Current Mortgage Rates Drive Home Sales Higher in April

Record breaking low current mortgage rates are finally helping the housing market recover. Existing home sales were better than expected and home prices actually increased in April. Fixed mortgage rates have made three week's of consecutive all-time lows. 30 year mortgage rates are averaging 3.82 percent and 15 year mortgage rates are averaging 3.11 percent.

The National Association of Realtor's April Existing-home sales index was up 3.4 percent to a seasonally adjusted annual rate of 4.62 million. This number is based on completed transactions that include single-family homes, town homes, condominiums and co-ops.

Home prices are finally recovering from the housing bust. The national median existing-home price for all housing types jumped 10.1 percent to $177,400 in April from a year ago.

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

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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 #757416

5.521%

15-Year Fixed

5.375%

$3,812

Includes 0.953 points for $3,812

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1025894

5.546%

15-Year Fixed

5.375%

$4,476

Includes 0.944 points for $3,776

Lender Fees: $700

$3,242 /mo

Next >

NMLS #6606

5.765%

15-Year Fixed

5.625%

$3,628

Includes 0.907 points for $3,628

Lender Fees: $0

$3,295 /mo

Next >

NMLS #401822

6.194%

15-Year Fixed

6.000%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$3,376 /mo

Next >

NMLS #757416

6.562%

30-Year Fixed

6.490%

$2,988

Includes 0.747 points for $2,988

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.590%

30-Year Fixed

6.490%

$4,188

Includes 0.872 points for $3,488

Lender Fees: $700

$2,526 /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 #6606

6.713%

30-Year Fixed

6.625%

$3,628

Includes 0.907 points for $3,628

Lender Fees: $0

$2,562 /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.

A 10 percent jump in home prices is reminiscent of the housing boom. Unfortunately the 10 percent number is skewed by a decrease in the number of foreclosed properties sold.

Lawrence Yun, NAR chief economist, said “A diminishing share of foreclosed property sales is helping home values. Moreover, an acute shortage of inventory in certain markets is leading to multiple bidding and escalating price conditions”.

Lawrence Yun also had the following comments about the housing market.  “It is no longer just the investors who are taking advantage of high affordability conditions.  A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he said.  “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”

You can also view this video on the housing numbers.