As expected, the average rate for a conforming 30-year mortgage ticked up from 4.32 to 4.40 percent over the past week. The current 30-year rate is within 18 basis points of the 34-month high rate of 4.58 percent recorded this past August.
Having averaged 6.67 percent since 1990, the average rate for a 30-year fixed mortgage was 3.57 percent at this time last year while the all-time low of 3.31 percent was recorded in November of 2012.
In terms of the rate for Jumbo loans, Wells Fargo is currently advertising a rate of 4.25 percent for mortgages over $625,500, a discount of 0.25 percentage points as compared to the 4.5 percent rate they’re advertising for both regular conforming and super conforming loans over $417,000 in high cost areas like San Francisco.