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Mortgage Rates by Loan Product
Mortgage Rate ReportTuesday, January 23, 2018
Mortgage rates were mixed on the week although they seem to be gradually moving higher in response to the Federal Reserve's decision to raise interest rates in its December meeting. The Fed highlighted continued job growth, declining unemployment, expanding household spending and increasing business investment in its decision to increase the key Federal Funds rate by .250% to 1.250% to 1.500%. From the Fed's perspective, the positive labor and economic indicators outweighed lower than targeted inflation to justify the interest rate hike, which was widely anticipated.
Although mortgage rates surprisingly dropped immediately after the Fed's announcement, the dip was short lived and we have seen rates move moderately higher over the course of January. A string of positive labor market reports combined with the continued strength of the stock market has pushed treasury yields higher, with mortgage rates responding in similar fashion. While mortgage rates continue to be attractive, they have rebounded from their post Fed meeting lows and rates were flat or higher this week, depending on the loan program.
The interest rate for a 30 year fixed rate mortgage held steady at 3.875% and the interest rate for a 15 year mortgage also remained flat at 3.125%. The interest rate on a 5/1 adjustable rate mortgage (ARM) was stable at 3.250%, remaining attractive to borrowers seeking shorter-term mortgage programs. Jumbo mortgage rates also stayed put at 4.000% after increasing last week. On the flip side, non-owner occupied mortgage rates rose 0.125% for the second week in a row to 4.250%. FHA mortgage rates and VA mortgage rates also climbed with FHA rates increasing 0.250% to 3.500% and VA rates rising 0.125% to 3.375%. Although both FHA and VA mortgage rates inched higher, the programs remain appealing to borrowers focused on low or no down payment loan options, especially first-time home buyers.
The Federal Reserve's decision to increase interest rates was anticipated and although mortgage rates dropped briefly they have since followed the Fed's lead and moved higher in January. With the Fed reinforcing its outlook for multiple anticipated interest rate hikes in 2018 and economic momentum continuing to build to start the year, prospective borrowers looking to buy a home or refinance their mortgage may be able to lock in a lower mortgage rate by acting sooner rather than later, before interest rates rise, potentially at an accelerated pace.
Because mortgage rates fluctuate daily, we continue to actively monitor the mortgage market for updates. Borrowers should check the FREEandCLEAR mortgage rate tables regularly to review customized, updated mortgage rates for lenders in their area. Our rate tables are free to use and require no personal information.
How to Compare Mortgage Rates on FREEandCLEAR
Customize Your Mortgage Search.
Personalize your mortgage search by selecting numerous options in the "Refine Your Search" menu including your location, loan amount, mortgage program and credit score. Understand the difference in interest rates between a 15 and 30 year mortgage. Select the boxes for FHA and VA loans to review rates and fees for these low / no down payment mortgage programs. The table provides updated, real-time interest rates in response to each selection you make. Plus, our rate tables are free to use so borrowers can run numerous scenarios to evaluate their personalized mortgage options.
Compare Mortgage Rates and Fees.
Use our mortgage rate tables to compare current rates and fees for multiple lenders. Our tables put you in control by enabling you to review rates without providing any personal information. The rate tables also enable you to understand how your estimated monthly mortgage payment changes depending on the interest rate. The APR (Annual Percentage Rate), highlighted in blue, enables borrowers to more easily compare interest rates and fees using a single figure. You can also use our Mortgage Comparison Calculator to compare mortgages with different interest rates and fees to select the loan that is right for you.
Contact Multiple Lenders.
Just like with any other major purchase, you should shop your mortgage business to find the best offer. Contacting multiple lenders takes a little more time but can save you thousands of dollars. For example, on a $300,000 mortgage, lowering your interest rate by .125% saves you almost $8,000 in interest. FREEandCLEAR recommends that you contact three-to-four lenders to find the mortgage with the most attractive terms and our rate tables make the process easy. Simply click on a lender logo or green arrow to be directed to the lender’s web site. You can also use our Personalized Mortgage Quote form to receive personalized loan quotes from multiple lenders.
Select Your Lender.
When you contact lenders request that they provide you a written summary or a Loan Estimate that outlines the key terms of their mortgage proposal. Lenders will ask you some questions regarding your financial profile so that they can confirm the details of their proposal and pre-approve you for your mortgage. Please note that lenders should not charge you to provide a mortgage proposal. When speaking with lenders you should ask them questions and make sure they have the right experience to close your mortgage. Narrow your options down to a handful of lenders and negotiate the best terms possible. Comparing mortgage proposals, asking the right questions and doing a little negotiating will help ensure that you select the lender that best meets your needs.
Why Borrowers Compare Mortgage Rates on FREEandCLEAR
Comparing mortgages can save you thousands. Use our rate tables to find the mortgage with the lowest rates and fees
Our rate tables put you in control. You can compare lenders anonymously plus you never need to provide your social security number
Review mortgage rates from leading lenders. Our lenders offer highly competitive terms to win your mortgage business
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