Mortgage Rates on All Five Mortgage Products Drop to Record Lows in MBA Survey

Average mortgage rates on all five mortgage products dropped to all-time record lows in the Mortgage Bankers Association's Weekly Application Survey for the week ending September 28, 2012. Lower mortgage rates increased demand for mortgage applications for both home purchases and refinances. Average conforming 30 year mortgage rates hit a record low of 3.53 percent with 0.35 points, down from the prior week's average of 3.63 percent with 0.41 points.

A ten basis point decline in average 30 year conventional mortgage interest rates is a big drop on a week over week basis. The driving factor behind why mortgage rates are plummeting the past three weeks is the Federal Reserve's new policy of buying $40 billion a month in mortgage backed securities (MBS). The Fed announced the plan right after their mid-September meeting and that started the downtrend which has accelerated this past week.

Lower current mortgage rates sent applications for mortgages higher. The MBA's Market Composite Index, which measures all mortgage loan application volume, surged 16.6 percent on a seasonally adjusted basis from one week earlier. The Refinance Index, which is a measure of mortgage applications for refinancing loans jump 20 percent from the prior week. Homeowners applying for loans to refinance their existing mortgage made up 83 percent of all mortgage application volume.

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

5.440%

15-Year Fixed

5.250%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$3,216 /mo

Next >

NMLS #2059741

5.606%

15-Year Fixed

5.490%

$3,032

Includes 0.758 points for $3,032

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.650%

15-Year Fixed

5.490%

$4,172

Includes 0.868 points for $3,472

Lender Fees: $700

$3,267 /mo

Next >

NMLS #1312186

5.652%

15-Year Fixed

5.500%

$3,968

Includes 0.992 points for $3,968

Lender Fees: $0

$3,269 /mo

Next >

NMLS #324599

License: 324599

5.673%

15-Year Fixed

5.500%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$3,269 /mo

Next >

NMLS #6606

5.773%

15-Year Fixed

5.625%

$3,848

Includes 0.962 points for $3,848

Lender Fees: $0

$3,295 /mo

Next >

NMLS #1835285

6.262%

5-Year ARM

6.125%

$5,860

Includes 0.965 points for $3,860

Lender Fees: $2,000

$2,431 /mo

Next >

NMLS #1835285

6.356%

30-Year Fixed

6.250%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #324599

License: 324599

6.494%

30-Year Fixed

6.375%

$5,070

Includes 1.000 points for $4,000

Lender Fees: $1,070

$2,496 /mo

Next >

NMLS #2059741

6.569%

30-Year Fixed

6.490%

$3,292

Includes 0.823 points for $3,292

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1312186

6.596%

30-Year Fixed

6.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,529 /mo

Next >

NMLS #1025894

6.600%

30-Year Fixed

6.490%

$4,592

Includes 0.973 points for $3,892

Lender Fees: $700

$2,526 /mo

Next >

NMLS #6606

6.714%

30-Year Fixed

6.625%

$3,684

Includes 0.921 points for $3,684

Lender Fees: $0

$2,562 /mo

Next >

NMLS #401822

6.734%

30-Year Fixed

6.625%

$4,495

Includes 0.625 points for $2,500

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #324599

License: 324599

6.743%

5-Year ARM

6.625%

$4,954

Includes 0.971 points for $3,884

Lender Fees: $1,070

$2,562 /mo

Next >

NMLS #1312186

6.968%

5-Year ARM

6.875%

$3,804

Includes 0.951 points for $3,804

Lender Fees: $0

$2,628 /mo

Next >

NMLS #401822

7.698%

15-Year Fixed

7.375%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,680 /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.

The MBA's survey is a trailing survey that ended 5 days ago, average rates have fallen even further. Today's mortgage rates on 30 year loans are averaging 3.39 percent in Bankrate's national survey. Both the MBA's survey and Bankrate's survey are average rates; you can find lenders offering rates below the averages.

On our rate table for 30 year conventional mortgage refinance rates in the state of Florida there are lenders offering 30 year rates below the averages. One lender, Lender Fi is advertising 30 year refinance rates in Florida at an incredibly low rate of 2.875 percent with 1.75 points. We have other lenders listed offering 30 year Florida refinance rates between 3.00 percent and 3.125 percent with points and some lenders are offering 30 year refinancing rates at 3.25 percent without points.

Average 15 year conventional mortgage rates in the MBA survey hit an all-time record low of 2.90 percent with 0.27 points, down from last week's average 15 year mortgage rate of 2.98 percent with 0.41 points. Current mortgage rates on 15 year loans are even lower averaging 2.82 percent in Bankrate's national rate survey.

Right now on our 15 year refinance mortgage rates list in the state of Maryland there are several lenders offering rates well below the averages. The lowest 15 year Maryland refinance rate is from American Interback.com at 2.25 percent with 1 mortgage point. Without points you can find lenders offering 15 year refi rates at 2.625 percent with zero points.

30 year jumbo mortgage rates averaged 3.82 percent with 0.32 points in the MBA survey, down from the previous week's average 30 year jumbo mortgage rate of 3.87 percent with 0.33 points. Right now on our 30 year jumbo refinance rates list in the state of California we have Citi Mortgage listed as offering 30 year jumbo refi rates at 3.125 percent with zero points.

FHA mortgage rates in the MBA survey for the week that ended on September 28, 2012, hit an all-time record low of 3.37 percent with 0.36 points, down from the prior week's average 30 year FHA mortgage rate of 3.44 percent with 0.41 points.

5 year adjustable mortgage rates averaged 2.59 percent with 0.34 mortgage points, down from an average 5 year adjustable mortgage rate of 2.61 percent with 0.41 points. Right now on our 5 year adjustable refinance rates list in the state of Texas there are lenders offering rates as low as 2.125 percent with points.