Mortgage Rates: Average Mortgage Rate Mixed

Mortgage rates were mixed in the latest survey released this week by a mortgage industry association. Current mortgage interest rates have been treading higher the past couple of weeks on the belief that the economy's contraction this quarter won't be as severe as once thought.

We might actually see GDP grow again later this year. Second quarter GDP is being released today, the economy probably shrank around 1.5 percent. Once the economy starts growing again, be prepared for higher mortgage rates soon after.

Mortgage Interest Rates

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

4.919%

15-Year Fixed

4.750%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$3,112 /mo

Next >

NMLS #2562839

4.942%

15-Year Fixed

4.750%

$5,125

Includes 1.000 points for $4,000

Lender Fees: $1,125

$3,112 /mo

Next >

NMLS #757416

5.226%

15-Year Fixed

5.125%

$2,672

Includes 0.668 points for $2,672

Lender Fees: $0

$3,190 /mo

Next >

NMLS #2059741

5.231%

15-Year Fixed

5.125%

$2,792

Includes 0.698 points for $2,792

Lender Fees: $0

$3,190 /mo

Next >

NMLS #1312186

5.365%

15-Year Fixed

5.250%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$3,216 /mo

Next >

NMLS #6606

5.382%

15-Year Fixed

5.240%

$3,732

Includes 0.933 points for $3,732

Lender Fees: $0

$3,214 /mo

Next >

NMLS #1025894

5.503%

15-Year Fixed

5.375%

$3,348

Includes 0.662 points for $2,648

Lender Fees: $700

$3,242 /mo

Next >

NMLS #1835285

5.625%

5-Year ARM

5.500%

$5,524

Includes 0.881 points for $3,524

Lender Fees: $2,000

$2,272 /mo

Next >

NMLS #2562839

5.739%

5-Year ARM

5.625%

$4,997

Includes 0.968 points for $3,872

Lender Fees: $1,125

$2,303 /mo

Next >

NMLS #1312186

5.831%

5-Year ARM

5.750%

$3,532

Includes 0.883 points for $3,532

Lender Fees: $0

$2,335 /mo

Next >

NMLS #1835285

5.842%

30-Year Fixed

5.750%

$4,000

Includes 0.500 points for $2,000

Lender Fees: $2,000

$2,335 /mo

Next >

NMLS #2562839

5.856%

30-Year Fixed

5.750%

$4,625

Includes 0.875 points for $3,500

Lender Fees: $1,125

$2,335 /mo

Next >

NMLS #757416

5.961%

30-Year Fixed

5.875%

$3,724

Includes 0.931 points for $3,724

Lender Fees: $0

$2,367 /mo

Next >

NMLS #2059741

6.034%

30-Year Fixed

5.990%

$1,876

Includes 0.469 points for $1,876

Lender Fees: $0

$2,396 /mo

Next >

NMLS #1312186

6.093%

30-Year Fixed

6.000%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,399 /mo

Next >

NMLS #1025894

6.200%

30-Year Fixed

6.125%

$3,196

Includes 0.624 points for $2,496

Lender Fees: $700

$2,431 /mo

Next >

NMLS #6606

6.343%

30-Year Fixed

6.250%

$3,944

Includes 0.986 points for $3,944

Lender Fees: $0

$2,463 /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.

As a result of the increase in mortgage rates refinancing, activity has declined. The average contract mortgage interest rate is up to 5.36 percent, up from 5.31 percent, with the average points decreasing to 0.93 from 1.18 according to the Mortgage Bankers Association. Mortgage points are paid to by down a mortgage's interest rate.

The average contract interest rate for a 15-year mortgage is down to 4.75 percent from 4.80 percent with the average points of increasing to 1.14 points from 1.03 points. 15-year mortgage rates are low historically speaking, just over a year ago interest rates on a 15-year mortgage were over 6.00 percent.

Adjustable Mortgage Rates

Shorter term adjustable rate mortgages have also been increasing the past couple of weeks while longer term adjustable mortgage rates have been holding steady. The average contract rate for one-year adjustable rate mortgages increased to 6.66 percent from 6.50 percent with the average points going down to 0.09 points from 0.11 points.

Jumbo Mortgage

Earlier this week MonitorBankRates.com reported the average rate on a 30-year jumbo mortgage (fixed rates) was at 6.18 percent this week, down from the prior week’s average mortgage rate of 6.21 percent. Down from the 6.65 percent recent high set on June 15, 2009.

The average mortgage rate on a fixed 15-year jumbo mortgage loan is at 5.81 percent this week, down from the last week’s average rate of 5.83 percent.

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