Mortgage Rates Slightly Higher this Week on Strong Economic News

Conforming mortgage rates are slightly higher this week after several weeks of average rates moving lower. Last week, 15 year conforming mortgage rates hit a new all-time record low of 2.56 percent. Average mortgage rates moved higher this week on higher bond yields because of a better than expected employment report that was released last Friday.

Today's mortgage rates on 15 year conventional home loans are averaging 2.71 percent, an increase from the prior week's average rate of 2.64 percent. Current quotes from lenders on our 15 year rate table are much lower than the average rate of 2.71 percent. The lowest 15 year rates currently available are as low as 2.25 percent with points. The lowest rates without points are in the 2.50 percent range, still below the average rate this week.

Low mortgage rates and a healthy housing market are helping the government-sponsored enterprises  (GSEs), Freddie Mac and Fannie Mae, repay the United States Treasury billions of dollars they received during the housing collapse. Freddie Mac just reported a record profit of 4.6 billion for the first quarter of 2013. In total both Freddie Mac and Fannie Mae received $170 billion from the U.S. Treasury. So far the GSE's repaid $62 billion back to the Treasury.

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

Show Advertiser Disclosure

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.

Low current mortgage rates and a low number of existing homes for sale have continued to send the median home price higher in the first three months of 2013. The National Association of Realtors reported the median existing single-family home price rose in 133 out of 150 metropolitan statistical areas.

The NAR also reported the national median existing single-family home price was $176,600 in the first quarter, up 11.3 percent from $158,600 in the first quarter of 2012. This is the largest year over year gain since the height of the housing bubble when the average 13.6 percent in the fourth quarter of 2005.

The national average 30 year mortgage rate is averaging 3.52 percent this week, up 10 basis points from last week's average 30 year rate. Although the average 30 year rate is up sharply this week, rates are only 0.25 basis points from the all-time record low of 3.27 percent set late in 2012.

There are lenders that are quoting mortgage rates with points and without points well below the current average of 3.52 percent. If you have a good credit score of 660 or higher, you can easily find lenders quoting rates as low as 3.00 percent with 1.5 to 2 mortgage points. The same credit score will get you rates quoted as low as 3.25 percent without mortgage points.

Today's mortgage rates on 30 year jumbo mortgage loans are averaging 3.91 percent, an increase from last week's record low average rate of 3.87 percent. The lowest 30 year jumbo refinance rates today on our rate tables are around 3.375 percent without points. The lowest 30 year jumbo refi rates without points are also below the average at 3.375 percent.