Mortage Rates Today Render New Lows Thanks to Fed Buying $40 Billion a Month in MBS

The declines in average mortgage rates have been accelerating since the Federal Reserve announced they would buy $40 billion a month in mortgage backed securities. The Fed's announcement, which came right after their September meeting almost three week ago, caused an immediate drop in mortgage rates the following day and the trend has been lower ever since. Mortgage rates today on 30 year conventional mortgage loans are averaging 3.40 percent, down from last week's average 30 year mortgage rate of 3.56 percent.

A week over week decline of 16 basis points is one of the largest declines in 2012. Prior to the Fed's change in policy average 30 year mortgage rates were in a tight range for several months. Current mortgage rates will head even lower the rest of 2012 and into 2013. Before this year is over average 30 year conforming mortgage rates might hit a new record low of around 3.20 percent and in 2013 we might see 30 year mortgage interest rates move below 3.00 percent.

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.






Right now you can already find lenders offering 30 year refinance rates near 3.00 percent depending on the state you live in. On our 30 year refinance rates tables in the state of Pennsylvania there are two lenders listed offering 30 year mortgage refinance rates at 3.125 percent with points. Roundpoint Mortgage Company and Amerisave are the lenders offering 30 year refinancing rates at 3.125 percent.

Today's mortgage rates on 15 year conforming home loans also hit a new record low of 2.83 percent, down from last week's average 15 year mortgage interest rate of 2.94 percent. The future direction of 15 year mortgage rates will also be lower the next 6 months. Average 15 year refinance mortgage rates could go as low as 2.75 percent in 2012 and as low as 2.60 percent in 2013.

Right now you can already find lenders offering 15 year conforming refinance rates below the average of 2.83 percent and below our future prediction of an average rate of 2.75 percent. Currently on our 15 year refi rates list in Texas there are two lenders offering 15 year rates below the average. Roundpoint Mortgage and LenderFi are both offering 15 year rates at 2.375 percent with points.

Fixed jumbo mortgage rates today are also at new all-time lows on both 30 year loans and 15 year loans. Current mortgage rates on 30 year jumbo loans are averaging 4.06 percent, down from last week's average 30 year jumbo mortgage rate of 4.15 percent. We predict 30 year jumbo refinance rates will drop below 4.00 percent this month and drop as low as 3.75 percent in the coming year.

There are lenders on our rate lists already offering 30 year jumbo mortgage interest rates below the average of 4.06 percent depending on the state you reside in. Right now on our 30 year jumbo refinance rates list for the state of California CitiMortgage is listed as offering 30 year jumbo refi rates at 3.875 percent with zero points.

Current mortgage interest rates today on 15 year jumbo mortgage loans are averaging 3.32 percent, down from an average 15 year jumbo mortgage rate of 3.46 percent. Average 15 year jumbo mortgage rates will probably go down as low as 3.00 percent over the next six months. Right now on our rate tables you can find lenders offering 15 year jumbo refinance rates at 2.75 percent with points in New Jersey.

Short term aadjustable mortgage rates haven't declined as much as longer term fixed mortgage rates because shorter term mortgage rates are tied to shorter term interest rates. Average 5 year adjustable mortgage rates are averaging 2.96 percent this week, down slightly from last week's average 5 year adjustable mortgage interest rate of 2.98 percent. Average 5 year jumbo mortgage rates are at 2.83 percent, unchanged from last week's average 5 year jumbo rate.
 
 
Author: Robert Till
October 2nd, 2012
Posted in: Mortgage Rates