The average contract rate on long term mortgages decreased for the week ending January 7, 2011. In the most recent Weekly Mortgage Applications Survey released this morning by the Mortgage Bankers Association, the average contract rate on 30 year mortgages decreased to 4.78 percent. The previous week's mortgage survey had 30 year rates at 4.82 percent. Mortgage discount points on 30 year mortgages decreased to 0.91 points, down from the previous week's average of 1.10 points.

The average contract interest rate on 15 year mortgages also decreased for the week ending January 7. Rates on 15 year mortgages averaged 4.15 percent, down from the prior week's average 15 year rate of 4.23 percent. Mortgage discount points averaged 1.01, a slight increase from the prior week's average of 1.00 point.

The number of people applying for a mortgage application to purchase a home decreased and the number of people applying for a mortgage to refinance increased. The seasonally adjusted Purchase Index decreased 3.7 percent from one week earlier and the Refinance Index increased 4.9 percent from the previous week.

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 #1689962

License: 02053435

5.680%

15-Year Fixed

5.500%

$4,694

Includes 0.911 points for $3,644

Lender Fees: $1,050

$3,269 /mo

Next >

NMLS #2006915

License: 60DBO-149268

5.685%

15-Year Fixed

5.500%

$4,821

Includes 0.719 points for $2,876

Lender Fees: $1,945

$3,269 /mo

Next >

NMLS #1105497

License: 603L227

5.713%

15-Year Fixed

5.500%

$5,619

Includes 1.000 points for $4,000

Lender Fees: $1,619

$3,269 /mo

Next >

NMLS #401822

5.768%

15-Year Fixed

5.500%

$7,000

Includes 0.750 points for $3,000

Lender Fees: $4,000

$3,269 /mo

Next >

NMLS #1025894

5.781%

15-Year Fixed

5.625%

$4,056

Includes 0.839 points for $3,356

Lender Fees: $700

$3,295 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.787%

15-Year Fixed

5.625%

$4,381

Includes 0.607 points for $2,428

Lender Fees: $1,953

$3,295 /mo

Next >

NMLS #757416

5.833%

15-Year Fixed

5.750%

$2,156

Includes 0.539 points for $2,156

Lender Fees: $0

$3,322 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.379%

5-Year ARM

6.250%

$5,673

Includes 0.930 points for $3,720

Lender Fees: $1,953

$2,463 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.507%

5-Year ARM

6.375%

$5,537

Includes 0.898 points for $3,592

Lender Fees: $1,945

$2,496 /mo

Next >

NMLS #2561451

6.588%

30-Year Fixed

6.490%

$4,151

Includes 0.539 points for $2,156

Lender Fees: $1,995

$2,526 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.642%

30-Year Fixed

6.500%

$5,945

Includes 1.000 points for $4,000

Lender Fees: $1,945

$2,529 /mo

Next >

NMLS #757416

6.714%

30-Year Fixed

6.624%

$3,704

Includes 0.926 points for $3,704

Lender Fees: $0

$2,561 /mo

Next >

NMLS #1689962

License: 02053435

6.727%

30-Year Fixed

6.624%

$4,266

Includes 0.804 points for $3,216

Lender Fees: $1,050

$2,561 /mo

Next >

NMLS #1025894

6.732%

30-Year Fixed

6.625%

$4,440

Includes 0.935 points for $3,740

Lender Fees: $700

$2,562 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.840%

30-Year Fixed

6.750%

$3,861

Includes 0.477 points for $1,908

Lender Fees: $1,953

$2,595 /mo

Next >

NMLS #1105497

License: 603L227

6.849%

30-Year Fixed

6.750%

$4,119

Includes 0.625 points for $2,500

Lender Fees: $1,619

$2,595 /mo

Next >

NMLS #399799

6.856%

30-Year Fixed

6.750%

$4,512

Includes 0.796 points for $3,184

Lender Fees: $1,328

$2,595 /mo

Next >

NMLS #401822

6.896%

30-Year Fixed

6.750%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,595 /mo

Next >

NMLS #330511

6.941%

30-Year Fixed

6.875%

$2,700

Includes 0.675 points for $2,700

Lender Fees: $0

$2,628 /mo

Next >

NMLS #3030

6.995%

15-Year Fixed

6.875%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$3,568 /mo

Next >

NMLS #3030

7.689%

30-Year Fixed

7.625%

$2,500

Includes 0.625 points for $2,500

Lender Fees: $0

$2,832 /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.

Following is a more in-depth mortgage report released by MonitorBankRates.com earlier this week:

Mortgage Loan Rates Today & Refinance Rates Today

Current 30 year conforming mortgage loan rates and refinancing rates are averaging 4.78 percent, a decline from last week’s average 30 year home loan rates and refi rates averaged 4.78 percent. 30 year loan interest rates and refinance interest rates in Idaho are lower than the national average 30 year rate. Current 30 year Indiana refinancing rates and mortgage loan rates are averaging 4.74 percent. 15 year conforming refinancing rates and mortgage loan rates are averaging 4.21 percent, an increase from the prior week when 15 year mortgage loan rates and refinance loan rates averaged 4.12 percent. 15 year rates in Connecticut are slightly lower than the national average 30 year rate. Today’s 15 year CT rates are averaging 4.22 percent.

30 year jumbo mortgage interest rates and 30 year jumbo refinance rates are averaging 5.37 percent, up from last week’s average jumbo rate and jumbo refi rate of 5.33 percent. 30 year jumbo rates in Washington D.C. are lower, averaging 5.33 percent.

15 year jumbo home rates and jumbo refinancing loan rates are averaging 4.74 percent, down from the prior week’s average jumbo mortgage rate of 4.76 percent. 15 year jumbo interest rates and mortgage refinancing rates in Nevada are lower, averaging 4.56 percent.

Conforming Adjustable Interest Rates Current and Conforming Adjustable Refi Rates Current

1 year adjustable rates - Current refinancing rates and mortgage interest rates are averaging 3.05 percent, unchanged from last week’s average 1 year adjustable home mortgage refi interest rate and loan rate.

3 year adjustable rates and adjustable refinancing rates are averaging 3.42 percent, down from last week’s average 3 year adjustable mortgage loan rate of 3.47 percent.

5 year adjustable mortgage loan rates today are averaging 3.71 percent, up  from the prior week’s average rate of 3.50 percent. Current refi rates are also higher, averaging 3.71 percent.

7 year adjustable mortgage loan interest rates are averaging 3.90 percent, down from the previous week’s average 7 year loan rate of 4.01 percent.  Current refinance loan rates are also averaging lower at 3.90 percent.

10 year adjustable mortgage loan rates today are averaging 4.52 percent this week, up from last week’s average 10 year adjustable rate of 4.47 percent. Refinance interest rates for 10 year home loans are also averaging 4.52 percent.

Today's Adjustable Jumbo Refi Rates and Today's Jumbo Mortgage Interest Rates

1 year jumbo adjustable loan rates are averaging 3.39 percent, unchanged from the prior week’s average 1 year jumbo adjustable loan mortgage interest rate. Today’s jumbo adjustable refinance interest rates are also  unchanged at 3.39 percent.

3 year adjustable jumbo rates are higher averaging 4.31 percent, up from last week’s average 3 year jumbo adjustable rate of 4.26 percent. Today’s refi rates on 3 year jumbo adjustable mortgage loans are also higher averaging 4.31 percent.

5 year adjustable jumbo interest rates today are averaging 3.88 percent, down from last week’s average jumbo adjustable rate of 3.93 percent. Current refinance loan rates on 5 year jumbo home loans are also averaging 3.88 percent.

7 year jumbo adjustable loan rates today are averaging 4.69 percent, up from last week’s average 7 year adjustable home loan rate of 4.56 percent. 7 year jumbo refinance loan rates are also higher at 4.69  percent.

Today’s 10 year jumbo loan rates are averaging 5.24 percent, up from the prior week’s average 10 year jumbo home loan rate of 5.23 percent. 10 year jumbo refinance interest rates are also higher averaging 5.24 percent.

Conforming Interest Only Adjustable Refi Rates and Interest Only Adjustable Mortgage Loan Rates

3 year interest only adjustable mortgage loan rates are averaging 3.61 percent, up from last week’s average interest only mortgage loan rate of 3.47 percent. 3 year interest only adjustable refinance loan rates are also higher averaging 3.61 percent.

5 year interest only adjustable loan rates are averaging 3.66 percent, up from last week’s average five year interest only mortgage loan rate of 3.59 percent. Today 5 year interest only adjustable refinance mortgage loan rates are also averaging 3.66 percent.

7 year interest only adjustable mortgage loan rates are averaging 4.08 percent, down from last week’s average 7 year interest-only mortgage interest rate of 4.18 percent. 7 year adjustable refi loan rates are averaging 4.08 percent.

Interest Only Adjustable Jumbo Refinancing Rates and Jumbo Interest Only Mortgage Loan Interest Rates Today

3 year jumbo interest only adjustable loan rates are averaging 4.96 percent, down from last week’s average jumbo adjustable interest only rate of 5.01 percent. 3 year interest only adjustable jumbo refi rates are also lower averaging 4.96 percent.

5 year adjustable jumbo loan interest only rates are averaging 4.42 percent, up from last week’s average IO home mortgage interest rate of 4.40 percent. 5 year jumbo adjustable IO loan rates are also averaging higher at 4.42 percent.

7 year jumbo interest only adjustable rates are averaging 5.02 percent, up from an average jumbo 7 year home loan rate of 4.88 percent. Current 7 year jumbo adjustable interest-only rates are also averaging 5.02 percent.

Home Equity Loan Rates

10 year home equity loan rates are averaging 6.714 percent, unchanged from last week’s average home equity rate.

15 year home equity rates are averaging 7.093 percent, unchanged from last week’s average home equity rate.

Home Equity Line of Credit Rates

Home equity line of credit rates are averaging 5.15 percent, unchanged from last week’s average HELOC rate.