Current Mortgage Rates Keep Homebuyer Affordability High and Refinancing Strong

Homebuyer affordability remains high and refinancing remains strong as current mortgage rates remain largely unchanged, hovering just above record lows. In the Primary Mortgage Market Survey released by Freddie Mac, average 30 year mortgage rates declined to 3.38 percent with 0.7 mortgage points for the week ending January 17, 2013. 30 year conforming mortgage rates are down from the prior week's average of 3.40 percent.

After moving higher at the end of 2012, average mortgage rates started heading lower as the Federal Reserve continues their purchase of mortgage-backed securities to drive rates lower. In the coming weeks, average mortgage interest rates on fixed rate loans will make new record lows.

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.






Mortgage rates today on 30 year loans can be found much lower than the average in Freddie Mac's survey this week. Depending on the state you live in, you can currently find lenders on our rate table quoting 30 year mortgage refinance rates as low as 2.875 percent with points. The lowest 30 year refinance rates without points can be found around 3.25 percent, which is also below the average rate.

15 year mortgage rates averaged 2.66 percent with 0.7 mortgage points for the week ending January 17, 2013. The average 15 year mortgage rate is unchanged from last week's average. 15 year rates made record lows back in November 2012 and will make new lows in 2013.

If you're applying for a mortgage to either buy a home or refinance your current loan, you should seriously consider a shorter term mortgage like a 15 year loan. You can save literally tens of thousands or even hundreds of thousands of dollars in interest payments over the life of the loan.  The monthly payments are somewhat higher than for a 30 year mortgage but not as much as you might think.  Take the time to research and see if the option is right for you and your budget.

Today's mortgage rates on 15 year conventional home loans can be found well below the average rate. Right now on our rate tables in most states you can find lenders quoting 15 year refinancing rates at 2.25 percent with points. The lowest rates without points are around 2.50 percent.

5 year adjustable mortgage rates were also unchanged in this week's survey at 2.67 percent with 0.6 points. Average 1 year adjustable mortgage interest rates are at 2.57 percent with 0.6 points, down from last week's average of 2.60 percent. Right now on our 5 year adjustable refinance rates lists in some states, you can find lenders quoting refi rates as low as 1.75 percent with points.
 
 
Author: Brian McKay
January 17th, 2013
Posted in: Mortgage Rates