Mortgage Rates Increase, Mortgage Applications Decrease, 30 Year Rates Near 5.00%

Mortgage rates are higher and applications for mortgage loans declined in the latest mortgage survey. After four consecutive weeks of increases, 30  year rates are almost back at 5.00 percent. In the Weekly Mortgage Application Survey released by the Mortgage Bankers Association, the average contract rate on 30 year mortgages is 4.98 percent with 0.93 points. 30 year rates increased from the previous week’s average of 4.93 percent with 0.69 points.

The average contract rate on 15 year mortgages also increased for the week ending April 8, 2011. 15 year rates are at 4.17 percent with 1.22 points, up from the previous week's average rate of 4.14 percent with 1.09 points.

Loan Term
Show Advertiser Disclosure
Lender
APR / Rate
Fees / Points
Payment
PenFed Credit Union
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 >
Mutual of Omaha Mortgage, Inc.
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 >
New American Funding, LLC.
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 >
Mutual of Omaha Mortgage, Inc.
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 >
HSBC Bank USA, N.A.
NMLS #399799
6.854%
30-Year Fixed
6.750%
$4,436
Includes 0.777 points for $3,108
Lender Fees: $1,328
$2,595 /mo
Next >
PenFed Credit Union
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 >
Rocket Mortgage
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 >
New American Funding, LLC.
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 >
Rocket Mortgage
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.

Higher mortgage rates brought out fewer buyers applying for home loans. The MBA's Purchase Index declined 4.7 percent from one week earlier. Higher rates also mean fewer home owners have an incentive to refinance their loans. The Refinance Index declined 7.7 percent and is at the lowest point since February 2011.

Interest rates have been low for so long every home owner who was "in the money" and could refinance has probably already done so. If you haven't refinanced yet, you should do it now because rates are going higher.

 
Author: Brian McKay
April 13th, 2011

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