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 Type

State

FICO Score

Loan Amount

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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Lender

APR / Rate

Fees / Points

Payment

NMLS #135622

4.762%

15-Year Fixed

4.500%

$7,035

Includes 0.760 points for $3,040

Lender Fees: $3,995

$3,060 /mo

Next >

NMLS #2473786

4.808%

15-Year Fixed

4.625%

$4,883

Includes 0.947 points for $3,788

Lender Fees: $1,095

$3,086 /mo

Next >

NMLS #2059741

4.888%

15-Year Fixed

4.750%

$3,684

Includes 0.921 points for $3,684

Lender Fees: $0

$3,112 /mo

Next >

NMLS #135622

4.914%

5-Year ARM

4.750%

$7,635

Includes 0.910 points for $3,640

Lender Fees: $3,995

$2,087 /mo

Next >

NMLS #1067

5.008%

15-Year Fixed

4.875%

$3,520

Includes 0.880 points for $3,520

Lender Fees: $0

$3,138 /mo

Next >

NMLS #757416

5.019%

15-Year Fixed

4.875%

$3,816

Includes 0.954 points for $3,816

Lender Fees: $0

$3,138 /mo

Next >

NMLS #1025894

5.078%

15-Year Fixed

4.875%

$5,404

Includes 0.851 points for $3,404

Lender Fees: $2,000

$3,138 /mo

Next >

NMLS #2473786

5.088%

5-Year ARM

5.000%

$4,031

Includes 0.734 points for $2,936

Lender Fees: $1,095

$2,148 /mo

Next >

NMLS #1928741

5.098%

15-Year Fixed

4.990%

$2,840

Includes 0.710 points for $2,840

Lender Fees: $0

$3,162 /mo

Next >

NMLS #6606

5.386%

15-Year Fixed

5.240%

$3,820

Includes 0.955 points for $3,820

Lender Fees: $0

$3,214 /mo

Next >

NMLS #135622

5.636%

30-Year Fixed

5.500%

$6,035

Includes 0.510 points for $2,040

Lender Fees: $3,995

$2,272 /mo

Next >

NMLS #2473786

5.702%

30-Year Fixed

5.625%

$3,367

Includes 0.568 points for $2,272

Lender Fees: $1,095

$2,303 /mo

Next >

NMLS #2059741

5.714%

30-Year Fixed

5.625%

$3,936

Includes 0.984 points for $3,936

Lender Fees: $0

$2,303 /mo

Next >

NMLS #1025894

5.760%

30-Year Fixed

5.625%

$5,924

Includes 0.981 points for $3,924

Lender Fees: $2,000

$2,303 /mo

Next >

NMLS #757416

5.829%

30-Year Fixed

5.750%

$3,448

Includes 0.862 points for $3,448

Lender Fees: $0

$2,335 /mo

Next >

NMLS #1067

5.921%

30-Year Fixed

5.875%

$1,992

Includes 0.498 points for $1,992

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1928741

5.926%

30-Year Fixed

5.875%

$2,208

Includes 0.552 points for $2,208

Lender Fees: $0

$2,367 /mo

Next >

NMLS #6606

6.091%

30-Year Fixed

6.000%

$3,892

Includes 0.973 points for $3,892

Lender Fees: $0

$2,399 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by 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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