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Today's mortgage rates

Latest Rate Analysis

Mortgage rates managed another dip this week, but soothing words from the Federal Reserve and a still-solid review of service-business activity have combined to firm up underlying interest rates.

Freddie Mac reported that the average offered rate for a conforming 30-year fixed-rate mortgage declined by six basis points (0.06%), landing at 4.45% for the week. The larger-than-expected decline puts the benchmark mortgage rate at a level last seen in April 2018.

Rates for fifteen-year FRMs saw a fall of a tenth of a percentage point (0.10%), leaving a popular choice among homeowners looking to refinance at 3.89%. With the decline in rates, the Mortgage Bankers Association has noted a considerable jump in mortgage applications to replace old mortgages with new to start 2019.

Hybrid 5/1 ARMs managed a surprisingly large decline of 15 basis points (0.15%) in the average initial offered rate. With short term rates having recently been pushed higher, this seems like an unusually large decline in the leading alternative to the 30-year FRM, which now sports an initial rate of 3.83%, a level roughly akin to that seen last summer.

With new firmness in underlying rates not expressed this week, mortgage rates have stopped declining for the moment, but there's little current upward pressure.

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

Current Mortgage Rates

30-year-Fixed 4.860% 4.830% 4.940% 4.940% 4.810% 4.810% 4.750% 4.630% 4.620% 4.550% 4.510% 4.450%
15-year-Fixed 4.290% 4.230% 4.330% 4.360% 4.240% 4.250% 4.210% 4.070% 4.070% 4.010% 3.990% 3.890%
5-year-ARM 4.140% 4.040% 4.140% 4.140% 4.090% 4.120% 4.070% 4.040% 3.980% 4.000% 3.980% 3.830%
Source: Freddie Mac
Updated 01/10/2019
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30 year Fixed rates from 5.500%
Updated 1/16/2019
LoanDepot, LLC 30 Yr. Fixed
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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

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Quicken Loans 30 Yr. Fixed
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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$817
Mortgage Insurance(estimated)$31
Total Monthly Payment$848

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Updated 1/15/2019
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Find out if you are pre-approved for a mortgage
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  • Compare rates from up to 5 lenders
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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
  • 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
  • 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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Mortgage amortization calculator

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How much house can I afford?

Qualify yourself for a mortgage amount and maximum home price just like the professionals do.


"LowerRate" mortgage prepayment calculator

Wish you refinanced at the very bottom for mortgage rates? Pick the rate you want and prepay your mortgage to the same savings!

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Historical mortgage rates and historical ARM index rates

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The latest ARM indexes

The latest available index values for Adjustable Rate Mortgages (ARMs). These values are used by lenders and mortgage servicers to calculate the new ARM interest rate.


HSH.com on the latest move by the Federal Reserve

After each FOMC meeting, HSH.com details the latest changes to Fed policy and how it will impact mortgage borrowers.

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