30 Year Mortgage Rates Decrease – Mortgage Refinance Applications Increase

30 year mortgage rates decreased in the latest Weekly Mortgage Applications Survey released by The Mortgage Bankers Association (MBA)  this morning.

The average contract rate for 30 year mortgages decreased to 4.90 percent for the week ending November 6, 2009, down from the previous week's average mortgage rate of 4.97 percent.

This week's average contract interest rate is the lowest since the week ending May 15, 2009. Average mortgage points increased to 1.03 points from 1.01 points. Discount points or mortgage points allow you to buy down the interest rate on a mortgage.

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 #401822

5.661%

15-Year Fixed

5.375%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,242 /mo

Next >

NMLS #1025894

5.805%

15-Year Fixed

5.625%

$4,680

Includes 0.995 points for $3,980

Lender Fees: $700

$3,295 /mo

Next >

NMLS #6606

6.022%

15-Year Fixed

5.875%

$3,792

Includes 0.948 points for $3,792

Lender Fees: $0

$3,349 /mo

Next >

NMLS #1025894

6.839%

30-Year Fixed

6.750%

$3,664

Includes 0.741 points for $2,964

Lender Fees: $700

$2,595 /mo

Next >

NMLS #399799

6.854%

30-Year Fixed

6.750%

$4,436

Includes 0.777 points for $3,108

Lender Fees: $1,328

$2,595 /mo

Next >

NMLS #401822

6.884%

30-Year Fixed

6.750%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$2,595 /mo

Next >

NMLS #3030

6.889%

15-Year Fixed

6.750%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,540 /mo

Next >

NMLS #6606

6.963%

30-Year Fixed

6.875%

$3,580

Includes 0.895 points for $3,580

Lender Fees: $0

$2,628 /mo

Next >

NMLS #3030

7.602%

30-Year Fixed

7.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,797 /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.

Looking for today’s mortgage rates? The best mortgage interest rates can be found in your state by using our mortgage rate tables: Current Mortgage Rates

The current average contract mortgage interest rate for 15 year mortgages was unchanged this week at 4.33 percent. Average mortgage discount points decreased to 1.15 points for the week ending November 6, 2009, down from the prior week's average of 1.33.

Average contract mortgage rates for one year adjustable rate mortgages increased to 6.85 percent for the week ending November 6, 2009, an increase from last week’s average contract rate of 6.83 percent. Mortgage discount points also decreased to 0.29 points this week, down from last week's average points of 0.31 points.

Lower 30 year mortgage rates increased refinance applications this week over last but home purchase applications hit the lowest level since December 2000. Hopefully mortgage applications for purchases will increase in the coming months since the First Time Home-buyer Credit was extended and expanded.

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

Jumbo Mortgage Rates

• 30 year jumbo mortgage rates are at 5.78 percent this week, up slightly from last week’s average mortgage rate of 5.77 percent.
• 15 year jumbo rate mortgages are at 5.29%, up from the previous week’s average loan rate of 5.27%.

Looking for mortgage interest rates? Current mortgage rates including jumbo rates can be found in your state or zip code by using our bank mortgage rate tables. Bank Mortgage Rate Tables