Mortgage Refinance Rates Move Higher As We Head Over the Fiscal Cliff

Boehner's failure to get his own "plan B" passed points to an almost certainly that we are heading over the fiscal cliff. The markets are finally starting to realize this and look to decline again today after Friday's steep decline. Average mortgage refinance rates are higher today but will start to head lower following bond yields lower. Investors will flee equities in the coming days, pile into U.S. Treasuries which will send bond yields and mortgage rates lower.

Fixed conforming 30 year mortgage rates today are averaging 3.44 percent, an increase from Friday's average 30 year mortgage rate of 3.42 percent. Average 30 year conforming mortgage rates are slightly higher from an all-time record low set just over a month ago and will break new lows in 2013 with the uncertainty in Washington and the Federal Reserve continuing to purchase mortgage backed securities (MBS) to force mortgage rates lower.

30 year rates will break through 3.25 percent in 2013 and probably head even lower, though right now you can already find lenders quoting mortgage rates below 3.25 percent. Currently, on our 30 year refinance rates list for the state of Indiana we have one lender offering 30 year refinancing rates at an incredibly low rate of 2.875 percent with 1.935 mortgage discount points. That same lender is also offering 30 year refi rates just as low in many other states, just search for rates in your state and see for yourself.

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 #78669

5.392%

15-Year Fixed

5.125%

$7,222

Includes 0.701 points for $2,804

Lender Fees: $4,418

$3,190 /mo

Next >

NMLS #2641203

5.492%

15-Year Fixed

5.375%

$3,056

Includes 0.764 points for $3,056

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1835285

5.509%

15-Year Fixed

5.375%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,242 /mo

Next >

NMLS #1701910

5.547%

15-Year Fixed

5.375%

$4,490

Includes 0.750 points for $3,000

Lender Fees: $1,490

$3,242 /mo

Next >

NMLS #401822

5.554%

15-Year Fixed

5.250%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #274058

5.556%

15-Year Fixed

5.375%

$4,746

Includes 0.664 points for $2,656

Lender Fees: $2,090

$3,242 /mo

Next >

NMLS #757416

5.612%

15-Year Fixed

5.500%

$2,908

Includes 0.727 points for $2,908

Lender Fees: $0

$3,269 /mo

Next >

NMLS #1067

5.642%

15-Year Fixed

5.490%

$3,944

Includes 0.986 points for $3,944

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.667%

15-Year Fixed

5.490%

$4,600

Includes 0.975 points for $3,900

Lender Fees: $700

$3,267 /mo

Next >

NMLS #181106

License: Licensed

5.741%

15-Year Fixed

5.625%

$2,995

Includes 0.500 points for $2,000

Lender Fees: $995

$3,295 /mo

Next >

NMLS #78669

6.178%

5-Year ARM

6.000%

$7,842

Includes 0.856 points for $3,424

Lender Fees: $4,418

$2,399 /mo

Next >

NMLS #78669

6.523%

30-Year Fixed

6.375%

$6,398

Includes 0.495 points for $1,980

Lender Fees: $4,418

$2,496 /mo

Next >

NMLS #1835285

6.572%

30-Year Fixed

6.500%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$2,529 /mo

Next >

NMLS #2561451

6.591%

30-Year Fixed

6.490%

$4,287

Includes 0.573 points for $2,292

Lender Fees: $1,995

$2,526 /mo

Next >

NMLS #1067

6.594%

30-Year Fixed

6.500%

$3,944

Includes 0.986 points for $3,944

Lender Fees: $0

$2,529 /mo

Next >

NMLS #757416

6.596%

30-Year Fixed

6.500%

$3,984

Includes 0.996 points for $3,984

Lender Fees: $0

$2,529 /mo

Next >

NMLS #274058

6.638%

5-Year ARM

6.500%

$5,766

Includes 0.919 points for $3,676

Lender Fees: $2,090

$2,529 /mo

Next >

NMLS #2641203

6.682%

30-Year Fixed

6.625%

$2,352

Includes 0.588 points for $2,352

Lender Fees: $0

$2,562 /mo

Next >

NMLS #181106

License: Licensed

6.697%

30-Year Fixed

6.625%

$2,995

Includes 0.500 points for $2,000

Lender Fees: $995

$2,562 /mo

Next >

NMLS #1025894

6.720%

30-Year Fixed

6.625%

$3,916

Includes 0.804 points for $3,216

Lender Fees: $700

$2,562 /mo

Next >

NMLS #274058

6.742%

30-Year Fixed

6.625%

$4,842

Includes 0.688 points for $2,752

Lender Fees: $2,090

$2,562 /mo

Next >

NMLS #1701910

6.786%

30-Year Fixed

6.750%

$1,490

Includes 0.000 points for $0

Lender Fees: $1,490

$2,595 /mo

Next >

NMLS #399799

6.848%

30-Year Fixed

6.750%

$4,164

Includes 0.709 points for $2,836

Lender Fees: $1,328

$2,595 /mo

Next >

NMLS #3030

6.869%

15-Year Fixed

6.750%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$3,540 /mo

Next >

NMLS #401822

6.884%

30-Year Fixed

6.750%

$5,495

Includes 0.875 points for $3,500

Lender Fees: $1,995

$2,595 /mo

Next >

NMLS #1835285

7.081%

5-Year ARM

7.000%

$3,292

Includes 0.823 points for $3,292

Lender Fees: $0

$2,662 /mo

Next >

NMLS #3030

7.589%

30-Year Fixed

7.500%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$2,797 /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.

Current mortgage rates on 15 year conventional loans are also higher today averaging 2.82 percent, an increase from an average 15 year mortgage rate of 2.80 percent. The future direction of 15 year mortgage rates in 2013 will also be lower and rates will make new lows as well. We will probably see average 15 year mortgage rates fall below 2.60 percent and possibly as low as 2.50 percent in the coming months.

The funny thing is you can already find 15 year refinance mortgage rates below the average of 2.82 percent and even below our prediction of 2.50 percent if you're willing to buy down the rate with points. Right now on our 15 year conforming refinance rates list for the state of Texas we have one lender quoting rates as low as 2.25 percent with 1.567 points. The lowest 15 year refinance rate without points on our list is at 2.50 percent.

Average 30 year jumbo mortgage rates currently are at 4.05 percent, an increase from Friday's average 30 year jumbo mortgage rate of 4.01 percent. Average 30 year jumbo mortgage refinance rates have been around 4.00 percent for several months now, the record low set back in November was at 3.94 percent. In 2013 we will see average jumbo rates fall below 4.00 percent again and possibly fall as low as 3.80 percent.

If you live in the state of California and are looking for 30 year jumbo refinance rates we have lenders offering rates well below the average of 4.05 percent. The lowest California refinance rate on our jumbo rate list is at 3.50 percent with 1.375 points. The lowest CA refinance rate without points is at 4.00 percent, jumbo below the average rate. We also have lenders in many other states offering 30 year jumbo rates just as low as 3.50 percent with points.

15 year jumbo mortgage rates today are averaging 3.41 percent, an increase from an average 15 year jumbo mortgage rate of 3.39 percent. Right now on our 15 year jumbo refinance rates list we have several lenders quoting rates well below the average jumbo rate of 3.41 percent. The best rate right now on our list for New Jersey are at 2.625 percent with 1 mortgage point and the best rate without points is at 2.875 percent.