15 Year Mortgage Rates Drop – Mortgage Applications Increase

Long term mortgage rates are lower in the Weekly Mortgage Applications Survey released by The Mortgage Bankers Association. The biggest drop in today's mortgage interest rates was in 15 year mortgage rates. The current average contract mortgage rate for 15 year mortgages is at 4.33 percent, down from the prior week's average contract rate of 4.53 percent. Average discount points decreased to 1.01 points from 1.25 points.

The current average contract mortgage interest rate for 30 year mortgages also declined for the week ending October 30, 2009, the average rate is back under 5.00 percent at 4.97 percent. Average mortgage points increased to 1.33 points from 0.78 points.

Average contract mortgage rates for one year adjustable mortgages increased to 6.83 percent for the week ending October 30, 2009, up from the prior week's average contract rate of 6.79 percent. Mortgage discount points also increased, the average discount point is 0.31 points, up from last week's average of 0.29 points.

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

Show Advertiser Disclosure

The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

5.509%

15-Year Fixed

5.375%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1067

5.513%

15-Year Fixed

5.375%

$3,600

Includes 0.900 points for $3,600

Lender Fees: $0

$3,242 /mo

Next >

NMLS #2578474

5.534%

15-Year Fixed

5.375%

$4,150

Includes 0.775 points for $3,100

Lender Fees: $1,050

$3,242 /mo

Next >

NMLS #401822

5.554%

15-Year Fixed

5.250%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #1835285

6.344%

30-Year Fixed

6.250%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,463 /mo

Next >

NMLS #2578474

6.360%

30-Year Fixed

6.250%

$4,650

Includes 0.900 points for $3,600

Lender Fees: $1,050

$2,463 /mo

Next >

NMLS #1067

6.457%

30-Year Fixed

6.375%

$3,444

Includes 0.861 points for $3,444

Lender Fees: $0

$2,496 /mo

Next >

NMLS #399799

6.616%

30-Year Fixed

6.500%

$5,004

Includes 0.919 points for $3,676

Lender Fees: $1,328

$2,529 /mo

Next >

NMLS #401822

6.644%

30-Year Fixed

6.500%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,529 /mo

Next >

NMLS #1835285

6.707%

5-Year ARM

6.625%

$3,388

Includes 0.847 points for $3,388

Lender Fees: $0

$2,562 /mo

Next >

NMLS #3030

6.744%

15-Year Fixed

6.625%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$3,512 /mo

Next >

NMLS #3030

7.350%

30-Year Fixed

7.250%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,729 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

Lower longer term interest rates increased mortgage application volume. The Market Composite Index, a measure of mortgage loan applications, increased 8.2 percent on a seasonally adjusted basis from one week earlier.

A decline in mortgage refinance rates also contributed to an increase in mortgage refinancing. The Refinance Index increased 14.5 percent from the previous week.

Jumbo mortgage rates currently are lower this week over last. MonitorBankRates.com reported on jumbo rate mortgages on Monday. Following is the report.

Jumbo Rate Mortgages

The average 30 year jumbo mortgage rate is at 5.77 percent this week, down from the previous week’s average loan rate of 5.85 percent. 15 year jumbo mortgage rates were averaging 5.27 percent this week, down from last week’s average interest rate of 5.30 percent.