Mortgage Rates Down, Loan Volume Up

mortgage-rates-down-loan-volume-upMortgage rates were down this past week, driving new mortgage loan volume and mortgage refinance activity up. Current mortgage rates have been hovering just above 5.00 percent for several week now.

The average contract rate on a 30-year fixed mortgaged decreased to 5.17 percent, down from 5.36 percent the prior week, according to the latest survey of mortgage applications released by the Mortgage Bankers Association.

15-year mortgage rates were also down the past week over the prior week, the average contract rate on a 15-year mortgage is just above 4.50 percent at 4.60 percent, down from 4.75 percent.

Loan Term
Lender
APR / Rate
Fees / Points
Payment
District Lending
NMLS #1835285
5.604%
15-Year Fixed
5.375%
$6,000
Includes 1.000 points for $4,000
Lender Fees: $2,000
$3,242 /mo
Bison State Bank
NMLS #757416
5.843%
15-Year Fixed
5.750%
$2,408
Includes 0.602 points for $2,408
Lender Fees: $0
$3,322 /mo
PenFed Credit Union
NMLS #401822
5.932%
15-Year Fixed
5.625%
$8,000
Includes 1.000 points for $4,000
Lender Fees: $4,000
$3,295 /mo
New American Funding, LLC.
NMLS #6606
6.132%
15-Year Fixed
5.990%
$3,644
Includes 0.911 points for $3,644
Lender Fees: $0
$3,374 /mo
District Lending
NMLS #1835285
6.482%
30-Year Fixed
6.375%
$4,500
Includes 0.625 points for $2,500
Lender Fees: $2,000
$2,496 /mo
Bison State Bank
NMLS #757416
6.699%
30-Year Fixed
6.624%
$3,124
Includes 0.781 points for $3,124
Lender Fees: $0
$2,561 /mo
New American Funding, LLC.
NMLS #6606
6.833%
30-Year Fixed
6.740%
$3,828
Includes 0.957 points for $3,828
Lender Fees: $0
$2,592 /mo
PenFed Credit Union
NMLS #401822
7.022%
30-Year Fixed
6.875%
$5,995
Includes 1.000 points for $4,000
Lender Fees: $1,995
$2,628 /mo
Rocket Mortgage
NMLS #3030
7.035%
15-Year Fixed
6.875%
$4,000
Includes 1.000 points for $4,000
Lender Fees: $0
$3,568 /mo
District Lending
NMLS #1835285
7.143%
5-Year ARM
7.000%
$5,804
Includes 0.951 points for $3,804
Lender Fees: $2,000
$2,662 /mo
Rocket Mortgage
NMLS #3030
7.200%
30-Year Fixed
7.125%
$3,000
Includes 0.750 points for $3,000
Lender Fees: $0
$2,695 /mo
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.

Mortgage rates reported by MonitorBankRates.com have been in a similar range. This past Monday, we reported fixed 30-year mortgage rates at 5.25 percent, down from an average rate of 5.39 percent the week before. The average 15-year mortgage rate was reported 4.70 percent, down from the previous week's average rate of 4.84 percent.

Fixed rate 30-year jumbo mortgage rates were reported at 6.16 percent, down from 6.18 the week before. The average rate on a fixed 15-year mortgage was reported at 5.80 percent.

 Looking for Today's Mortgage Rates?  MonitorBankRates.com has free mortgage rate tables you can search for today’s mortgage rates. 

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Author: Brian McKay
August 5th, 2009

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