Mortgage Rates Edge Slightly Higher but Will Decline if Sequestration Hits

Average 30 year conforming mortgage rates edged slightly higher this week after staying flat for the past three weeks. 30 year mortgage rates increased 3 basis points to 3.56 percent with 0.7 mortgage points in Freddie Mac's Primary Mortgage Market Survey this week. Average 30 year mortgage rates are up from last week's average 30 year mortgage rate of 3.53 percent.

The latest political fight that could derail the economy and send interest rates and mortgage rates lower is Sequestration. The automatic federal spending cuts will start taking effect March 1, 2013, and could cause the loss of up to 750,000 jobs, increase the unemployment rate, and send interest rates reeling.

If sequestration hits, average mortgage rates which have moved higher this year will make new record lows. Rates have increased over the past three months but are not much higher than the all-time record low of 3.27 percent set in late November 2012. Current mortgage rates on 30 year conforming loan are averaging 3.69 percent in Bankrate's national rate survey.

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 #1981224

5.300%

15-Year Fixed

5.000%

$7,944

Includes 0.986 points for $3,944

Lender Fees: $4,000

$3,164 /mo

Next >

NMLS #1025894

5.631%

15-Year Fixed

5.490%

$3,676

Includes 0.744 points for $2,976

Lender Fees: $700

$3,267 /mo

Next >

NMLS #757416

5.637%

15-Year Fixed

5.490%

$3,820

Includes 0.955 points for $3,820

Lender Fees: $0

$3,267 /mo

Next >

NMLS #613839

5.680%

15-Year Fixed

5.490%

$4,955

Includes 0.767 points for $3,068

Lender Fees: $1,887

$3,267 /mo

Next >

NMLS #2273319

License: CA-DOC902467

5.681%

15-Year Fixed

5.500%

$4,722

Includes 0.658 points for $2,632

Lender Fees: $2,090

$3,269 /mo

Next >

NMLS #1981224

6.057%

5-Year ARM

5.875%

$7,880

Includes 0.970 points for $3,880

Lender Fees: $4,000

$2,367 /mo

Next >

NMLS #401822

6.214%

15-Year Fixed

6.000%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$3,376 /mo

Next >

NMLS #1981224

6.312%

30-Year Fixed

6.125%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$2,431 /mo

Next >

NMLS #2473786

6.483%

30-Year Fixed

6.375%

$4,539

Includes 0.861 points for $3,444

Lender Fees: $1,095

$2,496 /mo

Next >

NMLS #2561451

6.484%

30-Year Fixed

6.375%

$4,671

Includes 0.669 points for $2,676

Lender Fees: $1,995

$2,496 /mo

Next >

NMLS #757416

6.577%

30-Year Fixed

6.490%

$3,624

Includes 0.906 points for $3,624

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.599%

30-Year Fixed

6.490%

$4,548

Includes 0.962 points for $3,848

Lender Fees: $700

$2,526 /mo

Next >

NMLS #613839

6.610%

30-Year Fixed

6.490%

$5,019

Includes 0.783 points for $3,132

Lender Fees: $1,887

$2,526 /mo

Next >

NMLS #2273319

License: CA-DOC902467

6.646%

5-Year ARM

6.500%

$6,086

Includes 0.999 points for $3,996

Lender Fees: $2,090

$2,529 /mo

Next >

NMLS #399799

6.719%

30-Year Fixed

6.625%

$4,032

Includes 0.676 points for $2,704

Lender Fees: $1,328

$2,562 /mo

Next >

NMLS #2273319

License: CA-DOC902467

6.741%

30-Year Fixed

6.625%

$4,818

Includes 0.682 points for $2,728

Lender Fees: $2,090

$2,562 /mo

Next >

NMLS #401822

6.746%

30-Year Fixed

6.625%

$4,995

Includes 0.750 points for $3,000

Lender Fees: $1,995

$2,562 /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.

These rates are average rates, so there are many lenders quoting mortgage refinance rates well below the averages. The lowest 30 year refinance rates in our lender rate database are around 3.125 percent with 3.25 percent with points. The lowest 30 year refinancing rates without points are still below the averages at 3.50 percent.

Average 15 year conventional mortgage rates are at 2.77 percent with 0.8 points in Freddie Mac's survey this week, unchanged from last week's average rate. Mortgage rates today on 15 year conforming loans are averaging 2.93 percent in Bankrate's national rate survey. The lowest 15 year conforming refi rates in our lender database are at 2.25 percent with points and 2.50 percent without points.

Average adjustable mortgage rates were mixed in Freddie Mac's survey this week. 5 year Treasury indexed adjustable mortgage rates averaged 2.64 percent with 0.5 mortgage points, unchanged from last week's average 5 year mortgage rate. 1 year adjustable mortgage rates averaged 2.65 percent with 0.4 points, up from last week's average of 2.61 percent.

The best 5 year adjustable refinance rates today in our lender database are at incredibly low rate of 1.50 percent with points and at 1.625 percent without points. Rates change constantly so check our rate database often to make sure you are getting the lowest mortgage quotes. No personal information is ever required to view a list of rates at MonitorBankRates.com.