Mortgage Rates and Mortgage Applications Decline in MBA Survey

Mortgage rates and applications for refinancing mortgage loans declined in this week's mortgage survey released by the Mortgage Bankers Association. Average mortgage refinance rates have increased since early August but have reversed course and headed down again this past week. Late last week the Fed Charmin, Ben Bernanke, hinted that the Fed is ready to act to drive interest rates lower to help the economy. As a result 10 year bond yields which hit a recent high of 1.85 percent are now back down to 1.56 percent. Mortgage rates have also come down and will probably make new all-time lows this coming week.

In the MBA's Weekly Application Survey for the week ending August 24, 2012, 30 year mortgage rates averaged 3.80 percent with 0.42 mortgage point. The average 30 year mortgage rate is down from the prior week's average rate of 3.86 percent with 0.42 points. In Bankrate's national average survey mortgage rates today on 30 year conforming loans are averaging 3.55 percent.

The MBA's Market Composite Index, which is a measure of loan demand for home purchases and refinances, decreased 4.3 percent on a seasonally adjusted basis from one week earlier.  The Refinance Index, which is a measure of refinance loan demand, decreased 6 percent. The seasonally adjusted Purchase Index, which is loan demand for home purchases, increased more than 1 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

5.440%

15-Year Fixed

5.250%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$3,216 /mo

Next >

NMLS #2059741

5.606%

15-Year Fixed

5.490%

$3,032

Includes 0.758 points for $3,032

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.650%

15-Year Fixed

5.490%

$4,172

Includes 0.868 points for $3,472

Lender Fees: $700

$3,267 /mo

Next >

NMLS #6606

5.773%

15-Year Fixed

5.625%

$3,848

Includes 0.962 points for $3,848

Lender Fees: $0

$3,295 /mo

Next >

NMLS #1835285

6.262%

5-Year ARM

6.125%

$5,860

Includes 0.965 points for $3,860

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.356%

30-Year Fixed

6.250%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #2059741

6.569%

30-Year Fixed

6.490%

$3,292

Includes 0.823 points for $3,292

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.600%

30-Year Fixed

6.490%

$4,592

Includes 0.973 points for $3,892

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.714%

30-Year Fixed

6.625%

$3,684

Includes 0.921 points for $3,684

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.734%

30-Year Fixed

6.625%

$4,495

Includes 0.625 points for $2,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #401822

7.698%

15-Year Fixed

7.375%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,680 /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.

Both the MBA's and Bankrate's average rate are just averages, you can find lenders advertising 30 year conforming rates well below the averages. Some lenders are offering conforming 30 year mortgage refinance rates on our rate tables as low as 3.13 percent with points. We also have lenders offering 30 year refinance rates at 3.38 percent with no mortgage points. Search our rate tables for the lowest mortgage rates in your state.

30 year jumbo mortgage interest rates averaged 4.06 percent with 0.34 mortgage points for the week ending August 24, 2012, a decline from the prior week's average 30 year jumbo mortgage rate of 4.11 percent with 0.42 mortgage points. Current jumbo mortgage rates in Bankrate's national average survey are averaging 4.21 percent.

There are lenders out there offering 30 year jumbo refinance rates today which are lower than the average rates. Right now on our rate tables in the Washington D.C. area there are lenders offering today's refinance rates on 30 year jumbo loans as low as 4.00 percent with points.

Average 30 year FHA mortgage rates were at 3.60 percent with 0.48 mortgage points for the week ending August 24, 2012, down from the previous week's average 30 year FHA mortgage rate of 3.62 percent with 0.50 mortgage points. Currently on our FHA refinance rates list for the state of Nevada there are lenders offering FHA refi rates as low as 3.13 percent with points.

15 year refinance mortgage rates averaged 3.12 percent with 0.44 mortgage points for the week that ended on August 24, 2012. The average 15 year mortgage rate is down from the prior week's average of 3.15 percent with 0.44 points. Mortgage rates today on our rate list in California for a refinance can be found as low as 2.25 percent with 2 points. Without points there are lenders offering rates as low as 2.75 percent.

5 year conforming adjustable mortgage rates made an all-time low in the MBA's survey for the week ending August 24, 2012. Average 5 year conventional adjustable mortgage rates averaged 2.68 percent with 0.36 mortgage points, down from the prior week's average of 2.74 percent with 0.38 points.

Today's mortgage refinance rates on 5 year adjustable loans can be found below the incredibly low average rate. Right now on our rate table in Arizona there are lenders offering 5 year adjustable refinance rates at 1.75 percent with points. Feel free to use our rate tables to search for the lowest mortgage rates for home purchases and refinance rates for refinancing your current loan.