Mortgage Applications Decline as Mortgage Rates Increase at the End of 2012

Mortgage applications for both home purchases and refinances declined in the final two weeks of 2012. The end of the year is a traditionally slower period for mortgage loans as the holidays slowed demand for mortgage loans. Higher mortgage rates slowed demand for homeowners looking to refinance their current loan.

In the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending December 28, 2012, mortgage applications declined 21.6 percent from the week ending December 14, 2012. This week's results include an adjustment to account for the Christmas holiday.

Average fixed conforming 30 year mortgage rates increased to 3.52 percent with 0.48 points for the week ending December 28 2012, an increase from the December 14 average of 3.51 percent with 0.45 points. Mortgage rates today on 30 year fixed conforming loans are down 1 basis point to 3.51 percent but you can find lenders quoting 30 year mortgage refinance rates as low as 3.00 percent if you're willing to pay points to buy down the rate.

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.

MBA's Refinance Index decreased 23.3 percent compared to the week ending two weeks prior on December 14, 2012. This is the third consecutive week that the refinance index was lower. Refinance rates were higher in December and up from record lows set in November. The MBA's Purchase Index was down 14.8 percent on a seasonally adjusted basis compared to December 14, 2012.

Current mortgage rates on 15 year conventional home loans are averaging 2.84 percent. In the MBA's survey for the week ending December 28, 2012, the average 15 year rate was at 2.86 percent with 0.27 points, up from the average rate on December 14 of 2.84 percent with 0.21 points.

Today's mortgage rates on 30 year jumbo mortgage loans are still hovering just above 4.00 percent averaging 4.03 percent. In the mortgage survey 30 year jumbo mortgage rates averaged 3.75 percent with 0.61 points, a decline from the December 14 average of 3.77 percent with 0.32 points.

Average FHA mortgage rates for the week ending December 28 were at 3.34 percent with 0.61 mortgage points, a decline from the December 14 average of 3.35 percent with 0.58 points. 30 year FHA mortgage rates today can also be found as low as 3.00 percent with points, varying state by state.

5 year adjustable mortgage rates averaged 2.65 percent with 0.42 points, a decline from the December 14 average of 2.66 percent with 0.33 mortgage points. Today's mortgage rates on 5 year adjustable loans are averaging 2.85 percent but you can find lenders quoting 5 year adjustable refinance rates as low as 2.00 percent with points on our rate tables.