Current Higher Mortgage Rates Haven’t Dampened Existing Home Sales

Higher mortgage rates the past three months hasn't put a damper on the housing market as existing home sales soar to the highest level since 2009. Fixed conforming mortgage rates increased over 100 basis points since early May and will likely continue to move higher in the coming months.

The increase in rates has killed the demand for homeowners looking to refinance but not for home purchases. Not yet anyway. The National Association of Realtors® reported existing home sales increased 6.5 percent in July. Existing home sales includes single-family homes, townhomes, condominiums and co-ops, increased 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July.

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
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in 95816, 2, 740    Sort by:
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APR
Rate
Cost & Fees
Notes
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
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
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
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
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
From the lender: We can close your loan in less than a month!
 
PERIOD_FIXED_30YEARS Mortgage Loan from Interest Smart Home Loans
Interest Smart Home Loans
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112369.gif
300000
Purchase
3.702%
3.500%
USD
Interest Smart Home Loans Logo
NMLS # 1157416
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,348
Fees in APR: $7,618
SPEAK WITH ONE OF OUR LICENSED MORTGAGE BANKERS NOW!
 
PERIOD_FIXED_30YEARS Mortgage Loan from HomePlus Mortgage
HomePlus Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111128.gif
300000
Purchase
3.560%
3.375%
USD
HomePlus Mortgage Logo
NMLS # 78669
10/21/2019
at 2.000 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,995
Personal service - one point of contact from start to finish – available nights and weekends
 
PERIOD_FIXED_30YEARS Mortgage Loan from Apple Financial Network, Inc
Apple Financial Network, Inc
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112378.gif
300000
Purchase
3.556%
3.375%
USD
Apple Financial Network, Inc Logo
NMLS # 1846010
State Lic # 01527337
10/21/2019
at 1.625 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $6,972
Be ready to buy. Get pre-approved by a local lender
 
PERIOD_FIXED_30YEARS Mortgage Loan from Rocket Mortgage
Rocket Mortgage
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111574.gif
300000
Purchase
4.039%
3.875%
USD
Rocket Mortgage Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,411
Fees in APR: $6,000
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
4.291%
4.125%
USD
Quicken Loans NMLS #3030 Logo
NMLS # 3030
10/21/2019
at 2.000 pts
45 day lock rate
Est payment: $1,454
Fees in APR: $6,000
The Better Business Bureau gives Quicken Loans and A+ for customer service.
 
PERIOD_FIXED_30YEARS Mortgage Loan from New American Funding
New American Funding
https:https://mortgagerates.icanbuy.com/images/lenderslogos/111741.gif
300000
Purchase
3.514%
3.375%
USD
New American Funding Logo
NMLS # 6606
10/21/2019
at 1.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $5,250
Direct lender specializing in helping you save money on your home loan.
 
PERIOD_FIXED_30YEARS Mortgage Loan from HighTechHomeLoans
HighTechHomeLoans
https:https://mortgagerates.icanbuy.com/images/lenderslogos/112330.gif
300000
Purchase
3.526%
3.375%
USD
HighTechHomeLoans Logo
NMLS # 7147
State Lic # 4130937
10/21/2019
at 1.750 pts
30 day lock rate
Est payment: $1,327
Fees in APR: $5,704
HighTechLending is Here To Help
 

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.






The pace of home sales this July is also 17.2 percent above the 4.60 million unit pace in July 2012. You can view the NAR's chief economist Lawrence Yun, discuss the report in this video:



If current mortgage rates continue to rise, eventually the pace of home sales will slow. 30 year mortgage rates today are averaging 4.59 percent, up 20 basis points from last week's average 30 year mortgage rate of 4.39 percent.

Earlier in the year analysts were predicting the high point in 2013 for 30 year rates would be 4.50 percent. The same analysts also predicted 30 year rates wouldn't move above 5.00 percent until late 2014. Currently, 30 year rates are on pace to break above 5.00 percent sometime in 2013.

Current Higher Mortgage Rates Hasnt Dampened Existing Home Sales

Today's mortgage rates on 15 year conforming loans are averaging 3.60 percent, up from last week's average 15 year rate of 3.41 percent. Average 15 year rates were below 3.00 percent in June 2013 and moved above 3.00 percent in early July. 15 year rates will probably move above 4.00 percent this year.

Jumbo mortgage rates today on 30 year loans are averaging 4.75 percent, an increase from last week's average 30 year jumbo mortgage rate of 4.64 percent. 30 year jumbo rates are also on pace to move above 5.00 percent this year. In fact, we probably will see rates above that point sometime by late October.

Average 15 year jumbo mortgage rates are at 4.08 percent, up from last week's average 15 year jumbo rate of 4.02 percent. The lowest point for 15 year jumbo rate in 2012 was just below 3.50 percent. You still can find lenders quoting 15 year jumbo refinance rates at 3.50 percent with points.
 
 
Author: Brian McKay
August 22nd, 2013
Posted in: Mortgage Rates