Credit Union Mortgage Rates Move Sharply Higher

Credit Union Mortgage Rates Move Sharply HigherCurrent mortgage rates are on a tear, moving higher daily due to higher Treasury yields. Mortgage rates at credit unions are not immune to the recent increase in rates. Mortgage rates today on 30 year conventional loans are averaging 4.58 percent, a very sharp increase from last week's average rate of 4.01 percent.

Just over a month ago, the average 30 year mortgage rate was almost a full percentage point lower at 3.59 percent. This is the sharpest increase in average rates in many years. For over a year now, we have gotten accustomed to average rates making record lows week after week so the increase in rates isn't a surprise.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
in 23223, 2, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_15YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
3.789%
3.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
09/22/2019
at 2.000 pts
45 day lock rate
Est payment: $2,145
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_15YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
3.663%
3.375%
USD
Rocket Mortgage Logo
NMLS # 3030
09/22/2019
at 2.000 pts
45 day lock rate
Est payment: $2,127
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_15YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
3.663%
3.375%
USD
Rocket Mortgage Logo
NMLS # 3030
09/22/2019
at 2.000 pts
45 day lock rate
Est payment: $2,127
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_15YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
3.789%
3.500%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
09/22/2019
at 2.000 pts
45 day lock rate
Est payment: $2,145
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.






What is surprising is how quickly mortgage rates have increased the past several weeks. If this trend continues, we could see 30 year mortgage rates top 5.00 percent in 2013. Most analysts predicted 30 year rates would stay under 4.50 percent for all of 2013 but we have already moved above 4.50 percent with six more months to go in 2013.

Today's mortgage rates on 15 year conventional loans are averaging 3.58 percent, up considerably from last week's average 15 year mortgage rate of 3.11 percent. 15 year rates have also been on a tear the past month. Back on May 23, we reported 15 year mortgage rates averaged 2.85 percent. Average 15 year rates are up 73 basis points in about a month and will break 4.00 percent in 2013.

One of the largest credit unions, Pentagon Federal Credit Union, has increased the rates they quote online at Penfed.org. About a month ago PenFed credit union mortgage rates were quoted at 3.75 percent. Right now PenFed is quoting 30 year mortgage rates much higher at 4.375 percent with zero mortgage points.

Navy Federal Credit Union's mortgage rates have also moved higher the past month. Checking back on the credit union's mortgage rates in mid May we see the advertised rate as at 3.50 percent. Current mortgage rates advertised by NFCU are higher at 4.25 percent with an APY of 4.464 percent.
 
 
Author: Brian McKay
June 28th, 2013