Mortgage Rates Decline Sending Mortgage Loan Demand Higher

Mortgage rates declined this week sending demand for home loans higher for both home purchases and refinancing in this week's Mortgage Application Survey. In the survey released by the Mortgage Bankers Association average conforming 30 year mortgage rates declined to 3.75 percent with 0.44 mortgage points for the week ending September 7, 2012, down from the prior week's average 30 year mortgage rate of 3.78 percent with 0.38 mortgage points.

When mortgage rates decline demand for loans increases especially for loans to refinance an existing mortgage. The adjusted Refinance Index, which measures loan volume demand for refinances increased 12 percent from the previous week. The Purchase Index, which is a measure of loan demand for home buyers increased 8 percent on a seasonally adjusted basis from one week earlier.

Mortgage rates today on 30 year conforming loans have fallen even further since the MBA's report. Current mortgage rates on 30 year conventional loans are averaging 3.54 percent in Bankrate's national average survey today. You can find lenders offering 30 year mortgage interest rates below the average rates if you comparison shop for 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

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 #2578474

5.389%

15-Year Fixed

5.250%

$3,650

Includes 0.650 points for $2,600

Lender Fees: $1,050

$3,216 /mo

Next >

NMLS #2059741

5.510%

15-Year Fixed

5.375%

$3,520

Includes 0.880 points for $3,520

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1025894

5.632%

15-Year Fixed

5.490%

$3,688

Includes 0.747 points for $2,988

Lender Fees: $700

$3,267 /mo

Next >

NMLS #6606

5.767%

15-Year Fixed

5.625%

$3,696

Includes 0.924 points for $3,696

Lender Fees: $0

$3,295 /mo

Next >

NMLS #2578474

6.360%

30-Year Fixed

6.250%

$4,650

Includes 0.900 points for $3,600

Lender Fees: $1,050

$2,463 /mo

Next >

NMLS #2059741

6.548%

30-Year Fixed

6.490%

$2,412

Includes 0.603 points for $2,412

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.597%

30-Year Fixed

6.490%

$4,460

Includes 0.940 points for $3,760

Lender Fees: $700

$2,526 /mo

Next >

NMLS #401822

6.758%

30-Year Fixed

6.625%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #6606

6.823%

30-Year Fixed

6.740%

$3,392

Includes 0.848 points for $3,392

Lender Fees: $0

$2,592 /mo

Next >

NMLS #401822

7.764%

15-Year Fixed

7.500%

$6,500

Includes 0.625 points for $2,500

Lender Fees: $4,000

$3,709 /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.

Right now on our 30 year refinance rates list for the state of Ohio there are lenders offering 30 year refinance rates currently at 3.125 percent with points. Not interested in paying points on a loan to buy down the refinance rate? Well we have lenders offering today's refinance rates on 30 year loans at 3.37 percent with no points.

Average 30 year jumbo mortgage rates were at 4.00 percent with 0.30 mortgage points for the week ending September 7, 2012. The average 30 year jumbo mortgage rate is down from last week's average of 4.03 percent with 0.32 mortgage points. Right now on our 30 year jumbo refinance rates list for the state of South Carolina we have lenders offering refinance rates today on 30 year jumbo loans at 3.875 percent with no points.

In the MBA's mortgage survey FHA mortgage rates averaged 3.50 percent with 0.43 mortgage points, a decline from an average 30 year FHA mortgage rate of 3.54 percent with 0.44 points. Right now on our 30 year refinance rates list for California there are lenders offering 30 year rates at 3.125 percent with points, without points you can find current refinance rates as low as 3.25 percent.

Average 15 year conventional mortgage rates averaged 3.07 percent with 0.38 points for the week that ended on September 7, 2012, a decline from the prior week's average 15 year mortgage rate of 3.10 percent with 0.37 mortgage point. Currently on our 15 year refinance rates list in Colorado there are lenders offering refi rates at 2.50 percent with points, without points you can find refinancing rates as low as 2.625 percent.

Average conforming 5 year adjustable mortgage rates have hit the lowest point even in the MBA's survey. In the survey average 5 year conforming mortgage interest rates were at 2.63 percent with 0.47 points, down from the prior week's average 5 year adjustable mortgage rate of 2.64 percent with 0.35 points.

Refinance rates today on 5 year conforming adjustable loans can be found lower than the average of 2.63 percent. Right now on ou 5 year adjustable refinance rates list for the state of Texas there are lenders offering rates as low as 1.75 percent with points and without points you can find lenders offering rates at 2.375 percent.