Housing Prices Continue to Rise Along with Mortgage Rates

Housing prices continue to rise as buyers compete for the low number of homes available for sale. Mortgage rates are also moving higher as 10 year bond yields soared yesterday on the highest consumer confidence in 5 years. At some point, higher mortgage rates will put a damper on home sales but we are several years away from that happening.

Home Prices Increase

The latest S&P/Case-Shiller home price index rose by 10.9 percent over the last year. Home prices rose in every one of the 20 cities tracked in the index, and this is the third consecutive month that prices have increased in all 20 cities tracked in the index. Homeowners are also feeling more confident about the future as the Consumer Confidence Index hit a 5 year high at 76.4 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 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.

10 year bond yields which were under 2.00 percent last week have soared above and are now at 2.15 percent, which will force mortgage rates higher in the coming days. Rates are moving higher from record lows but historically speaking, rates are still at the lowest point in over a generation. Mortgage rates today on 30 year conforming loans are averaging 3.88 percent, an increase from last week's average 30 year rate of 3.65 percent.

Average 15 Year Mortgage Rates Soar

Average 15 year conforming mortgage interest rates are averaging 3.03 percent. This is the first time rates moved above 3.00 percent since late in May 2012 when the average 15 year rate was at 3.02 percent. The increase in average 15 year conforming rates was rather large since last week average 15 year rates were at 2.80 percent.

Current mortgage rates on jumbo loans have also soared the past week. Average 30 year jumbo mortgage rates are averaging 4.10 percent, an increase from last week's average 30 year jumbo mortgage rate of 3.99 percent. 15 year jumbo rates are averaging 3.55 percent, up from the prior week's average 15 year jumbo rate of 2.43 percent.

Home Affordability

If you're looking to buy a home, now is probably going to be one of the best times ever. Although both housing prices and mortgage rates have increased this year, homes are still more affordable than they have been in a generation. Home prices are also forecasted to increase by the low double digits in 2013 and back to more historical price increases of around 1 percent above the inflation rate.

You can compare mortgage rates from lenders by using our rate tables here: monitorbankrates.com/mortgage-rates.