Higher Mortgage Interest Rates This Week Sent Mortgage Application Volume Lower

A slight uptick in mortgage interest rates has caused demand for home loans to decline in the Weekly Mortgage Application Survey released by the Mortgage Bankers Association. The increase in average mortgage rates was expected since bond yields rose recently but the increase in rates won't last since yields have moved lower and the Fed continues to buy mortgage-backed securities (MBS) in the amount of $85 billion a month to drive rates lower.

In the MBA survey for the week ending October 19, 2012, average 30 year conforming mortgage rates increased to 3.63 percent with 0.45 mortgage points, up from the previous week's average 30 year mortgage rate of 3.57 percent with 0.44 mortgage points. In the MBA's Market Composite Index, which measures mortgage loan demand volume for home purchases and refinancing loans, decreased 2 percent on an unadjusted basis compared with the previous week.

The MBA's Refinance Index, which is a measure of loan application volume for homeowners refinancing loans, decreased 13 percent from the previous week to the lowest level since late August. The seasonally adjusted Purchase Index, which measures home purchases, decreased 8 percent from one week earlier.

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 #1835285

5.478%

15-Year Fixed

5.250%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$3,216 /mo

Next >

NMLS #401822

5.642%

15-Year Fixed

5.375%

$7,000

Includes 0.750 points for $3,000

Lender Fees: $4,000

$3,242 /mo

Next >

NMLS #1025894

5.667%

15-Year Fixed

5.490%

$4,612

Includes 0.978 points for $3,912

Lender Fees: $700

$3,267 /mo

Next >

NMLS #2059741

5.751%

15-Year Fixed

5.625%

$3,272

Includes 0.818 points for $3,272

Lender Fees: $0

$3,295 /mo

Next >

NMLS #6606

5.890%

15-Year Fixed

5.740%

$3,876

Includes 0.969 points for $3,876

Lender Fees: $0

$3,320 /mo

Next >

NMLS #1835285

6.368%

30-Year Fixed

6.250%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #1835285

6.377%

5-Year ARM

6.250%

$5,368

Includes 0.842 points for $3,368

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #2059741

6.583%

30-Year Fixed

6.490%

$3,896

Includes 0.974 points for $3,896

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.713%

30-Year Fixed

6.625%

$3,656

Includes 0.739 points for $2,956

Lender Fees: $700

$2,562 /mo

Next >

NMLS #401822

6.770%

30-Year Fixed

6.625%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #6606

6.834%

30-Year Fixed

6.740%

$3,888

Includes 0.972 points for $3,888

Lender Fees: $0

$2,592 /mo

Next >

NMLS #3030

6.909%

15-Year Fixed

6.750%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,540 /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.

Mortgage rates today on 30 year conventional loans have declined since the survey end date of October 19. The current average 30 year rate is at 3.47 percent in Bankrate's national rate survey. Both the MBA's average rate and Bankrate's average rate are just averages; you can find lenders offering today's mortgage rates higher and lower than the averages.

The lowest 30 year mortgage refinance rates on our rate list for the state of Ohio are at 3.00 percent. Amerisave is currently offering 30 year refinance rates in Ohio at 3.00 percent with 1.549 points. The lowest rate without points is also from Amerisave at 3.25 percent.

30 year jumbo mortgage rates were also higher in the MBA survey this week. 30 year jumbo mortgage rates averaged 3.85 percent, an increase from the prior week's average 30 year jumbo rate of 3.81 percent. Average mortgage points on 30 year jumbo loans remained unchanged this week at 0.42 points.

There are lenders offering current mortgage rates on 30 year jumbo loans below the average. Right now on our 30 year jumbo refinance rates list for the state of California we have two lenders offering 30 year rates below the average. Home Loan Enterprise is offering 30 year jumbo refinancing rates at 3.50 percent with 1.50 points and EverBank is offering 30 year jumbo rates at 3.625 percent with 0.50 points.

Average conforming 15 year mortgage rates had the second biggest increase in this week's MBA survey. 15 year mortgage rates averaged 2.96 percent, an increase from the prior week's average 15 year mortgage rate of 2.87 percent. Average points on 15 year loans decreased this week to 0.36 points, down from last week's average of 0.39 points.

Right now on our 15 year refinance mortgage rates list for the state of Texas we have several lenders offering 15 year refi rates well below the average. Amerisave is offering 15 year rates at 2.50 percent with 1.124 points. Roundpoint Mortgage Company is offering 15 year refinance rates at 2.50 percent with 2 points and Southern Funding Alliance is offering 15 year rates at 2.625 percent with zero points.

Average 30 year FHA mortgage rates in this week's survey increased to 3.41 percent, up from last week's average FHA mortgage rate of 3.34 percent. Average points on 30 year FHA loans decrease to 0.61 points, a decline from the prior week's average of 0.82 points.

Conventional 5 year adjustable mortgage rates had the largest increase in this week's survey. Average 5 year adjustable mortgage interest rates increased to 2.72 percent, up from last week's average of 2.59 percent. Average mortgage points on 5 year adjustable mortgages decreased to 0.36 points, down from last week's average of 0.39 points.

The lowest 5 year adjustable refinance rates available on our rate list in Florida are from Roundpoint Mortgage Company at 2.125 percent with 2 points. Other lenders offering 5 year adjustable refinancing rates well below the average on our rate list for Florida include Third Federal Savings and Loan at 2.24 percent with 1 point.