Interest Rate Quotes
The following are average market rates available for the selected home loan programs.
30 Year Conventional Fixed Loan - 3.875%*
30 Year Jumbo Fixed Loan - 3.875%*
15 Year Conventional Fixed Loan - 3.125%*
5/1 Conventional Arm - 3.00%*
*Market Rate Data provided from FNMA/FHLMC and is for informational purposes only.
Understanding Home Loan Rates
Mortgage interest rates change daily, Monday through Friday, and may change during the day if market events justify their movement. Although interest rates are tied directly to the mortgage backed securities market, an easy indicator for their movement is the 10-Year Treasury bond. The bond information is readily available on cable news programs and in daily newspapers. Usually what you will see posted is the bond yield in a percentage form (i.e. 2.25%). When the yield goes up, rates go up and vice versa. While interest rate movements are not strictly tied to such movements in the bond, you can use it as an indicator of what also may be happening to home loan rates.
Besides numerous outside influences which can effect the mortgage market just like the stock market (i.e. world events), there are other direct influences which may make interest rates change. We are providing examples of these weekly influences below and you can follow their results here.
Economic News - Market Update
The 10-Year Treasury Bond is at 1.69%.
PRIME RATE: 3.25%
FED FUNDS RATE: 0.25%
DISCOUNT RATE: 0.75%
For more information on interest rate trends, visit www.MBAA.org.
Mortgage Industry News
In recent Mortgage Industry news:
- The Mortgage Bankers Association of America reported that its overall loan application index fell 3.2% last week. The purchase index fell by 0.1% and the refinance index was down by 5%. Refinances accounted for 72% of application activity and the adjustable-rate mortgage (ARM) share of mortgage activity fell to 5.7%.
- The conforming mortgage loan limit between regular mortgages and jumbo mortgages won't rise in 2015 (currently $417K & $625,500K for High Cost areas). Each year, the amounts may rise or fall depending on government guidelines for changes in home values.
Related Mortgage Blog Posts:
- Florida Home Loan Closing Costs - 2013 & 2014 Survey Results
- Canadians and U.S. Financing Options
- HUD Announces New Short Sale Guidelines for FHA Loans
- Fannie and Freddie Extend Unemployed Mortgage Relief Programs
- Fannie Mae Announces Underwriting Guideline Changes
- New HUD Guidance for FHA Loans and Short Sales
- New FHA Rule Regarding Condominium Financing
- IRS Guidance for Forgiven Mortgage Debt
- FHA Increases Mortgage Insurance Premium
- Fannie and Freddie Home Loan Fees to Increase
- Disputed Accounts on Credit Report Kill Mortgage Applications
- Fannie Mae Updates Delinquent Borrower Policy