Mortgage Rates Increase as Mortgage Applications Hit Highest Level Since 2009

Mortgage rates increased slightly week over week but that didn't stop homeowners looking to refinance or potential home buyers from applying for a mortgage. Mortgage rates increased on all types of conforming loans and 30 year FHA loans. Jumbo mortgage rates bucked the trend and were lower in the Mortgage Bankers Association's Weekly Mortgage Application Survey.

Today's mortgage rates on 30 year conforming loans increased to 3.88 percent with 0.43 points for the week ending June 8, 2012, up slightly from the prior week's average 30 year mortgage rate of 3.87 percent which was a record low.

Although mortgage rates increased demand for mortgage loan application volume increased 18 percent from one week earlier to the highest level since April 2009. Refinance rates today are slightly above record lows so a 1 basis point uptick in average 30 year conforming rates didn't have a negative impact on the demand for loans.

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 #401822

5.661%

15-Year Fixed

5.375%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,242 /mo

Next >

NMLS #1025894

5.805%

15-Year Fixed

5.625%

$4,680

Includes 0.995 points for $3,980

Lender Fees: $700

$3,295 /mo

Next >

NMLS #6606

6.022%

15-Year Fixed

5.875%

$3,792

Includes 0.948 points for $3,792

Lender Fees: $0

$3,349 /mo

Next >

NMLS #1025894

6.839%

30-Year Fixed

6.750%

$3,664

Includes 0.741 points for $2,964

Lender Fees: $700

$2,595 /mo

Next >

NMLS #401822

6.884%

30-Year Fixed

6.750%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$2,595 /mo

Next >

NMLS #3030

6.889%

15-Year Fixed

6.750%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,540 /mo

Next >

NMLS #6606

6.963%

30-Year Fixed

6.875%

$3,580

Includes 0.895 points for $3,580

Lender Fees: $0

$2,628 /mo

Next >

NMLS #3030

7.602%

30-Year Fixed

7.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,797 /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.

Average Mortgage Rates

• 30 year conforming mortgage rates 3.88%
• 30 year jumbo mortgage rates 4.12%
• 30 year FHA mortgage rates 3.71%
• 15 year conforming mortgage rates 3.23%
• 5 year adjustable mortgage rates 2.83%

The direction mortgage rates take next week will depend on the direction of bond yields and that hangs in the balance of who Greeks choose to lead their country in Sunday's Election. Markets are seeing Sunday's Presidential election as as a vote for a bigger question, which is do the Greeks want to stay in the euro zone or exit the euro zone.

The latter would have devastating consequences across the globe. CNBC's Simon Hobbs talks about one scary scenario in this video: Danger Zone: Your Country-by-Country Preparedness Guide.

If this scenario were to come true investors will flee the Euro, buy dollars and U.S. Treasuries. This will send bond yields down to record lows and in-turn send mortgage rates to record lows in the coming weeks. 10 year bond yields might go as low as 1 percent and 30 year conforming mortgage rates as low as 3 percent.