Current Mortgage Rates March Higher as Applications for Mortgages Decline

Demand for mortgages declined this past week due to higher mortgage rates and the holiday shortened week. Current mortgage rates on 30 year conventional loans increased 0.10 percent to 4.33 percent today. As a result of higher mortgage rates, loan demand declined 12.8 percent from the week before, according to the Mortgage Bankers Association.

While mortgage rates today are higher than they were just a month ago, rates are still incredibly low. A conforming 30 year mortgage rate under 4.50 percent is a really low rate. In fact, there are lenders offering mortgage rates even lower than the average 30 year rate. Right now in our database we have lenders quoting 30 year mortgage rates under 4.00 percent with points.

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 Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.432
4.375
USD
Virginia Credit Union
4.432%
3/19/2019
4.375%
at 0.125 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.280
4.250
USD
LincolnWay Community Bank
4.280%
3/19/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.537
4.500
USD
Raymond James Bank, NA
4.537%
3/19/2019
4.500%
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.550
4.500
USD
Fulton Bank, NA
4.550%
3/19/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.557
4.500
USD
State Department Federal Credit Union
4.557%
3/18/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,000
 
 
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%
3/20/2019
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 Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.326
4.250
USD
Northwest Federal Credit Union
4.326%
3/20/2019
4.250%
at 0.875 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.321
4.250
USD
Citizens Bank, NA
4.321%
3/22/2019
4.250%
at 0.375 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.432
4.375
USD
Santander Bank, N.A.
4.432%
3/22/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.225
4.180
USD
Bank of Oak Ridge
4.225%
3/21/2019
4.180%
at 0.250 pts
60 day lock rate
Est payment: $1,463.55
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.321
4.250
USD
Bank of America
4.321%
3/20/2019
4.250%
at 0.415 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.027
4.000
USD
TD Bank, NA
4.027%
3/22/2019
4.000%
at 0.000 pts
45 day lock rate
Est payment: $1,432.25
Fees in APR: $982
 
 

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.





Higher Mortgage Rates This Week Zap Refinance Demand


Unfortunately for homeowners looking to refinance, higher rates makes refinancing less attractive. In the MBA report this week, applications to refinance fell the most - down 18 percent week over week, to the lowest level since the first week of September.

Slightly higher mortgage rates haven't killed demand for loans when it comes to home purchases. Mortgage applications to purchase a home fell only 4 percent. Seasonally speaking, this time of year the demand for mortgage loans generally slows down as homebuyers and sellers wait for the new year.

Today's Mortgage Rates on Jumbo Mortgages


30 year jumbo mortgage rates are averaging 4.46 percent today, an increase from last week's average 30 year jumbo mortgage rate of 4.41 percent. If you're shopping for jumbo rates, we have lenders in our database quoting rates below the average and below 4.00 percent, depending on the state in which you live.

Today's mortgage rates on 15 year jumbo mortgage loans are slightly higher this week, averaging 3.74 percent. Last week's average 15 year jumbo mortgage rate was lower at 3.69 percent. The lowest 15 year jumbo rates in our database are lower than the average, which is around 3.25 percent.

Refinance to a 15 Year Mortgage Instead of Another 30 Year Mortgage


Today's mortgage rates on 15 year conforming mortgages also rose this week to 3.46 percent, an increase from the previous week's average 15 year mortgage rate of 3.36 percent. If you're thinking about refinancing a 30 year loan, have you considered refinancing to a shorter term loan?

Refinancing from a 30 year loan to a 15 year or even 10 year loan will save you an incredible amount of money in the form of interest payments. On a $400,000 loan you will save hundreds of thousands of dollars in interest payments with a 15 year loan instead of a 30 year loan.

Using our mortgage calculator to compare the difference on a $400,000 loan, the total mortgage interest payments on a 30 year loan with a rate of 4.33 percent comes to $315,153.34.  For a 15 year $400,000 loan with a rate of 3.46 percent, the total interest payments come to $113,302.34. That is savings of $201,851.00!

The one drawback to a 15 year loan over a 30 year loan is that your monthly payments will be higher. Using the example above, the monthly payment on the 30 year loan is $1,986.54, whereas the monthly payment on a 15 year loan is $2,851.68.  The difference of $865.14 a month may well be worth it.
 
 
Author: Brian McKay
December 4th, 2013
Posted in: Mortgage Rates