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Today's Mortgage Rates

Mortgage rates vary daily, sometimes multiple times in a day.

Knowing a few basic facts about the mortgage industry can help you find the right mortgage professionals and help you to make the right decisions to help you save the most money in managing your mortgage.

Key Factors to Know About Mortgage Rates

1. Ask about "Rate" and "Cost" - Most people only ask about current rates.
You can always pay MORE in closing costs for a lower rate or LESS for a higher rate.

2. Until you "lock-in" a rate for a mortgage application the rate can change.
Make sure you request a WRITTEN L.E. (Loan Estimate) from your loan officer in order to properly compare Rate & Cost options.

3. Your Mortgage Rate is affected by a number of factors including; credit scores, income, debts, LTV (Loan to Value). Keep this in mind when looking at "Quoted" or "Average" rates.

4. On any given day, mortgage rates from various lenders for the same program, with the same criteria, should be very close (typically within 1/8 to 1/4%).
This is because in todays mortgage world almost all mortgages (Conventional, VA & FHA) end up being sold to the same investors.

5. Choose a lender with a reputation for Integrity and Service - not just the "lowest" quote.

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Rate Perspective

(10 yr. History)

This Weeks Average
National Mortgage Rates

(with Closing Costs -
Other Factors Apply)

Current Rate News

  • Mortgage Rates In 2017: Anyone's Guess

    In the long history of mortgage predictions, nothing has shaped up quite like mortgage rates picture for 2017. The general thinking is that mortgage rates in 2017 will increase.

    But no one really knows if mortgage rates will rise a lot, rise a little, or actually fall. And if January has been a puzzle, wait until you see what unfolds during the rest of the year.

    In the 2017 prediction derby, we have a number of contestants, and their forecasts look like this:

    "Mortgage rates," says Fannie Mae, "are predicted to rise gradually in the coming year, ultimately reaching a fourth quarter average of 4.3 percent."
    "By the end of next year, mortgage rates are expected to reach around 4.6 percent, and the Federal Reserve is expected to raise the Fed funds rate a few more times to 1.25 percent," says Lawrence Yun, chief economist with the National Association of Realtors.
    "As the economy continues to grow," says the National Association of Home Builders, it "expects mortgage interest rates will average 4.5 percent in 2017 and 5.3 percent in 2018."
    In January 2017, the Mortgage Bankers Association predicted that mortgage rates will reach 4.7 percent by December, a change from the January 2016 prediction, which forecast 5.2 percent mortgage rates by the end of 2017.

    Remember that in 2016, most experts predicted increasing mortgage rates, and instead, we got record-setting lows in August.

    Mortgage Rates in 2017 Could Go Lower

    What the predictions above suggest is that we will continue to see mortgage rates largely in the four percent range this year, and then maybe something higher in 2018.

    For perspective, the average mortgage rate in 1981 was 16.63 percent, while the record annual low was 3.65 in 2016.

    Yup, that's right. Last year was the best time to get a mortgage in almost 70 years. The average annual rate in 2016 -- 3.65 percent -- was just a touch below the old record set in 2012.

    The mortgage rate average in 2016 would have been substantially lower were it not for the sudden up-tick we saw during the last two months of the year.

    Mortgage rates averaged just 3.58 percent during the first 10 months versus 3.99 percent during November and December.

    Like the price of pork bellies, copper or coffee, interest rates are a real-time reflection of supply and demand.

    The catch is that as low as rates were last year, one can argue that 2016 mortgage rates could have been lower -- and therefore there is less pressure to push up rates in 2017.

    What About 2017?

    Alternatively, maybe there will be fewer Fed hikes than expected this year. The absence of expected Fed rate hikes could help reduce mortgage costs.

    While trade associations and learned economists bravely forecast where mortgage rates might go, the better option -- perhaps -- is to admit that 2017 is shaping up as a year of change, a year in which the lending environment is simply too volatile to predict.

    For example, what if Congress passes tax reform, and as a result, the mortgage interest deduction is eliminated? Would rates go up, down, sideways?

    Welcome to 2017, potentially the first year in a new era of mortgage financing.

    Today's mortgage rates are probably lower than they'll be at the end of 2017, according to most experts.

    However, your actual mortgage quotes depend on a number of factors -- like your credit rating, loan amount, and how you intend to use the property.

    Advertised rates can't consider these factors and are not as accurate as custom quotes that you get by contacting mortgage lenders.

  • Mortgage Rates Drop (FINALLY !) While Credit Availability Rises
    by Phil Hall

    Thursday, January 5, 2017

    For the first time since Election Day, fixed mortgage rates took a tumble. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 4.20 percent for the week ending Jan. 5, down from last week when it averaged 4.32 percent. The 15-year FRM this week averaged 3.44 percent, down from last week when it averaged 3.55 percent. However, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.33 percent this week, up from last week when it averaged 3.30 percent.

    “This marks the first time since 2014 that mortgage rates opened the year above four percent,” said Sean Becketti, chief economist at Freddie Mac. “Despite this week's breather, the 66-basis point increase in the mortgage rate since Nov. 3 is taking its toll—the MBA's refinance index plunged 22 percent this week.”

    And speaking of the Mortgage Bankers Association, the trade group’s Mortgage Credit Availability Index (MCAI) saw a 0.6 percent uptick to 175.2 in December, with all four component indices on the rise: Jumbo MCAI (up 1.3 percent), Conventional MCAI (up 0.7 percent), Government MCAI (up 0.6 percent) and Conforming MCAI (up 0.04 percent).

    “Credit availability was up for the fourth consecutive month in December driven by jumbo loan programs as well as loan programs for borrowers with lower credit scores and low down payments,” said Lynn Fisher, MBA’s vice president of research and economics.

  • What the Fed Rate Hike Means for You

    So this is a fairly scary chart from a mortgage perspective. This chart shows the current projected increases in the federal funds rate over the next two years. If you are looking to purchase a home or possible refinance it is VERY IMPORTANT to understand what could be coming.

    HIGHER RATES ! They are currently projected to rise 2% by 2019. That means we could see mortgage rates back in the mid 5’s by 2019.

    It looks like the benefits of rates below 4% that we have enjoyed for the past four years is coming to end.

    I I

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