Current Mortgage Rates Roundup for January 31, 2017

Mortgage rates improved on Monday, which marks the third straight day of lower interest rates. Pricing on U.S. government bonds fell moderately in the beginning of the week, while mortgage rates headed slightly lower, as market participants are awatiting major data releases this week that could shake markets one way or another. Current mortgage rates are lower compared to those a week earlier, but at many lenders the improvements could be seen in lower upfront costs as opposed to lower contract rates. According to the latest mortgage information, the most prevalently quoted interest rate on the 30-year fixed mortgage remains at 4.250% in best scenarios, as of this writing.

It was mostly an uneventful day for the bond market, as the yield on the benchmark 10-year treasury bond was holding firm and closed the trading session at 2.49% on Monday, the same level as on Friday. The 30-year treasury yield drifter higher 2 basis points to close the trading day at 3.08%.

today's mortgage rates january 31

On Tuesday morning pricing on mortgage-backed securities (MBS) is in the green. As MBS are bonds that most directly influence mortgage rate movement, if the yield on MBS drops, interest rates could benefit. Although, some volatility is on the cards, we don’t anticipate major rate movements until later this week, when the Fed concludes its two-day policy meeting and some influential economic reports, including a fresh jobs data, get released.

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Today’s domestic economic headlines include a fresh reading on the S&P/Case-Shiller U.S. National Home Price Index, the Chicago PMI for January and consumer confidence for January.

According to the latest S&P/Case-Shiller U.S. National Home Price Index released earlier today, home prices rose 5.6% in November year-over-year, up from the previous 5.5% increase in October. The 20-city index showed a similar trend, as home price growth accelerated in November compared to October’s reading. The 20-city index improved 5.3% from a year earlier, the latest data from S&P Dow Jones Indices revealed.

Moving on to today’s best mortgage rates at top U.S. lenders, at Bank of America (NYSE:BAC), the 30-year fixed home purchase loan carries an interest rate of 4.375%. The lender’s 15-year fixed conventional home loan is available at a rate of 3.750% this Tuesday. Borrowers, who consider more flexible options may want to take a look at BofA’s 7/1 ARM and 5/1 ARM loans. Currently, the former home purchase mortgage starts at a rate of 3.125%, while the latter one is coming out at 2.875%.

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Borrowers searching for a favorable home refinance loan could be interested to learn that Bank of America advertises the standard 30-year loan package at a rate of 4.625%. Refinancing an existing loan with the shorter-term 15-year FRM is also an option, and this type of refi mortgage is up for grabs at a rate of 3.625%.

At California-headquartered major lender, Wells Fargo (NYSE:WFC), the 30-year fixed conventional loan for home purchase is quoted at a rate of 4.375%, according to today’s mortgage information. Borrowers, who believe the 15-year fixed home loan fits the bill better, will see this type of loan carrying 3.625% interest. Looking at Wells Fargo’s additional home mortgage loan options, the 7/1 ARM can be secured for as low as 3.750%. At this financial institution individuals can find loans, that exceed conforming loan limits. With that said, the 30-year fixed jumbo mortgage is now coming out at a rate of 4.250%, under Wells Fargo’s home loan program.

As far as the bank’s home refinancing options are concerned, the standard 30-year fixed refi mortgage is quoted at a rate of 4.500%. Another conventional loan package, the 15-year fixed refinance mortgage, has a lending rate of 3.750% as of Tuesday. With regards to non-conventional loans, the federally insured 30-year fixed FHA mortgage is offered for as low as 4.375% at this lender. Wells Fargo’s refinance loan portfolio includes adjustable rate mortgages as well, that come with more flexible conditions than standard conventional loans. The 7-year ARM loan is on the books at a rate of 3.875%. The 5/1 ARM home refinance loan is currently available at a rate of 3.750%.

U.S. Bank (NYSE:USB) is another major loan provider, that offers a number of loan options for borrowers, who are able to meet the bank’s credit requirements. On Tuesday, the 30-year fixed convetional home loan is advertised at a rate of 4.375%. The 15-year fixed home purchase mortgage currently bears a rate of 3.750%. Mortgage shoppers who are considering non-conventional loans, may want to take a look at U.S. Bank’s 30-year fixed FHA loan option, as it carries an interest rate of 4.250%.

The above mentioned interest rates are subject to change and are not guaranteed. In order to search for live mortgage rate quotes from some of the top U.S. lenders, please click on the link below.