30 Year Fixed
3.14%    +0.01
15 Year Fixed
2.57%    +0.02
10YR Treasury
1.49%    +0.0380
Highest Mortgage Rates in Nearly 3 Months
September 27, 2021

Mortgage rates continued somewhat higher on Monday as bond markets lost ground over the weekend, adding to the heavier losses seen on Thursday and Friday last week.  Bond market weakness equates to higher rates, all other things being equal. 

Last week was the worst for rates since late February.  At that time, bonds were losing ground at the fastest pace since November 2016, and we'd need to go back to the original "taper tantrum" in 2013 to see anything definitively worse.  The early 2021 rate spike was driven by a rapidly improving outlook in the fight against covid.  It was only when case counts stopped dropping that rates leveled off.

Now in late September, case counts have begun to drop fairly quickly.  This improves the outlook for the economy and further steels the resolve of the Federal Reserve to announce another instance of "tapering" (a reduction in the pace of the Fed's rate-friendly bond buying efforts).  Unlike 2013, markets are much more prepared this time around, and in fact, we can credit tapering expectations for some of the weakness in rates seen earlier this year.  

The average lender is at an eighth to a quarter of a percent higher in conventional 30yr fixed rates compared to the beginning of last week. 

30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 3.14% +0.01
15 Yr FRM 2.57% +0.02
FHA 30 Year Fixed 2.75% +0.00
Jumbo 30 Year Fixed 3.17% -0.01
5/1 Yr ARM 2.74% -0.01
Average Mortgage Rates
MBA **
30 Yr. Fixed 2.99% 0.30 +0.02
15 Yr. Fixed 2.35% 0.25 +0.02
30 Yr. Jumbo 3.15% 0.29 +0.03
30 Yr. FHA 3.06% 0.27 -0.02
5/1 ARM 2.52% 0.15 -0.41
Freddie Mac **
30 Yr. Fixed 2.88% 0.70 +0.02
15 Yr. Fixed 2.15% 0.60 +0.03
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 2.43% 0.30 -0.08
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
Secondary Markets
MBS
Price Change
30YR UMBS 2.0 100.20 -0.23
30YR UMBS 2.5 103.05 -0.20
30YR GNMA 2.0 101.25 -0.16
30YR GNMA 2.5 102.77 -0.09
15YR UMBS 2.0 102.89 -0.13
15YR UMBS 2.5 104.23 -0.03
Treasuries
Yield Change
2 YR 0.2779% +0.0064
5 YR 0.9847% +0.0362
10 YR 1.4906% +0.0380
30 YR 2.0007% +0.0160
Prices as of: 9/27/2021 4:28PM EST
MBS and Treasury data provided by Thomson Reuters.
Mortgage News Daily and MBS Live! are exclusive re-distributors of Real Time Thomson Reuters Mortgage Information.
Secondary Marketing Managers:
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About This Report
Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available.  We use a proprietary formula to calculate averages based on best-execution rates from top lender's rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.