Refinance Rates Increase and Refinance Loans Decrease in This Week’s Mortgage Rate Survey

The demand for mortgage loans to refinance a mortgage decline this week as refinance rates moved slightly higher. Mortgage loan applications for home owners refinancing their loan decreased this week but still make up 82 percent of all loan volume. This number will drop in the coming months and years as home buyers come back and current refinance rates move higher. A new home construction report released by the Commerce Department showed a strong increase as builders started building homes at the fastest past since 2008.

Average conforming 30 year mortgage refinance rates increased in this week's Weekly Application Survey released by the Mortgage Bankers Association. Average 30 year mortgage interest rates increased to 3.57 percent with 0.44 mortgage points for the week ending October 12, 2012. The average 30 year mortgage rate is up from the previous week's average rate of 3.56 percent with 0.39 points.

Mortgage rates today on 30 year conforming loans are down from the MBA survey which ended almost a week ago. Average 30 year conventional mortgage rates are at 3.46 percent in Bankrate's national average rate survey. You can find home loan lenders offering conforming 30 year refinance rates below the MBA average and Bankrate's average.

Currently on our rate table in Florida, LenderFi is offering 30 year refinance rates at 3.00 percent with 1.50 mortgage points. AmCap Funding is offering 30 year refinance mortgage rates at 3.25 percent without mortgage points. If you live in Texas we also have lenders offering 30 year rates below the averages, LenderFi is offering 30 year rates also at 3.00 percent with 1.50 points.

In the MBA survey average conforming 15 year mortgage rates were lower this week. The average 15 year rate fell 1 basis point to 2.87 percent with 0.39 points, down from the prior week's average 15 year mortgage rate of 2.88 percent with 0.40 points. Today's mortgage rates on 15 year conforming loans are lower averaging 2.84 percent.

There are dozens of lenders out there offering 15 year mortgage refinance rates that are below the average rates. These lender's rates are with points and without points but all are lower then the average 15 year rate. If you live in California we have lenders offering 15 year conventional refi rates at 2.50 percent with points and at 2.50 percent without points.

Average 30 year jumbo mortgage rates increased to 3.81 percent with 0.42 points in the MBA survey this week. Average 3o year jumbo mortgage rates were up from the prior week's average jumbo rate of 3.74 percent wtih 0.40 points. Average 30 year FHA mortgage rates in the survey remained unchanged this week at 3.34 percent with 0.82 points.

Average 5 year adjustable conforming mortgage rates decreased to 2.59 percent with 0.35 points, down from the prior week's average 5 year adjustable mortgage rate of 2.60 percent with 0.36 points. Right now on our 5 year adjustable refinance rates list for the state of Ohio you can find lenders offering rates below the average of 2.59 percent. Third Federal Savings and Loan is offering 5 year refinancing rates in Ohio at 2.24 percent with 1 mortgage point.