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Current mortgage rates - July 26, 2016

 

With the effects of Brexit in the rearview mirror here in the United States, the next item of anticipation is whether the Fed will raise interest rates, and if so, when. “Even an accumulation of modest data in the context of stable financial markets could be sufficient for the Fed to make a move, but until that accumulation of data happens, mortgage and other interest rates can't really move much,” wrote HSH.com VP Keith Gumbinger in the latest Market Trends newsletter. The overall average rate for 30-year fixed-rate mortgages increased by five basis points last week to rise to 3.59%. The overall average for 15-year fixed-rate mortgages also rose by 0.05% to finish the week ending July 22 at an average rate of 2.99%. Rates on fully-insured FHA-backed 30-year fixed-rate mortgages held completely steady at 3.42%. Finally, the overall 5/1 Hybrid ARM, often more sensitive to any economic data and potential Fed policy shifts, increased by 0.05% to finish the week at 2.91%. According to the Trends, average rates for fixed-rate mortgages are back to where they began in July.

Loan Current Previous
30-year Fixed *
3.61 3.59
15-year Fixed *
3.05 2.90
1-year ARM
3.13 2.64
* Conforming, Expanded Conforming, and Jumbo Rates.
Time Range: 1m | 6m | 1y

Current Mortgage Rates

30 Year Fixed Mortgage Rates from 3.250%
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3.250% Rate

30 Yr. Fixed

3.489% APR

$1,316 / month (est)

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3.250% Rate

30 Yr. Fixed

3.369% APR

$1,316 / month (est)

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3.875% Rate

30 Yr. Fixed

4.137% APR

$1,422 / month (est)

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3.125% Rate

30 Yr. Fixed

3.403% APR

$1,295 / month (est)

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15 Year Fixed Mortgage Rates from 2.375%
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2.375% Rate

15 Yr. Fixed

2.822% APR

$1,998 / month (est)

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2.500% Rate

15 Yr. Fixed

2.713% APR

$2,016 / month (est)

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2.875% Rate

15 Yr. Fixed

3.364% APR

$2,070 / month (est)

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2.250% Rate

15 Yr. Fixed

2.701% APR

$1,980 / month (est)

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20 Year Fixed Mortgage Rates from 3.125%
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3.125% Rate

20 Yr. Fixed

3.460% APR

$1,696 / month (est)

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3.000% Rate

20 Yr. Fixed

3.221% APR

$1,677 / month (est)

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3.500% Rate

20 Yr. Fixed

3.886% APR

$1,753 / month (est)

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3.250% Rate

20 Yr. Fixed

3.305% APR

$1,715 / month (est)

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10 Year Fixed Mortgage Rates from 2.500%
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2.500% Rate

10 Yr. Fixed

3.050% APR

$2,850 / month (est)

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2.500% Rate

10 Yr. Fixed

2.812% APR

$2,850 / month (est)

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2.875% Rate

10 Yr. Fixed

3.538% APR

$2,902 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still incredibly low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
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2.750% Rate

10 Yr. Fixed

2.853% APR

$2,884 / month (est)

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FHA 30 Year Mortgage Rates from 2.875%
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2.875% Rate

FHA 30 Yr.

3.060% APR

$1,254 / month (est)

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  • Competitive rates and fees: No fancy branches = savings passed on to you!
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3.000% Rate

FHA 30 Yr.

3.118% APR

$1,275 / month (est)

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3.250% Rate

FHA 30 Yr.

3.595% APR

$1,316 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still incredibly low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
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2.875% Rate

FHA 30 Yr.

3.092% APR

$1,254 / month (est)

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FHA 15 Year Mortgage Rates from 2.500%
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2.500% Rate

FHA 15 Yr.

3.040% APR

$1,195 / month (est)

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  • Competitive rates and fees: No fancy branches = savings passed on to you!
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2.500% Rate

FHA 15 Yr.

2.783% APR

$1,195 / month (est)

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2.875% Rate

FHA 15 Yr.

3.509% APR

$1,254 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still incredibly low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
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2.750% Rate

FHA 15 Yr.

2.973% APR

$1,234 / month (est)

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Member of BBBOffers HARP LoansVA Approved LenderFHA Approved LenderLow Fees
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VA 30 Year Mortgage Rates from 2.875%
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2.875% Rate

VA 30 Yr.

3.216% APR

$1,254 / month (est)

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  • Competitive rates and fees: No fancy branches = savings passed on to you!
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3.000% Rate

VA 30 Yr.

3.156% APR

$1,275 / month (est)

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3.250% Rate

VA 30 Yr.

3.616% APR

$1,316 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still incredibly low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
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3.000% Rate

VA 30 Yr.

3.233% APR

$1,275 / month (est)

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Member of BBBOffers HARP LoansVA Approved LenderFHA Approved LenderLow Fees
  • Low Mortgage Rates. Everyday.
  • Application to Closing in under 30 days
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5/1 Year ARM Mortgage Rates from 2.500%
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2.500% Rate

5/1 Yr. ARM

2.857% APR

$1,195 / month (est)

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3.625% Rate

5/1 Yr. ARM

3.445% APR

$1,379 / month (est)

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  • Rates are still incredibly low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
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2.625% Rate

5/1 Yr. ARM

3.066% APR

$1,214 / month (est)

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Member of BBBOffers HARP LoansVA Approved LenderFHA Approved LenderLow Fees
  • Low Mortgage Rates. Everyday.
  • Application to Closing in under 30 days
  • Affordable, fast , easy and eager to serve. That's Rate30
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3/1 Year ARM Mortgage Rates from 2.375%
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2.375% Rate

3/1 Yr. ARM

2.986% APR

$1,175 / month (est)

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7/1 Year ARM Mortgage Rates from 2.625%
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2.625% Rate

7/1 Yr. ARM

2.877% APR

$1,214 / month (est)

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3.625% Rate

7/1 Yr. ARM

3.536% APR

$1,379 / month (est)

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Member of BBBNational LenderExtended Support HoursVA Approved LenderFHA Approved Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still incredibly low! Lock in a low rate and payment today.
  • Why pay more for your home than you have to? Check out rates now.
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2.750% Rate

7/1 Yr. ARM

3.098% APR

$1,234 / month (est)

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Member of BBBOffers HARP LoansVA Approved LenderFHA Approved LenderLow Fees
  • Low Mortgage Rates. Everyday.
  • Application to Closing in under 30 days
  • Affordable, fast , easy and eager to serve. That's Rate30
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VA 15 Year Mortgage Rates from 2.500%
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2.500% Rate

VA 15 Yr.

2.853% APR

$1,195 / month (est)

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Mortgage rates tailored for you
  • Free mortgage rate quotes
  • Compare rates from up to 5 lenders
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Virginia Interest Rates as low as 2.63% (3.21APR)
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VA Loans for Virginia Veterans
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Mortgage choices at a glance

Loan type/terms
Fixed 30 years
Fixed 15 years/20 Years
Hybrid ARM
Traditional ARM
Balloon Mortgage
Rate changes
Never; fully fixed for entire term
Never; fully fixed for entire term
Usually after fixed period of 3, 5, 7 or 10 years, then annual change typical
Fully variable, typically changing at one-year intervals; some have shorter change intervals
Never; fully fixed for entire term
Benefits
Low, stable payment; usually easiest qualification
Stable payments; builds equity faster; lower total interest costs than 30-year term
Lower rates than fully fixed-rate mortgage; can sometimes borrow larger loan amount for same income
Can have lowest interest rates, but qualification may not depend upon today's interest rate
Often has lower interest rate/monthly payment over balloon period than fixed rate; similar to hybrid ARM
Drawbacks/Risks
Can have highest total interest cost over time; user may "buy" more rate stability than actually needed, increasing cost
Requires higher income to qualify; less affordable monthly payment; funds commited to payment cannot be used elsewhere
Stable payment for a number of years, then unpredictable; rates can jump by as much as 6 percentage points at first adjustment
Payments fluctuate at each rate change; unpredictable, rates can change as much as 2 percentage points at each adjustment
Loan fully due and payable when balloon period ends; must be paid off or refinanced in unknown market conditions
Alternative strategy
Consider Hybrid ARM with appropriate fixed period
Consider 30-year term and prepaying loan to preserve cash-flow flexibility
Consider Fixed rate mortgage or longest possible fixed period, if loan hold period not known
Consider Hybrid ARM to ameliorate rate and payment risks for a given period
Consider Hybrid ARM to ensure continued loan availability
These may be useful for...
Purchasing a home; first-time homebuyers; refinancing to improve cash flow/lower payment
Refinancing to lower total interest cost; retiring mortgage more quickly; building or rebuilding equity more quickly
Purchasing or refinancing when time horizon is seven years or shorter, and where borrower can handle increase in monthly payments
Purchasing or refinancing when interest rates are near top of cycle, and are likely to fall, or sale or refinance is anticipated within three years
Purchasing or refinancing when time horizon is three years or longer and home will be sold prior to end of balloon period
Consider if
Buying or refinancing a home and planning on owning for longer than 10 years
Buying second home; refinancing to build equity; paying off mortgage before life event (retirement, etc)
Buying a home and expect to move before fixed period ends, or know income will rise to offset payment risk, even in worst-case scenario
Buying or refinancing when income can handle frequent payment changes and worst-case scenario for rates over a four-year period
Buying a home and expect to move before balloon period ends, or have resources to pay off mortgage if refinance not available
When shopping, ask about
"Full cost" vs. "No cost" refinances, prepaying loan to shorten term if desired
If 20-year term makes payment too high, whether 25-year term is available
Interest rate caps, for first and subsequent adjustments, worst-case scenario
A history of the Index the loan is keyed off, margin and caps
Whether or not there is any built-in refinancing option when the balloon period ends

Latest Mortgage Rate Analysis

Mortgage rates radar 07/19/2016 : Mortgage rates firm slightly

Jul 19, 2016

HSH.com releases its latest Weekly Mortgage Rates Radar revealing a slight increase in popular mortgage rates during the seven-day period ending July 19, as warmer economic data and more-stable financial markets have formed as the tumult of the Brexit vote falls away. The Weekly Mortgage Rates Radar reports the average rates and points offered by lenders for the two most popular types of mortgages, the conforming 30-year fixed-rate mortgage and the conforming 5/1 adjustable-rate mortgage (ARM).

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Mortgage Rate Trends


vs. vs.
State
From To
30-Year-FRM
15-Year-FRM
30-Year-5-1-ARM
Mortgage Rates for Virginia