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
  
$
in 06101, 2, 740    Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.072%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
12/13/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $7,250
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.325%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
12/13/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $7,250
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Quicken Loans NMLS #3030
Quicken Loans NMLS #3030
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111724.gif
300000
Purchase
4.325%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
12/13/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $7,250
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.072%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
12/13/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $7,250
From the lender: We can close your loan in less than a month!
 

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.






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