The upward trend for mortgage refinance rates continues as 15-year fixed, 30-year conforming and 30-year jumbo loan refis all rose this week.
In Bankrate’s weekly survey of lenders, the rates on both of those 30-year refi products rose 4 basis points, to 3.41 percent for conforming loans and 3.76 percent for jumbo loans. Meanwhile, 15-year refi averages saw an even larger jump, of 12 basis points, to 2.75 percent.
Despite these climbs, mortgage rates remain very low compared to where they were a year ago, so now can still be a great time for borrowers with old loans to refinance.
If you have a loan you’ve been paying off for a few years without refinancing, now may be your best chance to lower your rate. This rise is likely to continue through the rest of the year.
According to data firm Black Knight, some 11 million homeowners stand to save by refinancing at current rates.
In the nearer term, most mortgage experts who responded to Bankrate’s weekly poll said rates should remain the same or rise again next week.
“Like the price of gasoline over the last 4 months moving from $2 to $3 a gallon you may not recognize the market slide to the worse in the moment, but looking back in several months it will be painfully obvious,” said Derek Egeberg, a certified mortgage planning specialist and branch manager at Academy Mortgage in Yuma, Arizona.