Mortgage Rates Lower as Bernanke and Co Leave Rates Alone

Mortgage rates are lower this weekend after the Federal Open Market Committee met and decided to leave the Fed Funds rate in a targeted range of zero percent to 1/4 percent. Slower growth will also keep mortgage rates low for the foreseeable future. Advance first quarter gross domestic product (GDP) was released last week and showed the economy only grew at a 1.8% pace, down from a growth rate of 3.1% in the fourth quarter of 2010.

The current average 30 year mortgage rate is at 4.69%, down from Friday's average 30 year rate of 4.85 percent. 30 year rates have been under 5.00 percent since late 2010.

15 year mortgage rates are averaging 4.00 percent, down from yesterday's average rate of 4.08 percent. 15 year rates will probably break the 4.00 mark sometime this coming week if the markets feel the economy is slowing and bond yields head lower.

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 #1835285

5.296%

15-Year Fixed

5.125%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$3,190 /mo

Next >

NMLS #2578474

5.370%

15-Year Fixed

5.250%

$3,150

Includes 0.525 points for $2,100

Lender Fees: $1,050

$3,216 /mo

Next >

NMLS #757416

5.513%

15-Year Fixed

5.375%

$3,616

Includes 0.904 points for $3,616

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1025894

5.525%

15-Year Fixed

5.375%

$3,932

Includes 0.808 points for $3,232

Lender Fees: $700

$3,242 /mo

Next >

NMLS #6606

5.763%

15-Year Fixed

5.625%

$3,592

Includes 0.898 points for $3,592

Lender Fees: $0

$3,295 /mo

Next >

NMLS #401822

6.175%

15-Year Fixed

6.000%

$4,495

Includes 0.625 points for $2,500

Lender Fees: $1,995

$3,376 /mo

Next >

NMLS #1835285

6.259%

5-Year ARM

6.125%

$5,724

Includes 0.931 points for $3,724

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.266%

30-Year Fixed

6.125%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #2578474

6.336%

30-Year Fixed

6.250%

$3,650

Includes 0.650 points for $2,600

Lender Fees: $1,050

$2,463 /mo

Next >

NMLS #757416

6.558%

30-Year Fixed

6.490%

$2,836

Includes 0.709 points for $2,836

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.577%

30-Year Fixed

6.490%

$3,604

Includes 0.726 points for $2,904

Lender Fees: $700

$2,526 /mo

Next >

NMLS #401822

6.632%

30-Year Fixed

6.500%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$2,529 /mo

Next >

NMLS #6606

6.717%

30-Year Fixed

6.625%

$3,828

Includes 0.957 points for $3,828

Lender Fees: $0

$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.

Jumbo mortgage rates are also lower today. 30 year jumbo mortgage rates are averaging 5.26 percent, down from an average rate of 5.31 percent yesterday.

15 year jumbo mortgage rates are averaging 4.57 percent, down from yesterday's average 15 year jumbo rate of 4.68 percent.

Rules for super conforming loan amounts are changing this year as the government lowers the loan amounts to protect Fannie Mae and Freddie Mac from loan exposure. The loan limits were raised during the financial crisis to help the housing market.

The max loan amount is being lowered from $729,750 to $625,500 on October 1, 2011. What these means for potential homeowners who need a loan will have to come up with a larger down payment and pay a higher mortgage rate.