Housing Market Recovery Continues as Mortgage Rates Hit New Lows

Mortgage rates continue to move lower this week, helping the housing market recover. Fixed conforming mortgage rates on 30 year and 15 year loans hit record lows in this week's Primary Mortgage Market Survey released by Freddie Mac.  New home construction and home builder confidence indexes are both at multi-year highs. New home construction was up 3.6 percent in October, the strongest pace since July 2008. Home builder confidence in November rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index.

Recent data also show existing home sales are stronger. Existing home sales increased 2.1 percent in October to an annualized pace of 4.79 million, higher than market consensus forecast. The Federal Reserve's policy of forcing mortgage rates to record lows seems to finally be helping housing. Average 30 year mortgage interest rates in Freddie Mac's survey this week were at 3.31 percent with 0.7 points, down from the prior week's average 30 year rate of 3.34 percent.

You can find lenders quoting 30 year mortgage rates today below the average of 3.31 percent and even under 3.00 percent if you are willing to pay points on a loan to get a lower rate. Current mortgage rates on our 30 year rate table for Texas lists lenders quoting rates as low as 2.875 percent with points, the lowest 30 year rates without points are at 3.25 percent.

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 #1835285

5.353%

15-Year Fixed

5.125%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$3,190 /mo

Next >

NMLS #1701910

5.547%

15-Year Fixed

5.375%

$4,490

Includes 0.750 points for $3,000

Lender Fees: $1,490

$3,242 /mo

Next >

NMLS #401822

5.554%

15-Year Fixed

5.250%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #1025894

5.634%

15-Year Fixed

5.490%

$3,760

Includes 0.765 points for $3,060

Lender Fees: $700

$3,267 /mo

Next >

NMLS #6606

5.884%

15-Year Fixed

5.740%

$3,732

Includes 0.933 points for $3,732

Lender Fees: $0

$3,320 /mo

Next >

NMLS #1835285

6.266%

30-Year Fixed

6.125%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.371%

5-Year ARM

6.250%

$5,112

Includes 0.778 points for $3,112

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #1025894

6.582%

30-Year Fixed

6.490%

$3,856

Includes 0.789 points for $3,156

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.715%

30-Year Fixed

6.625%

$3,708

Includes 0.927 points for $3,708

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.746%

30-Year Fixed

6.625%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #3030

6.784%

15-Year Fixed

6.625%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,512 /mo

Next >

NMLS #1701910

6.786%

30-Year Fixed

6.750%

$1,490

Includes 0.000 points for $0

Lender Fees: $1,490

$2,595 /mo

Next >

NMLS #3030

7.476%

30-Year Fixed

7.375%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,763 /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.

15 year mortgage rates in this week's PMMS (Primary Mortgage Market Survey) averaged 2.63 percent with 0.7 mortgage points, a decline from the prior week's average 15 year rate of 2.65 percent. Average 15 year refinance rates today can be found well below the survey average. Currently, on our 15 year refinancing rate table for California, lenders are quoting rates as low as 2.25 percent without points.

Average adjustable mortgage rates were mixed in this week's survey. 5 year conventional adjustable mortgage rates averaged 2.74 percent with 0.6 mortgage points, no change from the prior week's average 5 year adjustable rate. Average 1 year adjustable mortgage rates were at 2.56 percent with 0.5 points, a slight increase from the previous week's average of 2.55 percent.

Right now on our 5 year adjustable refinance rates list for the state of Florida we have lenders quoting rates well below the average of 2.74 percent. The lowest 5 year adjustable rate quote is at 1.875 percent with points and the lowest 5 year adjustable rate quote without points is at 2.44 percent.

Our rate tables below find the lowest mortgage rates to purchase a home or the lowest refinance rates if you're refinancing your current loan. Best of all, you don't need to provide any personal information to view a list of rates in your state.