Current mobile devices and streaming video services support high definition (HD) video, increasing expectation for more contents. HD video streaming generally requires large bandwidth, exerting pressures on existing networks. New generation of video compression codecs, such as VP9 and H.265/HEVC, are expected to be more effective for reducing bandwidth. Existing studies to measure the impact of its compression on users" perceived quality have not been focused on mobile devices. Here we propose new Quality of Experience (QoE) models that consider both subjective and objective assessments of mobile video quality. We introduce novel predictors, such as the correlations between video resolution and size of coding unit, and achieve a high goodness-of-fit to the collected subjective assessment data (adjusted R-square >83%). The performance analysis shows that H.265 can potentially achieve 44% to 59% bit rate saving compared to H.264/AVC, slightly better than VP9 at 33% to 53%, depending on video content and resolution.