Refinance Applications Down as Mortgage Rates Move Higher

Applications for mortgage loans to refinance an existing mortgage fell this week as mortgage rates moved higher. After making record lows in late July mortgage rates and refinance rates have gone higher for four consecutive weeks. 30 year refinance rates today are averaging 3.66 percent, up from an all-time record low of 3.49 percent.

In the Mortgage Bankers Association's Weekly Mortgage Survey 30 year conforming mortgage rates averaged 3.86 percent with 0.42 points. Average 30 year mortgage rates are up 10 basis points from the previous week's average of 3.76 percent.

As a result of higher mortgage rates demand for mortgage loans decreased this week. The MBA's Market Composite Index decreased 7.4 percent on a seasonally adjusted basis from one week earlier. The Refinance Index was down 9 percent from one week earlier and the Purchase Index was down 0.9 percent.

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 #2326098

License: 60DBO-181478

5.077%

15-Year Fixed

4.875%

$5,533

Includes 0.895 points for $3,580

Lender Fees: $1,953

$3,138 /mo

Next >

NMLS #1835285

5.204%

15-Year Fixed

4.990%

$5,660

Includes 0.915 points for $3,660

Lender Fees: $2,000

$3,162 /mo

Next >

NMLS #1025894

5.545%

15-Year Fixed

5.375%

$4,448

Includes 0.937 points for $3,748

Lender Fees: $700

$3,242 /mo

Next >

NMLS #3030

5.886%

15-Year Fixed

5.750%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,322 /mo

Next >

NMLS #401822

5.962%

15-Year Fixed

5.750%

$5,500

Includes 0.375 points for $1,500

Lender Fees: $4,000

$3,322 /mo

Next >

NMLS #1835285

6.013%

30-Year Fixed

5.875%

$6,000

Includes 1.000 points for $4,000

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #401822

6.048%

30-Year Fixed

5.875%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$2,367 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.105%

30-Year Fixed

5.990%

$5,125

Includes 0.793 points for $3,172

Lender Fees: $1,953

$2,396 /mo

Next >

NMLS #1025894

6.231%

30-Year Fixed

6.125%

$4,544

Includes 0.961 points for $3,844

Lender Fees: $700

$2,431 /mo

Next >

NMLS #3030

6.722%

30-Year Fixed

6.625%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,562 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.761%

5-Year ARM

6.625%

$5,829

Includes 0.969 points for $3,876

Lender Fees: $1,953

$2,562 /mo

Next >

NMLS #1835285

7.011%

5-Year ARM

6.875%

$5,560

Includes 0.890 points for $3,560

Lender Fees: $2,000

$2,628 /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 were also higher in this week's survey. Average 30 year jumbo mortgage rates increased to 4.11 percent with 0.42 mortgage points, up from the prior week's 30 year jumbo mortgage rate of 4.03 percent with 0.27 mortgage points. Current mortgage rates today on 30 year jumbo loans are averaging 4.26 percent.

FHA mortgage rates on 30 year FHA loans increased to 3.62 percent with 0.50 points this week. In last week's survey 30 year FHA mortgage interest rates averaged 3.53 percent with 0.49 mortgage points. Today's mortgage rates on 30 year FHA loans can be found as low as 3.25 percent on our FHA refinance rates list.

15 year mortgage rates on conforming loans averaged 3.15 percent with 0.44 mortgage points in this week's survey. Last week 15 year mortgage interest rates averaged 3.12 percent with 0.40 mortgage points. 15 year mortgage rates today are averaging 2.96 percent.

Right now on our refinance rates list for the state of California there are lenders offering 15 year refi rates below the average of 2.96 percent. You can find 15 year refinancing rates as low as 2.63 percent on our CA refi rates list today.

5 year conforming adjustable mortgage rates averaged 2.74 percent with 0.38 mortgage points, up from last week's average 5 year adjustable mortgage rate of 2.73 percent with 0.36 points. Mortgage rates currently on 5 year loans are averaging 2.98 percent.