Current Mortgage Rates Move Slightly Higher on Employment Report

Current mortgage rates moved slightly higher in Freddie Mac's Primary Mortgage Market Survey (PMMS) this week. Average mortgage rates increased on the heals of a better than expected employment report. The former CEO of General Electric, Jack Welsh, had some bizarre comments on the report. He Tweeted "Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers”. Come on Jack, you just lost a big amount of credibility with such a stupid comment. Back to mortgage rates.... Average mortgage rates moved slightly higher in the survey for both fixed mortgage rates and adjustable mortgage rates.

30 year mortgage rates increased to 3.39 percent with 0.7 mortgage points for the week ending October 10, 2012,. The average 30 year mortgage interest rate increased from the prior week's average of 3.36 percent. Although rates moved slightly higher week over week, rates will fall again in the coming weeks and months because the Fed will continue to drive rates lower by buying $85 billion a month in mortgage backed securities.

There are lenders offering 30 year mortgage refinance rates below the average of 3.39 percent. Right now no our 30 year mortgage rate list for the state of Massachusetts there are several lenders offering rates below the average. First Internet Bank is offering the lowest 30 year rates at 3.00 percent with 2 mortgage 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

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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 #2473786

4.934%

15-Year Fixed

4.750%

$4,887

Includes 0.948 points for $3,792

Lender Fees: $1,095

$3,112 /mo

Next >

NMLS #1835285

5.026%

15-Year Fixed

4.875%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,138 /mo

Next >

NMLS #613839

5.192%

15-Year Fixed

4.990%

$5,351

Includes 0.866 points for $3,464

Lender Fees: $1,887

$3,162 /mo

Next >

NMLS #757416

5.226%

15-Year Fixed

5.125%

$2,652

Includes 0.663 points for $2,652

Lender Fees: $0

$3,190 /mo

Next >

NMLS #1067

5.241%

15-Year Fixed

5.125%

$3,044

Includes 0.761 points for $3,044

Lender Fees: $0

$3,190 /mo

Next >

NMLS #1312186

5.277%

15-Year Fixed

5.125%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,190 /mo

Next >

NMLS #1954591

License: 60DBO-113383

5.305%

15-Year Fixed

5.125%

$4,791

Includes 0.921 points for $3,684

Lender Fees: $1,107

$3,190 /mo

Next >

NMLS #2433973

5.309%

15-Year Fixed

5.125%

$4,965

Includes 0.750 points for $3,000

Lender Fees: $1,965

$3,190 /mo

Next >

NMLS #2473786

5.354%

5-Year ARM

5.250%

$4,671

Includes 0.894 points for $3,576

Lender Fees: $1,095

$2,209 /mo

Next >

NMLS #6606

5.398%

15-Year Fixed

5.250%

$3,880

Includes 0.970 points for $3,880

Lender Fees: $0

$3,216 /mo

Next >

NMLS #1835285

5.459%

5-Year ARM

5.375%

$3,767

Includes 0.817 points for $3,268

Lender Fees: $499

$2,240 /mo

Next >

NMLS #1025894

5.535%

15-Year Fixed

5.375%

$4,176

Includes 0.869 points for $3,476

Lender Fees: $700

$3,242 /mo

Next >

NMLS #2561451

5.840%

30-Year Fixed

5.750%

$3,926

Includes 0.794 points for $3,176

Lender Fees: $750

$2,335 /mo

Next >

NMLS #1835285

5.842%

30-Year Fixed

5.750%

$4,019

Includes 0.880 points for $3,520

Lender Fees: $499

$2,335 /mo

Next >

NMLS #2473786

5.858%

30-Year Fixed

5.750%

$4,731

Includes 0.909 points for $3,636

Lender Fees: $1,095

$2,335 /mo

Next >

NMLS #1067

5.931%

30-Year Fixed

5.875%

$2,420

Includes 0.605 points for $2,420

Lender Fees: $0

$2,367 /mo

Next >

NMLS #757416

5.949%

30-Year Fixed

5.875%

$3,220

Includes 0.805 points for $3,220

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1312186

5.955%

5-Year ARM

5.875%

$3,480

Includes 0.870 points for $3,480

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1312186

6.081%

30-Year Fixed

6.000%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$2,399 /mo

Next >

NMLS #613839

6.086%

30-Year Fixed

5.990%

$4,143

Includes 0.564 points for $2,256

Lender Fees: $1,887

$2,396 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.096%

30-Year Fixed

5.990%

$4,631

Includes 0.881 points for $3,524

Lender Fees: $1,107

$2,396 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.097%

5-Year ARM

5.990%

$4,663

Includes 0.889 points for $3,556

Lender Fees: $1,107

$2,396 /mo

Next >

NMLS #399799

6.099%

30-Year Fixed

6.000%

$4,396

Includes 0.767 points for $3,068

Lender Fees: $1,328

$2,399 /mo

Next >

NMLS #1025894

6.099%

30-Year Fixed

5.990%

$4,700

Includes 1.000 points for $4,000

Lender Fees: $700

$2,396 /mo

Next >

NMLS #2433973

6.101%

30-Year Fixed

6.000%

$4,465

Includes 0.625 points for $2,500

Lender Fees: $1,965

$2,399 /mo

Next >

NMLS #6606

6.328%

30-Year Fixed

6.240%

$3,732

Includes 0.933 points for $3,732

Lender Fees: $0

$2,461 /mo

Next >

NMLS #2433973

6.376%

5-Year ARM

6.250%

$5,465

Includes 0.875 points for $3,500

Lender Fees: $1,965

$2,463 /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.

The second lowest mortgage rate is from Roundpoint Mortgage with a current rate of 3.125 percent with 2 points. If you rather not pay points there are lenders offering 30 year rates with zero points that are still below the average of 3.39 percent. The lowest rate without points on our MA mortgage rates list is from Foxboro Federal Savings at 3.25 percent with no points.

15 year conventional mortgage rates averaged 2.70 percent with 0.6 mortgage points in the PMMS for the week ending October 10, 2012. In the previous week's survey 15 year mortgage rates averaged 2.72 percent. Today's mortgage rates on 15 year conventional loans are averaging 2.83 percent in Bankrates's national rate survey.

If you're thinking about refinancing your 30 year mortgage you should think about refinancing to a 15 year loan. Refinancing to a 15 year loan can save you ten of thousands if not hundreds of thousands of dollars in mortgage interest. The only negative to a shorter term loan is the monthly mortgage payments will be higher. Besides that with a 15 year loan you'll get a lower refinance rate and you'll own your home in half the time.

Right now there are many lenders offering 15 year refinance rates today well below the average rate. On our refinance rates list for the state of Ohio today's refinance rates from Amerisave are at 2.375 percent with 1.648 mortgage points.The lowest 15 year refi rate without points for a list in Ohio is from Roundpoint Mortgage at 2.75 percent.

Average 5 year adjustable mortgage rates were at 2.73 percent with 0.6 mortgage points in Freddie's survey for the week ending October 10, 2012,  up from the prior week's average 5 year adjustable mortgage rate of 2.72 percent. Right now on our 5 year adjustable refinance rates list in Maryland there are rates as low as 2.25 percent. Roundpoint Mortgage is offering 5 year adjustable refinancing rates at 2.00 percent with 2 mortgage points.

Average 1 year adjustable conforming mortgage rates averaged 2.59 percent with 0.4 mortgage points in this week's mortgage survey. Average 1 year mortgage rates are higher from the prior week's average rate of 2.57 percent.