Lower Mortgage Rates this Week as Sandy Dampens Refinance Loan Demand
After running up for two consecutive weeks, average mortgage refinance rates declined this weekas demand for home loans was damped by Hurricane Sandy which hit much of the East Coast. Average 30 year mortgage refinance rates declined to 3.61 percent with 0.45 mortgage points in this week's survey released by the Mortgage Bankers Association. In the prior mortgage survey, average conforming 30 year mortgage rates were at 3.65 percent with 0.39 mortgage loan points
Demand for mortgage loan applications basically fell in half in New York, New Jersey and Connecticut. Mortgage loan volume fell more than 60 percent compared in New Jersey, almost 50 percent in New York and almost 40 percent in Connecticut. In fact most other East Coast states also saw declines over the week. Beside the East Coast's declines this past week many states in other parts of the country had increases in application volumes.
The MBA's Refinance Index, a measure of loan application volume for those refinancing a loan decreased 5 percent from the previous week. The seasonally adjusted Purchase Index, which is a measure of loan volume for those buying a home was also 5 percent from one week earlier. It will be interesting to see what happens next week though the East Coast numbers could also be affected by the Nor'easter that hit that part of the country on Wednesday.
Mortgage rates today on 30 year conventional home loans have declined since the MBA's survey. Average 30 year mortgage interest rates are at 3.43 percent and falling thanks to declining U.S. Treasury yields. You can already get mortgage rate quotes that are below both the MBA average and Monitor Bank Rates' average. Right now in the state of Connecticut there are lenders quoting 30 year mortgage refinance rates as low as 3.00 percent with points.
Average 15 year conforming mortgage rates remained unchanged in the MBA survey this week. Average 15 year mortgage interest rates were at 2.95 percent, unchanged from the prior week's average. Discount points increased to 0.40 points, up from the prior week's average rate of 0.35 percent which made the effective rate higher from last week. Current mortgage rates on 15 year conventional home loans declined since the MBA survey for the week ending November 2, 2012.
Today's mortgage rates on 15 year conforming loans are averaging 2.83 percent. Of course you can get mortgage quotes even lower than the averages of 2.92 percent or 2.83 percent. On our Florida refinance rates list we have lenders quoting 15 year refinancing rates as low as 2.375 percent with points, much lower than the averages. Without points we have lenders quoting 15 year refi rates as low as 2.75 percent, also lower than the averages.
Jumbo mortgage rates in this week's mortgage rate survey averaged 3.88 percent, a decline from last week's average 30 year jumbo mortgage rate of 3.94 percent. Current mortgage rates on 30 year jumbo home loans are higher averaging 4.02 percent. Currently, on our Pennsylvania 30 year jumbo refinance rates list we have several lenders quoting rates as low as 3.625 percent with points and without points.
FHA mortgage interest rates in this week's mortgage survey were at 3.37 percent, a decline from last week's average 30 year FHA mortgage interest rate of 3.41 percent. Average points on FHA loans were also lower at 0.75 points, down from last week's average of 0.76 points. Today's refinance rates on 15 year FHA mortgages are lower averaging 3.35 percent.
5 year adjustable mortgage rates in this week's survey averaged in at 2.61 percent, down from last week's average of 2.65 percent. Mortgage rates current on 5 year adjustable loans are higher at 2.93 percent. You can find refinance rates today quoted from lenders well below the averages. Current refinance rates in Texas are listed at low as 1.875 percent with points on our rate table. Feel free to search our rate tables to get the best mortgage rates today!
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