Mortgage Rates Headed Higher This Year

We have enjoyed near record low mortgage rates for some time now, probably the only benefit of the credit crisis throwing the economy into a deep recession, the worst since the early 1980's.

Even though 10-year Treasury notes have been going up recently, mortgage rates have drifted down. There are several government programs that were created to drive mortgage interest rates down.

Find Current Mortgage Rates Here

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 #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 #1701910

5.808%

15-Year Fixed

5.750%

$1,490

Includes 0.000 points for $0

Lender Fees: $1,490

$3,322 /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 >

NMLS #1701910

6.786%

30-Year Fixed

6.750%

$1,490

Includes 0.000 points for $0

Lender Fees: $1,490

$2,595 /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.

Now that we are coming out of a recession, the economy only contracted by one percent in the second quarter, the FOMC might be eager to raise interest rates before the end of the year or early next year. Once the Fed starts to raise interest rates, you can bet mortgage rates will go higher.

Mortgage rates have been hovering just above 5.00 percent for the past several months, although during the week of May 18, 2009 we reported conforming 30-year mortgage rates at 4.84 percent. The recent high for 30-year conforming rates was 5.71 percent set June 15, 2009.

15-year mortgage rates have been in a range of 4.50 percent to 4.75 percent the past several months. 15-year home mortgage rates also set a high on June 15, the rate got above 5.00 percent at 5.21 percent. The recent low was set on May 18th, the rate was just above 4.50 percent at 4.55 percent, not much lower than today's mortgage rate of 4.80 percent.

Several banks are offering mortgage rates below the national average rates. Wells Fargo is currently advertising home mortgage rates of 5.375 percent for a 30-year fixed mortgage. Wells Fargo is also offering 15-year mortgages at 4.75 percent, just below the national average 15-year rate. Their five-year adjustable mortgage rate is even lower at 4.25 percent.