Having inched up 3 basis points last week, the average rate for a benchmark 30-year mortgage has since inched back down 2 basis points to 2.88 percent, which is 77 basis points below its mark at the same time last year and only 2 basis points above its all-time low of 2.86 percent set three weeks ago, according to Freddie Mac’s Mortgage Market Survey data.

At the same time, the average rate for a 15-year fixed mortgage has inched back down 4 basis points to 2.36 percent, which is 78 basis points below its mark at the same time last year, while the average rate for a 5-year adjustable is holding at 2.96 percent, which is 48 basis points below its mark at the same time last year and back to within 2 basis points of the average 30-year rate.

Comments from Plugged-In Readers

  1. Posted by Zac

    Too bad I have no nice W-2 income to get these juicy rates.

    • Posted by heynonnynonny

      Too bad everybody’s salary is being diluted away to support nominal asset prices.

  2. Posted by ST

    Too bad I dont have a primary home and all my rentals are at 3.85% ish……

    • Posted by Zac

      Must be nice….

      • Posted by ST

        It is easier now, but I went thru 7-8 years of putting $2000 after tax salary into these rentals per month, because rental income do not cover expenses.

        Like you, I am in corporate finance too.

  3. Posted by Skankel

    Too bad purchasing pretty much any house in SF requires a jumbo loan (if you’re getting a mortgage), which seem to be more difficult to get at the benchmark rate, as of late. I went through three lenders (including my general bank, which is a local bank) before finding one with reasonable rates. In fact, my general bank essentially laughed me off the call – in order to underwrite a loan value in excess of $1.5M, they are now requiring either (a) 25% down plus 18 months of runway (not including retirement assets) or (b) 20% down plus 36 months of runway (not including retirement assets).

    • Posted by sforthright

      What did you end up getting for jumbo? I got a 3% preapproval 1+ month ago when I started looking, but hoping to eventually get under 3

      • Posted by ST

        My neighbors got 2.9% 30 yr fixed on jumbo ($850K loan on $1.2M valuation) with First Republic… Not sure if they have any requirements on reserves…

        • Posted by Freeloader

          First Republic gives a discount (0.25%?) if you have 10% of loan as reserves. FRB 30 year fixed on $1M+ is around 3.25% but I’m looking at IO ARM’s (7 and 10) and rates closer to 2.75% with 60% LTV (at 80% it would go to 3%+, I think).

      • Posted by Skankel

        Haven’t closed on anything yet, but the current estimate is 2.9, maybe 2.875 if I’m lucky.

        • Posted by Kyle

          One Wells Fargo data point. Locked on Monday at 2.25% for a 30-yr fixed jumbo, no points. Includes 0.5% relationship discount for $1M+, used the down payment to cover, so didn’t require transfer of any other assets. Cross shopped with Chase, same rates, but they required the relationship deposit to be kept with them for a longer period of time, so passed. Citi was at 2.5% after relationship discount.

          • Posted by wsf

            Thanks for sharing Kyle. That sounds like an amazing rate – will try them on my primary. BofA adjusted my jumbo to 3.375 a couple of months ago but isn’t budging off that now so worth moving banks for that delta.

            BTW, I am trying to refi a SF loft investment property that is conforming for CA (< $720K) with at least 40% equity, cash flow positive, currently 4.25% and only bank offering an option for a person that has over 4 properties/loans is First Republic. They are only offering 3.55% (no pts) or 3.35% (1/2 pt) two weeks ago, but they require $250K in cash assets be deposited w/ them. (loans or brokerage investments don't count). I have great income, cash flow, reserves, equity, credit score but seems no one wants to service that kind of loan right now. Anyone has another suggestion, I'd welcome it.

          • Posted by Dave (Seattle dude)

            @wsf – two acquaintances recently refi’d with Network Capital Funding and are very happy with the service/deal they got and the time it took to close. They refi’d personal residences – not sure about investment property.

          • Posted by 1031 Exchange

            Holy, that’s amazing. Did you have a low LTV?

            I’ve inquired up to 30% down/70% LTV and the best I’ve seen was 2.875% with JP Morgan (through a broker) for 30 year fixed jumbo with 0.2 points at close. Everywhere else (direct with bank and through broker) I was seeing 3.00-3.125% including Wells Fargo as of last week. All of this without relationship discount.

            Only banks I’ve seen increased reserve requirements so far was Wells Fargo. Other banks have changed requirements as to whether they can consider rental income or not.

            Refi has been terrible for everything besides SFH right now. Haven’t seen anything lower than 3.5% for condo/townhouse.

      • Posted by what i got

        we just signed yesterday on a jumbo loan at 3.125 with credits from lender that made the loan truly no cost. Loan amount is 1.7 on a house in SF appraised at 2.6. We had to do 2 appraisals as a condition of the loan. It took nearly 60 days to close and I’m self-employed (for over 10 years) and my wife is w2. We have a lot in savings/investments.

    • Posted by m2b112

      @Skankel Just wanted to clarify that 18 months of runway is basically 18 months of mortgage payments kept at the originating bank? For example, the mortgage payment is $10k so you need to keep $180k at that bank for the next 18 months? Thanks in advance!

      • Posted by Skankel

        @m2b112 18 months of cash or cash equivalents (including stock; we didn’t get into crypto) held at any financial institution

    • Posted by Chris

      Just curious….is this a purchase loan or a refinance?

      To give people a data point QuickenLoans quoted me for a Jumbo Refinance 3.25% with 0.625 points (I waived escrow). But I’m gonna buy 2.125 points to get the rate down to 2.75%

      I have not had any luck getting other lenders to Refinance a Jumbo. So I’m going through with it. Wells Fargo did want me to transfer over $1 million in assets which I do not have.

  4. Posted by Michael

    30-year fixed @ 2.75% on $3M home but low LTV.

  5. Posted by scurvy

    2.8% jumbo 10 year I/O through SVB. Only $250k required for the minor discount. First purchase, not a refi.

  6. Posted by SocketSite

    UPDATE: Mortgage rates remained little changed over the past week with the average 30-year rate inching down one basis point to 2.87 percent, the 15-year rate inching up one basis point to 2.37 percent, and the 5-year ARM inching down a basis point to 2.89 percent.

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