Mortgage Rates Drop to New All-Time Lows Fueling Refinance Demand

Mortgage rates dropped to new all-time lows in the Mortgage Bankers Association's Weekly Mortgage Application Survey. Since the MBA's report mortgage rates todays have moved higher again as 10 year bond yields increased from a low of 1.43 percent on Friday to 1.65 percent yesterday. As a result current mortgage rates on 30 year loans are averaging 3.77 percent today, an increase from Friday's low of 3.70 percent.

In the MBA's survey conforming 30 year rates, 15 year rates, FHA 30 year rates and jumbo mortgage rates have all made record lows for the week ending June 1, 2012. Mortgage loan application volume also increased as record low mortgage rates fueled demand for mortgages. 

The MBA's Market Composite Index, which measures all mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from the prior week. The contributing factor to the increase was mortgage applications for refinances. The Refinance Index increased 2 percent while the Purchase Index was down slightly. Record low refinance rates is enticing homeowners to refinance their loan to a new lower rate.

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 #1661781

5.760%

15-Year Fixed

5.625%

$3,673

Includes 0.625 points for $2,500

Lender Fees: $1,173

$3,295 /mo

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NMLS #757416

5.868%

15-Year Fixed

5.750%

$3,060

Includes 0.765 points for $3,060

Lender Fees: $0

$3,322 /mo

Next >

NMLS #1025894

5.886%

15-Year Fixed

5.750%

$3,512

Includes 0.703 points for $2,812

Lender Fees: $700

$3,322 /mo

Next >

NMLS #1067

5.891%

15-Year Fixed

5.750%

$3,652

Includes 0.913 points for $3,652

Lender Fees: $0

$3,322 /mo

Next >

NMLS #3030

6.532%

15-Year Fixed

6.375%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,458 /mo

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NMLS #1661781

6.620%

30-Year Fixed

6.500%

$5,173

Includes 1.000 points for $4,000

Lender Fees: $1,173

$2,529 /mo

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NMLS #1025894

6.735%

30-Year Fixed

6.625%

$4,564

Includes 0.966 points for $3,864

Lender Fees: $700

$2,562 /mo

Next >

NMLS #757416

6.822%

30-Year Fixed

6.750%

$2,968

Includes 0.742 points for $2,968

Lender Fees: $0

$2,595 /mo

Next >

NMLS #1067

6.838%

30-Year Fixed

6.750%

$3,620

Includes 0.905 points for $3,620

Lender Fees: $0

$2,595 /mo

Next >

NMLS #1661781

7.244%

5-Year ARM

7.125%

$4,977

Includes 0.951 points for $3,804

Lender Fees: $1,173

$2,695 /mo

Next >

NMLS #3030

7.338%

30-Year Fixed

7.250%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$2,729 /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.

In the survey conforming 30 year mortgage rates hit an all-time record low of 3.87 percent with 0.46 mortgage points, down from the average 30 year mortgage rates of 3.91 percent with 0.46 points on May 24, 2012. Since bond yields have moved higher mortgage rates today on 30 year loans will also increase, we'll probably see 30 year rates back above 3.85 percent.

Fixed conventional 15 year mortgage rates hit a record low of 3.20 percent with 0.46 points for the week ending June 1, 2012, a decrease from the May 24th average of 3.23 percent with 0.39 points. Since June 1st 15 year rates made an all-time record low of 2.95 percent. Today's mortgage rates on 15 year loans are averaging 3.10 percent.

FHA mortgage rates averaged 3.70 percent with 0.60 points for the week ending June 1, 2012, tying a record low set in the May 24, 2012 survey. Last Friday average FHA mortgage rates hit an all-time low of 3.57 percent and have since increased to 3.76 percent.

Current jumbo mortgage rates on 30 year loans are averaging 4.28 percent, up from Friday's all-time record low of 4.17 percent. In the MBA survey for June 1st, 30 year jumbo mortgage rates averaged 4.20 percent with 0.35 points, down from the prior week's average jumbo mortgage interest rate of 4.23 percent.

Mortgage rates today on 5 year conforming adjustable loans are averaging 2.68 percent, up from Friday's record low of 2.59 percent. The MBA survey had 5 year adjustable rates averaging 2.78 percent with 0.40 points, an increase from the previous week's average 5 year adjustable mortgage interest rate of 2.77 percent.