Current Mortgage Rate
PRODUCT +/- Rate Last week
30 year fixed Graph Icon Arrow 4.09% 4.16%
15 year fixed Graph Icon Arrow 3.25% 3.30%
5/1 ARM Graph Icon Arrow 3.28% 3.36%

 Rate disclaimer

PRODUCT +/- Rate Last week
30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Graph Icon Arrow 3.20% 3.20%
48 month used car loan Graph Icon Arrow 3.18% 3.19%
60 month new car loan Graph Icon Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Graph Icon Arrow 0.75% 0.71%
1 Year CD Graph Icon Arrow 1.24% 1.24%
2 Year CD Graph Icon Arrow 1.41% 1.41%
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%
Compare Mortgage Rates
Type of Loan:
Home Description:
Your Credit Profile:

Mortgage Brokers & Lenders Directory

You can search our directory or Mortage Brokers & Lenders and get a current quote on 30 year fixed mortgage rates as well as current mortgage interest rate for other loan programs.

Mortgage Brokers:

Mortgage Rates Rising, Homeowners Still Have Time for Mortgage Refinance

Written By:
June 06, 2013 at 1:28 AM

Mortgage Rates Train

For the week ended May 30, the interest rate for the 30-year fixed-rate mortgage has climbed to the highest level in a year at 3.81 percent , based on data from the Freddie Mac weekly survey. Last week, the benchmark rate averaged 3.59 percent and 3.75 percent one year ago.

Since the beginning of May, when the average interest rate hovered near 3.35 percent, rates have risen half a percentage point. The 15-year mortgage averaged 2.98 percent, compared to 2.77 percent the week before and 2.97 percent last year. The 15-year fixed rate mortgage touched a low of 2.56 percent on May 2.

Strengthening economy pushing up rates

The Mortgage Bankers Association points to the recent rash of stronger economic Data” as the core reason for the rise in interest rates. For example, in mid-May, Bureau of Labor Statistics (BLS) reports that inflation , as measured by the Consumer Price Index (CPI) , remains in check as the rate declined 0.4 percent in April—meaning that the economy is not heating up too fast because of the Federal Reserve economic stimulus policy.

Home prices across the U.S. have recorded the best year-over-year gains since 2006, when prices reached their peak in July that year. According to the Standard& Poors/Case-Shiller Home Price Index, home values increased 10.3 percent for the first quarter (Q1) 2013 compared to QI 2012.

Where rates will go

Most economists agree that we may have seen the last of record low mortgage interest rates. Nonetheless, homebuyers and homeowners are still looking at good rates. Frank Nothaft, the vice president and chief economist of Freddie Mac said , “Even if rates are up half a percentage point, they are still unbelievably low."

"I think the low rates that we had seen over the last year -- I think that will be history," said Nothaft. The economist predicted that rates would begin to increase in the middle or the second half of 2013. He expects mortgage rates to climb near 4 percent this year , but maintain an average at current levels. Nothaft forecast that interest rates will climb above 4 percent in 2014.

The Federal Reserve is monitoring the economic data to determine. A stronger economy and lower unemployment rate---6.5 percent being the Fed benchmark-- could motivate the Fed to scale back its $85 billion a month bond buying program

It still pays to refinance

Cheap mortgage rates have been a major driver of the recovery in the housing makes a more borrowers—homebuyers and owners looking to refinance— can access low interest rates. Even with the increase in mortgage rates, the average rates remain at artificially low levels.

Homeowners looking to refinance their mortgages can still save money on their monthly mortgage payments. Generally, the “rule of thumb” for homeowners has been to refinance if interest rates decline by one percent. However, ‘the rules have changed,” said the director of Zillow Mortgage Marketplace Erin Lantz.

Lantz advise homeowners to evaluate to monthly savings, the costs to refinance and the length of time you plan to remain in your home. You need to be able to recoup the cost of refinancing the loan during the time you remain in the home to justify the transaction.

Regardless of the interest rate climate—declining or rising rates—you should shop and compare rates and terms. Make your final decision on a lender based on a combination of the lowest rate and the best terms . Large mortgage lenders tend to have the lowest fees and remember, you can negotiate lower fees with mortgage lenders to lower your closing costs.





More About Mortgage Rates
Please sign-in with Facebook.

Mortgage Refinance by State
Alabama Mortgage Refinance Illinois Mortgage Refinance Montana Mortgage Refinance Rhode Island Mortgage Refinance
Alaska Mortgage Refinance Indiana Mortgage Refinance Nebraska Mortgage Refinance South Carolina Mortgage Refinance
Arizona Mortgage Refinance Iowa Mortgage Refinance Nevada Mortgage Refinance South Dakota Mortgage Refinance
Arkansas Mortgage Refinance Kansas Mortgage Refinance New Hampshire Mortgage Refinance Tennessee Mortgage Refinance
California Mortgage Refinance Kentucky Mortgage Refinance New Jersey Mortgage Refinance Texas Mortgage Refinance
Colorado Mortgage Refinance Louisiana Mortgage Refinance New Mexico Mortgage Refinance Utah Mortgage Refinance
Connecticut Mortgage Refinance Maine Mortgage Refinance New York Mortgage Refinance Vermont Mortgage Refinance
Delaware Mortgage Refinance Maryland Mortgage Refinance North Carolina Mortgage Refinance Virginia Mortgage Refinance
District of Columbia Mortgage Refinance Massachusetts Mortgage Refinance North Dakota Mortgage Refinance Washington Mortgage Refinance
Florida Mortgage Refinance Michigan Mortgage Refinance Ohio Mortgage Refinance West Virginia Mortgage Refinance
Georgia Mortgage Refinance Minnesota Mortgage Refinance Oklahoma Mortgage Refinance Wisconsin Mortgage Refinance
Hawaii Mortgage Refinance Mississippi Mortgage Refinance Oregon Mortgage Refinance Wyoming Mortgage Refinance
Idaho Mortgage Refinance Missouri Mortgage Refinance Pennsylvania Mortgage Refinance