30 Year Fixed
3.29%    -0.04
15 Year Fixed
3.00%    -0.08
10YR Treasury
1.27%    -0.0515
FNMA 30YR 3.5
103.45    +0.06
FNMA 15YR 2.5
103.22    +0.08
Lowest Rates in 8 Years, But All Kinds of Disclaimers
February 27, 2020

Mortgage rates hit the lowest levels in 8 years either today or yesterday, depending on the lender, just narrowly edging out the rates seen in early July 2016.  There are multiple caveats, however.  First off, lenders are responding to recent market movements in different ways.  Some lenders move down faster and then remain flat even as the bond market (which dictates rates) improves.  Other lenders have been slow to react, but have since moved down more steadily.  Still others are somewhere between those extremes.

Perhaps the most important thing to note about mortgage rates this week is that, while they are certainly at long-term lows, they are absolutely NOT moving lower as fast or as much as US Treasury yields.  I discussed this in greater detail in the previous rate article and then again this morning on the MBS Commentary blog.  Click the links to get caught up, if you're curious.

Loan Originator Perspective

Wuhan contagion appears inevitable, bond yields are at all time lows, but mortgage rates have scarcely budged the last couple of days.  The prospects for significantly lower rates are far from certain, but also appears rates are unlikely to rise quickly.  I am locking March closings, floating most loans closing April and beyond. - Ted Rood, Senior Originator

Today's Most Prevalent Rates For Top Tier Scenarios 

  • 30YR FIXED - 3.25-3.375%
  • FHA/VA -3.00%
  • 15 YEAR FIXED - 3.00% 
  • 7 YEAR ARMS -  2.875-3.125% 

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), but that would require a similar bounce in the economic data that has already begun to suffer due to coronavirus. 
  • 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
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Today's Rates
Best Execution
Rate Change
30 Yr FRM 3.29% -0.04
15 Yr FRM 3.00% -0.08
FHA 30 Year Fixed 3.05% -0.07
Jumbo 30 Year Fixed 3.42% -0.05
5/1 Yr ARM 3.11% -0.07
Average Mortgage Rates
Rate Points Change
15 Yr. Fixed 0.00% 0.00 +0.00
30 Yr. Fixed 0.00% 0.00 +0.00
MBA **
30 Yr. Fixed 3.73% 0.27 -0.04
15 Yr. Fixed 3.18% 0.23 -0.04
30 Yr. Jumbo 3.72% 0.23 -0.07
30 Yr. FHA 3.84% 0.26 -0.02
5/1 ARM 3.21% 0.28 -0.02
Freddie Mac **
30 Yr. Fixed 3.45% 0.70 -0.04
15 Yr. Fixed 2.95% 0.80 -0.04
1 Yr. ARM 2.68% 0.20 +0.01
5/1 Yr. ARM 3.20% 0.20 -0.05
* FHFA averages are updated monthly.
** Mortgage Bankers Association (each Wednesday) and Freddie Mac (each Thursday) averages are updated weekly.
Secondary Markets
Price Change
30YR UMBS 3.0 102.48 +0.09
30YR UMBS 3.5 103.45 +0.06
30YR GNMA 3.0 102.69 +0.09
30YR GNMA 3.5 104.28 +0.03
15YR FNMA 3.0 103.22 +0.08
15YR FNMA 2.5 102.16 +0.13
Yield Change
2 YR 1.0714% -0.0933
5 YR 1.0799% -0.0532
10 YR 1.2739% -0.0515
30 YR 1.7701% -0.0388
Prices as of: 2/27/2020 5:06PM 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.
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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.