Existing Home Sales Decline Slightly as Mortgage Rates Drop

Low mortgage rates didn't help home sales in the month of March as the National Association of Realtors reported a drop in existing home sales. Mortgage rates are lower so far in 2014, current 30 year mortgage rates are at 4.25 percent, down from an average rate of 4.53 percent in early January.

Despite lower mortgage rates, the NAR reported existing home sales fell 0.02 percent to a seasonally adjusted annual rate of 4.59 million in March from 4.60 million in February, and are 7.5 percent below the 4.96 million-unit pace in March 2013.

Housing analysts believed the weakness in the housing market at the start of 2014 was due to the harsh cold winter. Analysts expected a rebound in the March numbers but that hasn't materialized. “There really should be stronger levels of home sales given our population growth,” said Lawrence Yun, NAR’s chief economist, via a statement. The sales pace is under-performing historic norms, Yun noted. “In contrast, price growth is rising faster than historical norms because of inventory shortages.”

Loan Type

Purchase Refinance with Cash out Refinance

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LTV

%

Loan Term

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The lenders whose rates and other terms appear on this chart are MRC'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

4.930%

15-Year Fixed

4.750%

$4,803

Includes 0.927 points for $3,708

Lender Fees: $1,095

$3,112 /mo

Next >

NMLS #1105497

License: 603L227

4.961%

15-Year Fixed

4.750%

$5,625

Includes 1.000 points for $4,000

Lender Fees: $1,625

$3,112 /mo

Next >

NMLS #324599

License: 324599

5.026%

15-Year Fixed

4.875%

$4,070

Includes 0.750 points for $3,000

Lender Fees: $1,070

$3,138 /mo

Next >

NMLS #757416

5.106%

15-Year Fixed

4.990%

$3,060

Includes 0.765 points for $3,060

Lender Fees: $0

$3,162 /mo

Next >

NMLS #1025894

5.175%

15-Year Fixed

5.000%

$4,628

Includes 0.982 points for $3,928

Lender Fees: $700

$3,164 /mo

Next >

NMLS #613839

5.183%

15-Year Fixed

4.990%

$5,099

Includes 0.803 points for $3,212

Lender Fees: $1,887

$3,162 /mo

Next >

NMLS #2473786

5.340%

5-Year ARM

5.250%

$4,059

Includes 0.741 points for $2,964

Lender Fees: $1,095

$2,209 /mo

Next >

NMLS #1954591

License: 60DBO-113383

5.418%

15-Year Fixed

5.250%

$4,463

Includes 0.839 points for $3,356

Lender Fees: $1,107

$3,216 /mo

Next >

NMLS #613839

5.721%

30-Year Fixed

5.625%

$4,219

Includes 0.583 points for $2,332

Lender Fees: $1,887

$2,303 /mo

Next >

NMLS #2473786

5.838%

30-Year Fixed

5.750%

$3,843

Includes 0.687 points for $2,748

Lender Fees: $1,095

$2,335 /mo

Next >

NMLS #324599

License: 324599

5.853%

30-Year Fixed

5.750%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$2,335 /mo

Next >

NMLS #1105497

License: 603L227

5.856%

30-Year Fixed

5.750%

$4,625

Includes 0.750 points for $3,000

Lender Fees: $1,625

$2,335 /mo

Next >

NMLS #2561451

5.872%

30-Year Fixed

5.750%

$5,446

Includes 0.916 points for $3,664

Lender Fees: $1,782

$2,335 /mo

Next >

NMLS #757416

5.936%

30-Year Fixed

5.875%

$2,664

Includes 0.666 points for $2,664

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1025894

5.959%

30-Year Fixed

5.875%

$3,620

Includes 0.730 points for $2,920

Lender Fees: $700

$2,367 /mo

Next >

NMLS #399799

6.106%

30-Year Fixed

6.000%

$4,703

Includes 0.844 points for $3,376

Lender Fees: $1,327

$2,399 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.222%

30-Year Fixed

6.125%

$4,183

Includes 0.769 points for $3,076

Lender Fees: $1,107

$2,431 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.357%

5-Year ARM

6.250%

$4,595

Includes 0.872 points for $3,488

Lender Fees: $1,107

$2,463 /mo

Next >

NMLS #324599

License: 324599

6.367%

5-Year ARM

6.250%

$5,042

Includes 0.993 points for $3,972

Lender Fees: $1,070

$2,463 /mo

Next >

NMLS #1105497

License: 603L227

6.370%

5-Year ARM

6.250%

$5,058

Includes 0.872 points for $3,488

Lender Fees: $1,570

$2,463 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by 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.

Yun expects some improvement in the months ahead. “With ongoing job creation and some weather delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly.” Whether or not this pans out remains to be seen but one thing that should help housing is low mortgage rates.

Average 30 year mortgage rates today are at 4.25 percent but there are many lenders in our database quoting 30 year mortgage rates below the average. For example, the lowest quoted 30 year mortgage refinance rates in our database for Florida are at 3.75 percent with points. In fact we have lenders in all states quoting 30 year refinance rates below the average of 4.25 percent.

Today's mortgage rates on 15 year conforming loans are averaging 3.29 percent, down from last week's average 15 year mortgage rate of 3.39 percent. Checking in our rate database for quotes on 15 year conforming loans, the best rates available are alos well below the average rate. The lowest 15 year refinance rates in the state of New Jersey is at 2.75 percent with just over 1 mortgage point.

Average 30 year jumbo mortgage rates are currently at 4.63 percent, down from the prior week's average 30 year jumbo mortgage rate of 4.68 percent. The best jumbo rates with mortgage points quoted in our database for the state of California are at 4.00 percent with 1 mortgage point.

Current mortgage rates on 15 year jumbo loans are averaging 4.10 percent this week, a decline from the previous week's average 15 year jumbo rate of 4.16 percent. The lowest refinance rates on 15 year jumbo loans in our database are still below 4.00 percent. The lowest rate in the state of Texas is at 3.50 percent with 2 mortgage points.

Average 5/1 conventional adjustable mortgage rates are at 3.28 percent this week, a decline from last week's average 5/1 adjustable rate of 3.36 percent. The best 5 year adjustable refinance rates in our database are considerably below the average rate. Checking on rates in the state of Illinois the best 5 year refi rate is at 2.25 percent with 1.10 mortgage points.

Jumbo adjustable mortgage rates moved higher this week. 5 year jumbo loan rates are averaging 3.52 percent, slightly higher than last week's average 5 year jumbo rate of 3.49 percent. The best 5 year jumbo refinancing rates listed in our database are more than 1.25 percent lower than the average. Seaching our database for rates in New York there are lenders quoting 5 year jumbo rates at 2.25 percent with points.

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