Mortgage Rates Decline as Fiscal Cliff is Averted

Mortgage rates today are lower as Democrats and Republicans were able to pass an agreement to avoid the fiscal cliff. A bare minimum deal was put together as the sequester of spending cuts was put off for another two months. Both parties compromised on the tax side of the deal, raising the top rate on joint filers earning more than $450,000 to return to 39.6%, up from the 35% rate in place since the Bush tax cuts of 2001.

Today's mortgage rates on 30 year conventional home loans are averaging 3.41 percent, a decline from last week's average 30 year mortgage rate of 3.45 percent. Over the next couple of days average rates will head higher since 10 year bond yields are up 8 basis points to 1.84 percent on the fiscal cliff deal.

Over the longer term, current mortgage rates will head lower since the Fed is still buying mortgage-backed (MBS) securities to drive rates lower. Although average 30 year rates are at 3.41 percent you can find lenders quoting rates below the average. Right now on our 30 year refinance rates list for the state of Massachusetts we have two lenders, Amerisave.com and AmericanInterbanc.com, quoting 30 year rates at 2.875 percent with 1.875 mortgage points.

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 #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.

Average 15 year conforming mortgage rates today are at 2.81 percent, a decline from last week's average 15 year mortgage rate of 2.84 percent. Over the next couple of days average 15 year rates will move higher on higher bond yields but over the next couple of months average 15 year rates will fall below 2.65 percent and possibly as low as 2.50 percent.

There are several mortgage companies quoting 15 year conventional mortgage refinance rates well below the current average and lower than 2.50 percent. The lowest 15 year refinance rate on our list for the state of Texas is from Amerisave.com at 2.25 percent with 1.66 points. The lowest 15 year Texas refinance rate on our list without points is from Texaslending.coma at 2.375 percent.

30 year jumbo mortgage rates currently are averaging 4.02 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.08 percent. As with conforming mortgages moving higher, the next two days jumbo mortgage rates will move higher as well but the longer term trend is lower. In 2013 average 30 year jumbo rates will fall back below 4.00 percent and possibly as low as 3.85 percent.

You can find lenders quoting 30 year jumbo refinance rates well below the current average of 4.02 percent. The best jumbo rates on our rate list for California are at 3.50 percent with 1.375 percent from Home Loan Enterprise. The lowest California refinance rate without points on our list is from Integrity First at 3.99 percent.

15 year jumbo mortgage interest rates are currently averaging 3.42 percent, a decline from last week's average 15 year jumbo rate of 3.44 percent. 15 year rates will probably move above 3.50 percent over the next few days but will fall as low as 3.35 percent in 2013. Right now the lowest 15 year jumbo refinancing rates on our list for the state of Florida are at CloseYourOwnLoan.com at 2.75 percent with 2 points. The lowest rate without points is from Quick Quote Mortgage at 3.25 percent with zero points.