Refinance Rates Move Lower Today, Expect Lower Rates in 2013

After increasing slightly the past two weeks, refinance rates moved lower today and will move lower in 2013 as the Federal Reserve continues to purchase mortgage-backed securities in order to drive rates lower. Refinance rates today on 30 year conforming mortgages are averaging 3.38 percent, down 6 basis points from last week's average refinance rate of 3.44 percent. Current refinance rates on 30 year conforming loans are only slightly higher from the 2012 all-time record low of 3.27 percent.

Other factors beside the Fed that could force mortgage refinance rates even lower are the economy and the politicians. If Washington can't come to an agreement to avoid the fiscal cliff and the economy falls back into a recession, bond yields' plummeting will force mortgage rates even lower from the expected declines.

With a fiscal cliff compromise and no recession, average 30 year mortgage rates will fall as low as 3.25 percent. Without an agreement we could see average 30 year conventional mortgage rates fall as low as 3.00 percent. There are mortgage companies already quoting 30 year mortgage rates below 3.25 percent and believe it or not, below 3.00 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

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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

4.831%

15-Year Fixed

4.625%

$5,500

Includes 0.875 points for $3,500

Lender Fees: $2,000

$3,086 /mo

Next >

NMLS #1085173

4.949%

15-Year Fixed

4.750%

$5,370

Includes 1.000 points for $4,000

Lender Fees: $1,370

$3,112 /mo

Next >

NMLS #1312186

5.258%

15-Year Fixed

5.125%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,190 /mo

Next >

NMLS #6606

5.400%

15-Year Fixed

5.250%

$3,944

Includes 0.986 points for $3,944

Lender Fees: $0

$3,216 /mo

Next >

NMLS #1025894

5.426%

15-Year Fixed

5.250%

$4,612

Includes 0.978 points for $3,912

Lender Fees: $700

$3,216 /mo

Next >

NMLS #1835285

5.625%

5-Year ARM

5.500%

$5,552

Includes 0.888 points for $3,552

Lender Fees: $2,000

$2,272 /mo

Next >

NMLS #1312186

5.708%

5-Year ARM

5.625%

$3,672

Includes 0.918 points for $3,672

Lender Fees: $0

$2,303 /mo

Next >

NMLS #1835285

5.750%

30-Year Fixed

5.625%

$5,500

Includes 0.875 points for $3,500

Lender Fees: $2,000

$2,303 /mo

Next >

NMLS #1085173

5.850%

5-Year ARM

5.750%

$4,422

Includes 0.763 points for $3,052

Lender Fees: $1,370

$2,335 /mo

Next >

NMLS #1085173

5.860%

30-Year Fixed

5.750%

$4,870

Includes 0.875 points for $3,500

Lender Fees: $1,370

$2,335 /mo

Next >

NMLS #1312186

6.070%

30-Year Fixed

6.000%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$2,399 /mo

Next >

NMLS #6606

6.090%

30-Year Fixed

6.000%

$3,860

Includes 0.965 points for $3,860

Lender Fees: $0

$2,399 /mo

Next >

NMLS #1025894

6.097%

30-Year Fixed

5.990%

$4,620

Includes 0.980 points for $3,920

Lender Fees: $700

$2,396 /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 lowest rates quoted are usually for those who have credit scores of 740 or higher, although you can still get a decent mortgage rate even if your credit score is below 740. Right now on our New Jersey refinance rates list for homeowners with credit scores between 700 and 719, there is a lender quoting 30 year refinancing rates at 2.875 percent with 1.781 mortgage points. The same lender is also quoting 30 year refi rates in NJ at 3.00 percent with 1.781 points for homeowners with credit scores between 660 and 679.

Current refinance rates today on 15 year conventional loans are averaging 2.78 percent, a decline from last week's average 15 year refinance rate of 2.82 percent. In 2013 average 15 year refinance rates will fall to around 2.60 percent with a budget deal and will fall below 2.50 percent if no deal is reached and the economy falls into a recession.

Right now there are mortgage lenders quoting 15 year conventional refinance rates below the average and below 2.50 percent. On our California refinance rates list we have lenders quoting today's refinance rates on 15 year loans as low as 2.25 percent with points for homeowners with credit scores above 740. Rates quoted for those with credit scores less than 740 are still incredibly good - we have one lender quoting 15 year rates also at 2.25 percent with points.

Current refinance mortgage rates on 30 year jumbo loans are averaging 4.02 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.05 percent. Regardless of whether or not there is a recession in 2013, average 30 year jumbo mortgage rates will fall from these levels. Without a recession, 30 year jumbo rates will fall as low as 3.90 percent. With a recession, 30 year jumbo rates will fall to around 3.75 percent.

These days you can already find mortgage companies quoting 30 year jumbo refinance rates below 4.00 percent and even below 3.75 percent if you're willing to buy down the rate by paying points. The lowest California jumbo refinance rate right now on our rate list are at 3.50 percent with 1.25 points for those with credit scores of 680 or higher. The lowest jumbo refi rates without points on our rate list are at 4.00 percent for those with credit scores above 680.

Average 15 year jumbo mortgage rates today are at 3.42 percent, a decline from an average 15 year jumbo mortgage rate of 3.45 percent. In 2013, average 15 year jumbo rates will fall as low as 3.25 percent and below 3.25 percent if there is a recession. Currently we have lenders in Florida quoting 15 year jumbo refi rates as low as 3.125 percent with points for homeowners with credit scores of 740 or higher.