Mortgage Rates Stable as National Home Prices are Up 3.6 Percent in Case-Shiller Index

Average mortgage rates remained stable overnight and another positive housing report was released this morning. 30 year mortgage rates today are averaging 3.44 percent, a slight increase from yesterday's average 30 year mortgage rate of 3.43 percent. The S&P/Case-Shiller Home Price Index shows home prices rose for the sixth consecutive month. and nationally home prices increased 3.6 percent for the third quarter of 2012 versus the third quarter of 2011.

The Case-Shiller national composite index was also up 2.2 percent versus the second quarter of 2012. David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices had the following comments about this month's report.

September 2012, the 10- and 20-City Composites showed annual returns of +2.1% and +3.0%. Average home prices in the 10- and 20-City Composites were each up by 0.3% in September versus August 2012. Seventeen of the 20 MSAs and both Composites posted better annual returns in September versus August 2012; Detroit and Washington D.C. recorded a slight deceleration in their annual rates, and New York saw no change.

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 MRC'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 #2473786

4.930%

15-Year Fixed

4.750%

$4,803

Includes 0.927 points for $3,708

Lender Fees: $1,095

$3,112 /mo

Next >

NMLS #1105497

License: 603L227

4.961%

15-Year Fixed

4.750%

$5,625

Includes 1.000 points for $4,000

Lender Fees: $1,625

$3,112 /mo

Next >

NMLS #324599

License: 324599

5.026%

15-Year Fixed

4.875%

$4,070

Includes 0.750 points for $3,000

Lender Fees: $1,070

$3,138 /mo

Next >

NMLS #757416

5.106%

15-Year Fixed

4.990%

$3,060

Includes 0.765 points for $3,060

Lender Fees: $0

$3,162 /mo

Next >

NMLS #1025894

5.175%

15-Year Fixed

5.000%

$4,628

Includes 0.982 points for $3,928

Lender Fees: $700

$3,164 /mo

Next >

NMLS #613839

5.183%

15-Year Fixed

4.990%

$5,099

Includes 0.803 points for $3,212

Lender Fees: $1,887

$3,162 /mo

Next >

NMLS #2473786

5.340%

5-Year ARM

5.250%

$4,059

Includes 0.741 points for $2,964

Lender Fees: $1,095

$2,209 /mo

Next >

NMLS #1954591

License: 60DBO-113383

5.418%

15-Year Fixed

5.250%

$4,463

Includes 0.839 points for $3,356

Lender Fees: $1,107

$3,216 /mo

Next >

NMLS #613839

5.721%

30-Year Fixed

5.625%

$4,219

Includes 0.583 points for $2,332

Lender Fees: $1,887

$2,303 /mo

Next >

NMLS #2473786

5.838%

30-Year Fixed

5.750%

$3,843

Includes 0.687 points for $2,748

Lender Fees: $1,095

$2,335 /mo

Next >

NMLS #324599

License: 324599

5.853%

30-Year Fixed

5.750%

$4,570

Includes 0.875 points for $3,500

Lender Fees: $1,070

$2,335 /mo

Next >

NMLS #1105497

License: 603L227

5.856%

30-Year Fixed

5.750%

$4,625

Includes 0.750 points for $3,000

Lender Fees: $1,625

$2,335 /mo

Next >

NMLS #2561451

5.872%

30-Year Fixed

5.750%

$5,446

Includes 0.916 points for $3,664

Lender Fees: $1,782

$2,335 /mo

Next >

NMLS #757416

5.936%

30-Year Fixed

5.875%

$2,664

Includes 0.666 points for $2,664

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1025894

5.959%

30-Year Fixed

5.875%

$3,620

Includes 0.730 points for $2,920

Lender Fees: $700

$2,367 /mo

Next >

NMLS #399799

6.106%

30-Year Fixed

6.000%

$4,703

Includes 0.844 points for $3,376

Lender Fees: $1,327

$2,399 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.222%

30-Year Fixed

6.125%

$4,183

Includes 0.769 points for $3,076

Lender Fees: $1,107

$2,431 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.357%

5-Year ARM

6.250%

$4,595

Includes 0.872 points for $3,488

Lender Fees: $1,107

$2,463 /mo

Next >

NMLS #324599

License: 324599

6.367%

5-Year ARM

6.250%

$5,042

Includes 0.993 points for $3,972

Lender Fees: $1,070

$2,463 /mo

Next >

NMLS #1105497

License: 603L227

6.370%

5-Year ARM

6.250%

$5,058

Includes 0.872 points for $3,488

Lender Fees: $1,570

$2,463 /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.

Thirteen of the 20 cities recorded positive monthly returns; Boston, Charlotte, Chicago, Cleveland and New York saw modest drops in home prices in September as compared to August; Tampa and Washington D.C. were flat. With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market.

The Federal Reserve's efforts to drive mortgage rates lower to help the housing market is finally helping as mortgage rates on both conforming and jumbo loans continue to make new record lows. Current mortgage rates on 30 year fixed conforming loans which are averaging 3.43 percent will make new record lows before the end of 2012.

30 year mortgage refinance rates will probably fall as low as 3.25 percent this year and even lower next year. Another factor that force mortgage rates lower is the fiscal cliff. If Congress and the President can't come to agreements on the tax increases and the mandatory spending cuts also known as “sequestration" bond yields will fall to record lows which will also drive mortgage interest rates lower.

You can already find lenders quoting fixed 30 year conventional mortgage refinance rates below 3.25 percent. Currently, on our 30 year rate table in the state of Florida we have Amerisave quoting conforming 30 year refinance rates at 2.87 percent with 1.947 mortgage points. On our 30 year rate list for Texas we also have Amerisave quoting 30 year rates at 2.875 percent with 1.857 points.

Today's mortgage rates on 15 year conforming mortgages are averaging 2.85 percent, down from yesterday's average 15 year mortgage rate of 2.87 percent. Right now on lenders on our rate table for California are quoting 15 year refi rates well under the average rate. The lowest rate is at 2.25 percent with zero points from AmericanInterbanc.com