last week’s average 5 year adjustable mortgage rate of 2.73 percent. Right now on our rate table in Texas there are lenders offering 5 year adjustable mortgage refinance rates as low as 2.125 percent.



Refinance Rates on Fixed Mortgage Loans Increase

Refinance rates on fixed conventional 30 year home loans and fixed conventional 15 year home loans are higher today. Current refinance rates on 30 year conforming loans are averaging 3.71 percent, up from yesterday’s average 30 year refinance rate of 3.69 percent.

Refinancing rates today on 15 year conventional home loans are also higher averaging 2.94 percent, up from yesterday’s average 15 year refi rate of 2.91 percent.

Average refinance mortgage rates are higher today and higher from the most recent refinance mortgage rate survey released by Freddie Mac on August 16, 2012.

In the survey 30 year mortgage rates averaged 3.65 percent with the average mortgage point at 0.6 for the week ending August 16, 2012. Average 30 year mortgage interest rates were up from the last week’s average rate of 3.59 percent.

Also in the mortgage rate survey average 15 year conforming mortgage rates moved higher. 15 year mortgage rates averaged 2.88 with mortgage discount points averaging 0.6 for the week ending August 16, 2012. The week before saw the average 15 year mortgage rate at 2.84 percent.

The mortgage refinancing rates listed above are average rates there are lenders offering 30 year refi rates and 15 year refi rates below the average and above the average. The refinancing rates you get when you search our list will depend on the loan amount, the state you live in and the type of mortgage loan you want refinance rates quotes for.

Current refinance rates on 5 year adjustable conventional mortgage loans are averaing 2.81 percent. This average 5 year refi rate is higher from yesterday’s average of 2.80 percent.

In the survey average conforming 5 year adjustable mortgage rates were at 2.76 percent with the average mortgage points at 0.6 for the week ending August 16, 2012. Average 5 year adjustable mortgage rates are down from last week’s average of 2.77 percent. Where we see 5 year adjustable refinancing rates this coming week will depend on where Treasury yields move.

Refinance rates today on 1 year adjustable conforming loans are averaging 2.74 percent, down from yesterday’s average 1 year refi rate of 2.75 percent. Average 1 year refinancing rates will also move in the direction of Treasury yields.

In Freddie’s most recent survey the average 1 year adjustable mortgage rate was at 2.69 percent with the average mortgage discount point at 0.4 for the week that ended on August 16, 2012. Average 1 year adjustable refinance mortgage rates were up from the prior week’s average of 2.65 percent.



Refinance Rates Mixed as Demand for Mortgage Loans Drops

Demand for mortgage loans dropped this week as current refinance rates are mixed. Average refinancing rates today have increased over the past couple of weeks so it is no surprise the demand for mortgage loans has decreased. Today’s refinance rates on 30 year mortgage loans are averaging 3.78 percent.

The average 30 year refinance rate is up from the average of 3.76 percent in the Mortgage Bankers Association’s Weekly Mortgage Survey. In the survey the average 30 year mortgage rate was 3.76 percent with 0.47 mortgage discount points. The average 30 year mortgage refinance rate was unchanged from the previous week’s survey of 3.75 percent with 0.46 mortgage discount points.

If you’re comparing refinanced rates on 30 year conforming loans you’ll see that there are many lenders offering 30 year refi rates below the average. You can find lenders offering 30 year refinance rates current as low as 3.25 percent with points on our refi rate table.

Today’s refinance rates on 30 year jumbo loans are also higher averaging 4.06 percent. I still can’t believe how low 30 year jumbo refi rates are when just a couple of years ago you had a hard time finding any lenders offering jumbo loans.

In the MBA’s weekly mortgage rate survey jumbo mortgage refinance rates actually decreased to 4.03 percent with 0.27 mortgage points. The average jumbo mortgage refi rate is down from last week’s average of 4.04 percent with 0.35 mortgage points.

Right now on our jumbo refi rate list there are many lenders offering 30 year rates below the average jumbo rate. In Florida there are lenders offering current refi rates as low as 3.75 percent with points.

Average FHA refinance rates were also lower in this survey though the average 30 year refi rate today is higher. In the survey 30 year FHA mortgage rates averaged 3.53 percent with 0.49 mortgage points. In the prior week’s survey FHA mortgage rates averaged 3.54 percent with 0.49 mortgage points.

Shorter term fixed refinance rates were higher in this week’s survey. The average 15 year mortgage rate in the survey was up to 3.12 percent with 0.40 mortgage points. In last week’s survey the average 15 year rate was at 3.08 percent with 0.41 mortgage points.

5 year adjustable refinancing rates today are higher averaging 2.75 percent. In the MBA’s survey this week the average 5 year adjustable refi rate was at 2.73 percent with 0.36 mortgage points. In the prior week’s survey the average 5 year adjustable refinance rate was at 2.72 percent with 0.40 points.



Refinance Rates Increase This Week: 30 Year Refinance Rate at 3.59 Percent

Average refinance rates increased this week on the heals of higher bond yields. Surprisingly strong economic data including a stronger than expected jobs report sent bond yields higher. In turn, average mortgage rates and current refinance rates moved higher in Freddie Mac’s survey.

Conforming mortgage rates on 30 year mortgage loans averaged 3.59 percent with 0.6 mortgage points in Freddie’s survey for the week ending August 9, 2012. Average 30 year mortgage rates are up from last week’s average of 3.55 percent.

Today’s refinancing rates on 30 year conforming mortgage loans are lower again averaging 3.57 percent. There are lenders offering 30 year refi rates below the averages on our rate tables right now, see for yourself by searching our refinancing rates list in your state.

Conforming current mortgage rates on 15 year loans averaged 2.84 percent with 0.6 points in this week’s mortgage survey. In last week’s survey average conforming 15 year loans were at 2.83 percent.

Current refinance rates on 15 year conforming loans are averaging 2.79 percent but you can find even lower refinance rates. Right now 15 year refi rates on our rate list are as low as 2.50 percent today.

Adjustable mortgage rates were mixed in this week’s mortgage rates survey. Average conforming 5 year adjustable mortgage rates increased to 2.77 percent with 0.6 mortgage points, up from last week’s average 5 year rate of 2.75 percent.

Today’s refinance rates on 5 year conforming loans are incredibly low right now if you search our tables. Depending on the state you live in you can get 5 year conforming refi rates as low as 2.00 percent with 2 mortgage points.

Mortgage rates today on 1 year conforming adjustable loans averaged 2.65 percent with 0.4 mortgage points, lower from last week’s average 1 year adjustable mortgage rate of 2.70 percent.

Search for the best refinance rates today by using our rate tables. There is no need to provide any personal information to obtain a list of refinance rates from many different lenders.



Current Refinance Rates Higher: 30 Year FHA Mortgage Rates at 3.54 Percent

For the second consecutive week average current refinance rates have increased as bond yields move higher. Average refinance rates have increased on news the FOMC wasn’t prepared to act yet to further force interest rates lower when they completed their two day meeting last week.

In the Mortgage Bankers Association’s Weekly Mortgage Application Survey average 15 year FHA refinancing rates increased to 3.54 percent, up from an average of 3.52 percent the previous week.

Average conventional 30 year mortgage refinance rates and 30 year jumbo refinance mortgage rates also moved higher in the survey. As a result of higher interest rates the MBA”s Refinance Index decreased 2 percent from the previous week.

The second contributing factor driving today’s refinance rates higher was a stronger than expected employment report released last Friday. The July employment report show a gain of 163,000 jobs, higher than estimates of 100,000 that was expected.

Fixed conforming 30 year refinance rates averaged 3.76 percent. Average 30 year conforming mortgage rates are increased from last week’s average 30 year refi rate of 3.75 percent.

If you’re searching for refinancing rates on 30 year conforming loans you can find mortgage lenders on our rate list offering 30 year refi rates as low as 3.25 percent depending on the state you live in. Feel free to compare rates by searching our tables, no personal information is needed to display a list of rates.

Average 30 year jumbo refinance rates are at 4.04 percent this week, up from an average 30 year jumbo refi rate of 4.01 percent. There are many home loan lenders on our jumbo rates lists offering 30 year jumbo loans below 4.00 percent.

Average 15 year mortgage refinance rates actually declined in this week’s survey. The average 15 year refinance rate declined to 3.08 percent, down from the previous week’s average refi rate of 3.09 percent. There are several home loan lenders offering 15 year refi rates below 3.00 percent on our rate lists.

Adjustable refinance rates on 5 year conforming loans were also lower this week. Current refinance rates today on 5 year conforming loans are at 2.72 percent, a decline from last week’s average of 2.73 percent.



Low Refinance Rates Spur Homeowner Refinancing: 81 Percent Maintain or Lower Debt

We have all seen the headlines the past several years of record low refinance rates on both conforming loans and jumbo loans. Another interesting bit of economic data is when homeowners refinance an overwhelmly majority choose to either maintain their existing mortgage debt or lower it.

Freddie Mac released a report showing 81 percent of homeowners who are taking advantage of current refinance rates at record lows maintain or lower their mortgage debt load. With today’s refinance rates on 30 year mortgage loans just below 3.50 percent you would think homeowners would be more willing to do a refi with cash out.

Just a few years ago during the housing boom the home was seen as a piggy bank to take money out when refinancing. These days homeowners are more causious and banks are less willing to lend more than 80 percent of a homes value which is also contributing to the number.

Of the 81 percent either maintaining or reducing 59 percent maintained about the same mortgage loan amount, and 23 percent of refinancing homeowners reduced their principal balance.

Current 15 year refinance rates are below 3.00 percent which is also enticing homeowners to refinance to a 15 year loan from a 30 year loan. Those choosing to refi to a 15 year loan realize a ton of interest savings over the life of a 15 year loan instead of a 30 year loan.

The mortgage interest savings are substansial. If you had a 30 year mortgage at 4.00 percent with a mortgage balance of $400,000 you would pay about $287,000 in mortgage interest over the life of the loan.

If you have a 15 year mortgage at 3.00 percent with a mortgage balance of $400,000 you would pay about $97,000 in mortgage interest. A net savings of $210,000. You can see the benefits of doing a refi to a short term loan.  Another very possitive thing about a 15 year loan is you own your home outright in 15 years instead of 30 years.

Today’s refinance rates on 30 year jumbo mortgage loans are averaging 4.01 percent this week. Average 30 year jumbo refinancing rates are up from the previous week’s average of 3.99 percent.

If you can afford to refinance a jumbo mortgage from a 30 year loan to a 15 year loan you’ll save even more money in mortgage interest. Homeowners who take out jumbo loans have higher balance mortgages with higher interest rates then conforming rates. Therefore they realize more savings with jumbo loans.

Average 15 year jumbo refi rates today are at 3.45 percent, down from the prior week’s average 15 year jumbo refinance rate of 3.47 percent. Current refinance rates on 15 year jumbo mortgages are just above an all-time record low of 3.39 percent set late last week.



Current Refinance Rates Today Hit a New Record Breaking Low

Current refinance rates today hit yet another record breaking low as bond yields also slid to new record breaking lows today. Average 30 year mortgage refinance rates in Freddie Mac’s Primary Mortgage Market survey hit a record low of 3.49 percent for the week ending July 26, 2012.

This week’s record low refinance mortgage rate on 30 year conforming loans is one of many in 2012. Just when you thought average mortgage rates and refinancing rates couldn’t move any lower they do. Average mortgage interest rates are so low right now if you are paying a rate of 4.50 percent or higher on a current mortgage you should refinance now.

Refinancing to a 15 year mortgage loan might be possible if you can afford the monthly mortgage payments. 15 year refinance rates are also at record lows today. Current refinance rates on 15 year loans hit a record low of 2.80 percent today.

You can also get today’s refinance rates on 15 year mortgage quotes below the average of 2.80 percent. There are some lenders offering 15 year refi rates as low as 2.675 percent with points. Do yourself a favor and look into refinancing now, your wallet will thank you.

Adjustable refinance rates today are also incredibly low these days. Current 5 year adjustable mortgage rates and refi rates are averaging 2.74 percent. 1 year adjustable refinance mortgage rates are even lower averaging 2.71 percent.

I personally wouldn’t recommend refinancing to a 1 year or a 5 year adjustable loan. Why would you when fixed 30 year refi rates and 15 year refi rates are just as low? Plus with a fixed rate loan you lock in these incredibly low rates. With an adjustable rate loan you can bet your mortgage rate will go higher in the coming year since rates are so low right now.