Higher Mortgage Rates Cool Demand for Home Loans

Higher mortgage rates have cooled demand for home loans for both home purchases and homeowners refinancing a current loan. Both conforming and jumbo mortgage rates on 30 year loans are higher in this week's Mortgage Application Survey released by the Mortgage Bankers Association.

The average contract rate on 30 year conforming mortgage loans increased to 3.67 percent for the week ending January 25, 2013, up from the prior week's average 30 year mortgage rate of 3.62 percent. The average 30 year contract mortgage rate is now at the highest point since September 2012. Average points on 30 year loans decreased slightly to 0.42, down from the prior week's average of 0.43 point.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 23223, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.295
4.250
USD
Bank of Oak Ridge
4.295%
4/18/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.316
4.250
USD
Northwest Federal Credit Union
4.316%
4/17/2019
4.250%
at 0.750 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.343
4.250
USD
Bank of America
4.343%
4/17/2019
4.250%
at 0.671 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.345
4.250
USD
Apple Federal Credit Union
4.345%
4/17/2019
4.250%
at 1.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.278
4.250
USD
TD Bank, NA
4.278%
4/19/2019
4.250%
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.432
4.375
USD
State Department Federal Credit Union
4.432%
4/22/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.328
4.250
USD
Virginia Credit Union
4.328%
4/23/2019
4.250%
at 0.375 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.539
4.500
USD
Fulton Bank, NA
4.539%
4/23/2019
4.500%
at 0.125 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/23/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/23/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.






Current 30 year refinance rates today moved lower since the MBA report, the average 30 refinance rate is at 3.58 percent. These rates are average rates so you can easily find lenders quoting 30 year conforming mortgage refinance rates well below the average rate. You can find lenders quoting rates as low as 2.875 percent to 3.25 percent with points, In our database of 30 year rates, depending on the state.

Higher rates this week caused the MBA's Market Composite Index, a measure of mortgage loan application volume, to decline 8.1 percent on a seasonally adjusted basis from one week earlier. The Refinance Index decreased 10 percent from one week earlier and the  Purchase Index declined 2 percent from one week earlier.

The average 30 year jumbo contract rate for the week ending January 25, 2013, was at 3.95 percent, an increase from the prior week's jumbo rate of 3.85 percent. Average points on 30 year jumbo loans increased to 0.39 point, up from last week's average of 0.34 point. The lowest 30 year jumbo refinance rates in our database are also well below the MBA's average.

In the state of Connecticut, the lowest 30 year jumbo mortgage rates are at 3.625 percent with points and without points. The lowest 30 year jumbo rates in our New Jersey rate database are currently also at 3.625 percent with no points. Moving out West the lowest 30 year jumbo rates in Colorado right now are at 3.625 percent with one point and at 3.99 percent with no points.

The average contract rate on FHA mortgage loans was also higher this week at 3.48 percent, up from the prior week's average FHA mortgage rate of 3.40 percent. Average points decreased to 0.33 point, down from the previous week's average of 0.53 point. Current FHA mortgage rates are slightly higher averaging 3.51 percent but you can find lenders quoting FHA rates below the averages.

Today's mortgage rates on 15 year mortgage loans are averaging 2.92 percent, which is lower than the MBA average contract rate of 2.95 percent for the week ending January 25, 2013. In the prior week's survey, the average 15 year mortgage interest rate was lower at 2.87 percent. Average points on 15 year loans declined slightly this week to 0.38 point, down from the prior week's average of 0.39 point.

Current mortgage rates on 15 year conventional loans can be found well below the MBA average for the 25th. The lowest 15 year mortgage refinance rates in our database are around 2.25 percent to 2.50 percent with points depending on the state. The lowest rates without points right now are at 2.625 percent.
 
 
Author: Brian McKay
January 30th, 2013