Mortgage Rates Continue Downtrend as Fiscal Cliff Talks Go Nowhere

The direction in average mortgage rates are beholden to "fiscal cliff" news these days, more so than any other financial news. Average mortgage rates today are lower as fiscal cliff talks move at a snail's pace or stall, depending on your point of view. One thing is for sure, if we fall off the fiscal cliff you can bet current mortgage rates will fall further and make new record lows. Even if an agreement is made we probably will see lower mortgage rates in 2013 since the Fed is buying mortgage backed-securities to the tune of $85 billion a month right now to force rates lower.

Today's mortgage rates on 30 year fixed conforming loans are averaging 3.41 percent, a decline from last week's average 30 year mortgage rate of 3.45 percent. Record low mortgage refinance rates thanks to the Fed's polices have created a boom in loan refinance demand as millions of homeowners have refinanced their loan to a lower rate.

Low mortgage interest rates are also finally helping the housing market recover, the most recent positive housing news released by the National Association of Realtors® showed existing home sales up 2.1 percent in October. You can view Lawrence Yun , NAR chief economist discuss October's existing home sales in this video:

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 #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 #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 #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.

National average 30 year rates are at 3.41 percent and average 30 year rates in Florida are higher than the national average at 3.49 percent. We have lenders quoting 30 year refinance rates below the averages with points and without points. The lowest mortgage quote on our 30 year refinance rate table in the state of Florida is at 2.875 percent with points and the lowest rate without points is at 3.125 percent.

Current mortgage rates on 15 year conforming loans are averaging 2.84 percent, a decline from last week's average 15 year mortgage rate of 2.86 percent. 15 year mortgage rates in Texas are averaging 2.89 percent this week, a decline from last week's average rate of 2.91 percent.

If you're looking for a loan for a home in Texas you can find 15 year refinance mortgage rates quoted from lenders that are below the national average and average rate in Texas. Right now we have two lenders quoting 15 year refi rates in Texas at 2.25 percent with points. Without points we also have two lenders quoting rates at 2.50 percent.

Average 30 year jumbo mortgage rates today are at 4.02 percent, down from last week's average 30 year jumbo mortgage rate of 4.04 percent. In the state of California 30 year jumbo rates are averaging 4.20 percent but we have lenders on our California jumbo refinance rates table offering rates below the average. The lowest 30 year jumbo refinancing rates is at 3.50 percent with points and the lowest jumbo rate without points is at 3.875 percent.

15 year jumbo mortgage interest rates are averaging 3.49 percent, a decline from last week's average 15 year jumbo interest rate of 3.54 percent. Right now average 15 year jumbo rates in New York are also at 3.49 percent and the lowest 15 year rate quoted on our New York rate list is at an incredibly low rate of 3.00 percent with no points.

Feel free to search our rate lists for the lowest rates in your state. We have lenders quoting rates for fixed rate mortgages and adjustable rate mortgages. Find the best rates today!