Applications for Mortgage Loans Surges in 2013 as Low Mortgage Rates Drive Demand

Applications for home loans continue to surge in early 2013 as low mortgage rates drive demand for home purchasing and refinancing loans. For the second consecutive week in 2013, applications for home loans are up in the double digits in the Mortgage Bankers Association's Weekly Applications Survey.

The MBA's Market Composite Index, which is an overall measure of mortgage applications, increased by 15.2 percent for the week ending January 11, 2013 on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased by 45 percent compared to the previous week.  The MBA's Refinance Index, a measure of loan application volume for homeowners refinancing loans, increased by 15 percent from the previous week. The seasonally adjusted Purchase Index, which measures mortgage loan volume for home purchases, increased by 13 percent from one week earlier to its highest level since April 2011.

The average contract 30 year mortgage rate in the MBA's survey this week was at 3.61 percent, unchanged from the prior week's average 30 year mortgage rate. Average contract points this week declined to 0.38 point, down from the previous week's average of 0.41 point.

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 #2578474

5.389%

15-Year Fixed

5.250%

$3,650

Includes 0.650 points for $2,600

Lender Fees: $1,050

$3,216 /mo

Next >

NMLS #2059741

5.510%

15-Year Fixed

5.375%

$3,520

Includes 0.880 points for $3,520

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1025894

5.632%

15-Year Fixed

5.490%

$3,688

Includes 0.747 points for $2,988

Lender Fees: $700

$3,267 /mo

Next >

NMLS #6606

5.767%

15-Year Fixed

5.625%

$3,696

Includes 0.924 points for $3,696

Lender Fees: $0

$3,295 /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 #2059741

6.548%

30-Year Fixed

6.490%

$2,412

Includes 0.603 points for $2,412

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.597%

30-Year Fixed

6.490%

$4,460

Includes 0.940 points for $3,760

Lender Fees: $700

$2,526 /mo

Next >

NMLS #401822

6.758%

30-Year Fixed

6.625%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #6606

6.823%

30-Year Fixed

6.740%

$3,392

Includes 0.848 points for $3,392

Lender Fees: $0

$2,592 /mo

Next >

NMLS #401822

7.764%

15-Year Fixed

7.500%

$6,500

Includes 0.625 points for $2,500

Lender Fees: $4,000

$3,709 /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.

30 year Mortgage rates today are even lower than the MBA average for the week ending January 11, 2013. Average 30 year mortgage rates are at 3.45 percent, down from yesterday's average of 3.48 percent. There are many lenders quoting 30 year mortgage rates below the averages on our rate tables.

Currently on our 30 year mortgage refinance rates list for the state of California there is a lender quoting 30 year rates as low as 2.875 percent with points. Aimloan.com is quoting 30 year California refinance rates at 2.875 percent with 1.67 points. The lowest refinance rate without points on our list is from Nations Choice Mortgage at 3.00 percent.

The average contract rate on 30 year jumbo mortgage rates in the MBA survey were higher this week at 3.88 percent, up from last week's average 30 year jumbo mortgage rate of 3.78 percent. Average points on 30 year jumbo loans were at 0.38 points, unchanged from last week's average jumbo rate.

Today's jumbo mortgage rates are averaging higher at 4.00 percent but you can find lenders quoting 30 year jumbo refinance rates below the averages. Right now on our 30 year jumbo refinancing rates list for the state of Connecticut we have several lenders quoting rates under 4.00 percent with and without points. The lowest rate is from Investors Home Mortgage at 3.625 percent with zero points.

The average contract rate on FHA mortgages was higher in this week's survey. The average contract FHA mortgage rate was at 3.39 percent, an increase from the prior week's average FHA rate of 3.35 percent. Average contract points on FHA loans were at 0.58 points, down from the prior week's average of 0.69 points.

The average 15 year contract rate in the MBA's survey this week was unchanged at 2.88 percent with average points decreasing to 0.27, down from last week's average of 0.39. Current mortgage rates on 15 year loans are averaging less than the MBA survey at 2.83 percent.

Again, these rates are average rates and there are many lenders quoting 15 year rates above and below the averages. The lowest refinance rates on our 15 year rate list for the state of Texas are at 2.25 percent with points and the lowest rates without points are at 2.625 percent.

The average contract rate on 5 year adjustable loans increased in this week's mortgage rate survey. The average 5 year adjustable mortgage rate this week was at 2.66 percent, an increase from the prior week's average 5 year rate of 2.64 percent. If you're looking for an adjustable loan, we have lenders quoting 5 year adjustable refinance rates below 2.00 percent. The lowest 5 year adjustable refinance rate on our rate list for Colorado is at 1.625 percent with points.

On our rate tables you can find lenders quoting the lowest mortgage rates for all states. Search and compare the best mortgage rates in your state or zip code without having to provide any personal information.