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Latest Mortgage Rate Analysis

Mostly level this week, mortgage rates remain at them most favorable level in as many as nine months, depending on your product of choice.

Freddie Mac reported that the average offered rate for a conforming 30-year fixed-rate mortgage remained unchanged this week, holding at 4.45%. Fifteen-year FRMs recorded a one basis point (0.01%) decline, easing to an average offered rate of 3.88% for the period. Meanwhile, hybrid 5/1 ARMs erased a little of last week's outsized decline, rising by four one-hundredths of a percentage point to end the week at 3.87%

The decline in rates has not gone unnoticed by homebuyers and homeowners, either. Although it does contain some pent-up demand from the recent busy holiday season, the Mortgage Bankers Association of America as reported sizable increases in applications for both purchase-money mortgages and refinancing over the last couple of weeks.

Underlying interest rates that influence mortgages have been mostly directionless this week, so there's a good likelihood that we'll see steady rates in the marketplace in coming days.

30 Year Fixed
15 Year Fixed
5/1 Year ARM
Source: Freddie Mac

Current Mortgage Rates

Week11/0111/0811/1511/2211/2912/0612/1312/2012/2701/0301/1001/17
30-year-Fixed 4.830% 4.940% 4.940% 4.810% 4.810% 4.750% 4.630% 4.620% 4.550% 4.510% 4.450% 4.450%
15-year-Fixed 4.230% 4.330% 4.360% 4.240% 4.250% 4.210% 4.070% 4.070% 4.010% 3.990% 3.890% 3.880%
5-year-ARM 4.040% 4.140% 4.140% 4.090% 4.120% 4.070% 4.040% 3.980% 4.000% 3.980% 3.830% 3.870%
Source: Freddie Mac
Updated 01/17/2019
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30 year fixed rates from 5.250%

Updated 1/22/2019
LoanDepot, LLC 30 Yr. Fixed
5.250%5.335%$860
RateAPRMonthly Payment
Show Details
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Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period30 days
Estimated Monthly Payment
Principal and Interest$829
Mortgage Insurance(estimated)$31
Total Monthly Payment$860
About the Lender
  • Historically Low Interest Rates - $100 Billion Funded
  • Cash-Out and Debt Consolidation Options
  • No Lender Closing Cost Options Available
Updated 1/22/2019
Quicken Loans 30 Yr. Fixed
5.250%5.405%$860
RateAPRMonthly Payment
Show Details
Hide Details
Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period40 days
Estimated Monthly Payment
Principal and Interest$829
Mortgage Insurance(estimated)$31
Total Monthly Payment$860
About the Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still low, but they may rise. Lock your rate today.
  • We have the right loans for first-time and experienced home buyers.

15 year fixed rates from 4.375%

Updated 1/22/2019
LoanDepot, LLC 15 Yr. Fixed
4.750%4.793%$1,193
RateAPRMonthly Payment
Show Details
Hide Details
Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period30 days
Estimated Monthly Payment
Principal and Interest$1,167
Mortgage Insurance(estimated)$26
Total Monthly Payment$1,193
About the Lender
  • Historically Low Interest Rates - $100 Billion Funded
  • Cash-Out and Debt Consolidation Options
  • No Lender Closing Cost Options Available
Updated 1/22/2019
Quicken Loans 15 Yr. Fixed
4.375%4.531%$1,164
RateAPRMonthly Payment
Show Details
Hide Details
Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period40 days
Estimated Monthly Payment
Principal and Interest$1,138
Mortgage Insurance(estimated)$26
Total Monthly Payment$1,164
About the Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still low, but they may rise. Lock your rate today.
  • We have the right loans for first-time and experienced home buyers.

20 year fixed rates from 4.875%

Updated 1/22/2019
LoanDepot, LLC 20 Yr. Fixed
5.250%5.302%$1,037
RateAPRMonthly Payment
Show Details
Hide Details
Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period30 days
Estimated Monthly Payment
Principal and Interest$1,011
Mortgage Insurance(estimated)$26
Total Monthly Payment$1,037
About the Lender
  • Historically Low Interest Rates - $100 Billion Funded
  • Cash-Out and Debt Consolidation Options
  • No Lender Closing Cost Options Available
Updated 1/22/2019
Quicken Loans 20 Yr. Fixed
4.875%5.017%$1,006
RateAPRMonthly Payment
Show Details
Hide Details
Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period40 days
Estimated Monthly Payment
Principal and Interest$980
Mortgage Insurance(estimated)$26
Total Monthly Payment$1,006
About the Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still low, but they may rise. Lock your rate today.
  • We have the right loans for first-time and experienced home buyers.

10 year fixed rates from 4.500%

Updated 1/22/2019
LoanDepot, LLC 10 Yr. Fixed
4.875%4.912%$1,608
RateAPRMonthly Payment
Show Details
Hide Details
Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period30 days
Estimated Monthly Payment
Principal and Interest$1,582
Mortgage Insurance(estimated)$26
Total Monthly Payment$1,608
About the Lender
  • Historically Low Interest Rates - $100 Billion Funded
  • Cash-Out and Debt Consolidation Options
  • No Lender Closing Cost Options Available
Updated 1/22/2019
Quicken Loans 10 Yr. Fixed
4.500%4.703%$1,581
RateAPRMonthly Payment
Show Details
Hide Details
Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period40 days
Estimated Monthly Payment
Principal and Interest$1,555
Mortgage Insurance(estimated)$26
Total Monthly Payment$1,581
About the Lender
  • We close our loans FAST - many in 30 days or less!
  • Rates are still low, but they may rise. Lock your rate today.
  • We have the right loans for first-time and experienced home buyers.

5/1 year ARM rates from 5.625%

Updated 1/22/2019
LoanDepot, LLC 5/1 Yr. ARM
5.625%5.502%$895
RateAPRMonthly Payment
Show Details
Hide Details
Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period30 days
Estimated Monthly Payment
Principal and Interest$864
Mortgage Insurance(estimated)$31
Total Monthly Payment$895
About the Lender
  • Historically Low Interest Rates - $100 Billion Funded
  • Cash-Out and Debt Consolidation Options
  • No Lender Closing Cost Options Available

7/1 year ARM rates from 5.500%

Updated 1/22/2019
LoanDepot, LLC 7/1 Yr. ARM
5.500%5.478%$883
RateAPRMonthly Payment
Show Details
Hide Details
Fees
Loan Profile
Home ValueNot Provided
First Mortgage BalanceNot Provided
Second Mortgage BalanceNot Provided
Cash Out AmountNot Provided
Requested Loan Amount$150,000
Lock Period30 days
Estimated Monthly Payment
Principal and Interest$852
Mortgage Insurance(estimated)$31
Total Monthly Payment$883
About the Lender
  • Historically Low Interest Rates - $100 Billion Funded
  • Cash-Out and Debt Consolidation Options
  • No Lender Closing Cost Options Available
Mortgage Choices at a Glance
Loan type/termsFixed 30 yearsFixed 15 years/
20 Years		Hybrid ARMTraditional ARMBalloon 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
  • After that, 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
  • 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
Useful tools & resources

Latest mortgage rate analysis

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MarketTrends 01/18/2019: Rate Decline Stalls. Firming Up Next?

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Two-Month Mortgage Rate Forecast - December 28, 2018

HSH's longer-range outlook for mortgage rates, where we review our last forecast, discuss current market influences and provide our expectations for mortgage rates over the next nine weeks.

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The latest ARM indexes

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