The average rate for a conforming 30-year mortgage ticked down from 4.41 to 4.34 percent over the past week and is 24 basis points below the three-year 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 3.43 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.

And in terms of mortgage activity across the nation as we head into the spring homebuying season, mortgage application volume for home purchases is running 14 percent lower versus the same time last year according the Mortgage Bankers Association.

Comments from Plugged-In Readers

  1. Posted by poor.ass.millionaire

    Yuppers, just locked me in a sweet 30 year fixed rate on my next project, even better than the one I did last November! Me love me some Yellen 🙂

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