30 Year Fixed
3.45%    -0.04
15 Year Fixed
3.13%    -0.03
10YR Treasury
1.52%    -0.0492
FNMA 30YR 3.5
103.25    +0.05
FNMA 15YR 2.5
102.89    +0.05
Mortgage Rates Back Near Multi-Year Lows
February 20, 2020

Mortgage rates haven't been this low for this long in years--3.5 years to be exact.  Brexit was the talk of the town in the middle of 2016 and it resulted in rates very close to all-time lows for well over 3 months (all of July, Aug, Sept).  Although rates aren't quite as low this time around, they average lender is still quoting 3.5% or lower on top tier scenarios.  That's only happened on a consistent basis in 2016 and 2012.  Moreover, the current stint is approaching a month in length.  Combine that with the fact that rates haven't been over 3.875% since the middle of 2019, and the current mortgage environment is more than worthy of being viewed in the same legendary light as 2012 and 2016.

In 2012 it was the European crisis and massive central bank bond buying.  In 2016 it was Brexit and massive foreign central bank bond buying.  In 2019/2020, it's been the trade war and coronavirus with the latter getting the nod for 2020's lowest rates.  As such, it's no surprise to see a spike in bad news relating to coronavirus leading to today's big market moves (which in turn helped rates improve on yesterday's already great levels.  History suggests this could go on for months, but history also suggests it might not.  If you're considering buying or refi'ing and you choose to wait for even better rates (not necessarily something that makes a ton of sense at current levels), make sure you have a game plan in place with your trusted mortgage pro.  


Loan Originator Perspective

Bonds shrugged off a robust manufacturing report this AM, continuing their slow but steadfast trudge higher.  My pricing improved marginally over Wednesday's.  There's no meaningful economic data on tap tomorrow, so doubtful rates will change significantly.  I'm locking most March closings, floating most beyond that. - Ted Rood, Senior Originator


Today's Most Prevalent Rates For Top Tier Scenarios 

  • 30YR FIXED - 3.375 - 3.5%
  • FHA/VA -3.25%
  • 15 YEAR FIXED - 3.125-3.25% 
  • 5 YEAR ARMS -  3.25-3.75% depending on the lender


Ongoing Lock/Float Considerations 

  • 2019 was the best year for mortgage rates since 2011.  Big, long-lasting improvements such as this one are increasingly susceptible to bounces/corrections, but 2020's coronavirus outbreak has provided a second wind for low-rate momentum

  • Fed policy, trade negotiations, and the 2020 presidential election will all play a part in driving rate momentum as the year progresses.

  • The Fed and the bond market (which dictates rates) will be watching economic data closely, both at home and abroad to see just how much of an impact coronavirus will have.  Once it looks like that impact is waning, we could see sharp upward pressure in rates (unless another rate-friendly variable steals the show). 
  • Rates discussed refer to the most frequently-quoted, conforming, conventional 30yr fixed rate for top tier borrowers among average to well-priced lenders.  The rates generally assume little-to-no origination or discount except as noted when applicable.  Rates appearing on this page are "effective rates" that take day-to-day changes in upfront costs into consideration.
30 Year Fixed Rate Mortgage
15 Year Fixed Rate Mortgage
Co-branded Daily Rate Report for:
Carlos Jaime
RE Broker / MTG Broker
www.MeetCarlos.com
License:  BRE #01922133 | NMLS #1018137 ...
I’m a local real estate broker, mortgage broker, and the right person to have on your side. I provide honest answers to your questions about buying, selling, or qualifying for a home loan. I also help you refinance into better mortgage terms. EXPERIENCE ...view more
Visit My Website
(949) 278-0518
View My Profile
Today's Rates
Best Execution
Rate Change
30 Yr FRM 3.45% -0.04
15 Yr FRM 3.13% -0.03
FHA 30 Year Fixed 3.23% -0.04
Jumbo 30 Year Fixed 3.61% -0.03
5/1 Yr ARM 3.30% -0.02
Average Mortgage Rates
Rate Points Change
FHFA *
15 Yr. Fixed 0.00% 0.00 +0.00
30 Yr. Fixed 0.00% 0.00 +0.00
MBA **
30 Yr. Fixed 3.72% 0.25 +0.01
15 Yr. Fixed 3.20% 0.27 +0.01
30 Yr. Jumbo 3.75% 0.17 +0.05
30 Yr. FHA 3.84% 0.26 +0.04
5/1 ARM 3.21% 0.13 -0.02
Freddie Mac **
30 Yr. Fixed 3.49% 0.70 +0.02
15 Yr. Fixed 2.99% 0.80 +0.02
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.25% 0.20 -0.03
* 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 FNMA 3.0 102.14 +0.08
30YR FNMA 3.5 103.25 +0.05
30YR GNMA 3.0 102.42 +0.06
30YR GNMA 3.5 104.05 +0.03
15YR FNMA 3.0 102.89 +0.05
15YR FNMA 2.5 101.63 +0.09
Treasuries
Yield Change
2 YR 1.3912% -0.0348
5 YR 1.3635% -0.0459
10 YR 1.5186% -0.0492
30 YR 1.9633% -0.0506
Prices as of: 2/20/2020 4:36PM 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:
If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information
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.