30 Year Rates Fall Below 3.50 as 548,000 Homes Regain Equity

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Average 30 year mortgage rates increased last week to 3.51 percent, the first time in almost 3 months that rates were above 3.50 percent. The increase was short lived as 30 year mortgage rates fell to 3.49 percent this week. We expect 30 year mortgage rates to stay below 3.50 percent in the interim unless the Federal Reserve increases the fed funds rate this week.

As of September 18, the CME Group's FedWatch Tool has put the probability of a rate hike at only 12 percent. Since it's very unlikely the Fed will increase the fed funds rate, average mortgage rates will mostly fall from current levels this week.

Mortgage rates are indirectly tied to the federal funds rate. As the Federal Reserve raises or lowers the fed funds rate, bond yields usually follow higher or lower. Mortgage lenders set the rate they offer based on 10 year bond yields. As bond yields fall, lenders lower their rates and vice versa.

Mortgage rates are just above record lows. Locking in a lower rate before they climb can save you thousands of dollars over the life of your loan. If you haven't already taken advantage of these near-record low rates, you should consider refinancing. Even if you tried before, refinancing may now be an option since home prices are on the uptick and you may have more equity in your home. 

Core Logic (NYSE: CLGX), reported 548,000 homes regained equity in the second quarter of 2016 compared to the previous quarter. The percentage of homes with positive equity increased to 92.9 percent of all mortgaged properties, or approximately 47.2 million homes.

Unfortunately, there are still 3.6 million homes with a mortgage of negative equity, or 7.1 percent of all mortgage properties. Negative equity is when the mortgage(s) on the property are higher than the home's value. The number of homes with negative equity is declining sharply.  In the first quarter of 2016, the number of homes with negative equity stood at 4.2 million homes.

The only way to find out if your home has increased enough in value to refinance your loan is to get an appraisal. Before you take on the cost of an appraisal, consider whether or not refinancing makes sense for you. If you can get a refinance rate of at least 1.00 percent lower than your current rate and you plan to stay in your home for 3 years or more, refinancing is likely a good option.

You can see a list of refinance rates from many different lenders by using our mortgage rate tables at MonitorBankRates.com. Unlike most websites, you don't have to provide any personal information or contact information to see a list of rates.




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 Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.236
4.125
USD
Ally Bank Logo
NMLS # 181005
(877) 260 - 8762
at 0.100 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $3,668
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.878
3.750
USD
Agora Lending Logo
NMLS # 1121650
at 0.100 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $4,369
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
3.962
3.865
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 388 - 9671
at 0.100 pts
30 day lock rate
Est payment: $1,409.00
Fees in APR: $3,212
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from CF Bank
CF Bank
https://www.brimg.net/system/img/inst/10390_logo.gif
300000
Refinance
3.927
3.875
USD
CF Bank Logo
NMLS # 409132
(877) 388 - 5173
at 0.100 pts
45 day lock rate
Est payment: $1,410.71
Fees in APR: $1,571
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.053
3.875
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
(844) 365 - 0630
at 1.000 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $3,408
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.157
4.000
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 1.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $2,616
 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
3.886
3.750
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
(877) 388 - 3989
at 0.100 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $4,638
 
 
30 yr fixed Mortgage Loan from First Mortgage Direct
First Mortgage Direct
https://www.brimg.net/system/img/inst/10212_logo.gif
300000
Refinance
4.000
4.000
USD
First Mortgage Direct Logo
NMLS # 244476
State Lic # MC-5877
(877) 387 - 5986
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from CF Bank
CF Bank
https://www.brimg.net/system/img/inst/10390_logo.gif
300000
Refinance
4.005
4.000
USD
CF Bank Logo
NMLS # 409132
(877) 388 - 5173
at 0.000 pts
45 day lock rate
Est payment: $1,432.25
Fees in APR: $182
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from ConsumerDirect Mortgage, a division of First Bank
ConsumerDirect Mortgage, a division of First Bank
https://www.brimg.net/system/img/inst/8087_logo.gif
300000
Refinance
4.019
4.000
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
(844) 365 - 0630
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $675
 
30 yr fixed Mortgage Loan from Republic Bank
Republic Bank
https://www.brimg.net/system/img/inst/2248_logo.gif
300000
Refinance
4.125
4.125
USD
Republic Bank Logo
NMLS # 402606
(877) 388 - 6768
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.250
4.250
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
4.025
4.000
USD
Agora Lending Logo
NMLS # 1121650
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $886
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.382
4.375
USD
Ally Bank Logo
NMLS # 181005
(877) 260 - 8762
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $239
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from JG Wentworth Home Lending
JG Wentworth Home Lending
https://www.brimg.net/system/img/inst/10054_logo.gif
300000
Refinance
4.250
4.250
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # MC-1875
(877) 388 - 2721
at 0.000 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.128
4.115
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 388 - 9671
at 0.000 pts
30 day lock rate
Est payment: $1,452.21
Fees in APR: $452
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from Citibank, N. A.
Citibank, N. A.
https://www.brimg.net/system/img/inst/8189_logo.gif
300000
Refinance
4.421
4.375
USD
Citibank, N. A. Logo
NMLS # 412915
(877) 387 - 1820
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $1,635
 
 
30 yr fixed Mortgage Loan from Aurora Financial
Aurora Financial
https://www.brimg.net/system/img/inst/4284_logo.gif
300000
Refinance
4.003
4.000
USD
Aurora Financial Logo
NMLS # 35959
State Lic # MC-2967
(877) 359 - 1505
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: $98
 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
4.000
4.000
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
(877) 388 - 3989
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from CF Bank
CF Bank
https://www.brimg.net/system/img/inst/10390_logo.gif
300000
Refinance
3.785
3.625
USD
CF Bank Logo
NMLS # 409132
(877) 388 - 5173
at 1.100 pts
45 day lock rate
Est payment: $1,368.15
Fees in APR: $2,555
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.811
3.625
USD
Agora Lending Logo
NMLS # 1121650
at 1.100 pts
30 day lock rate
Est payment: $1,368.15
Fees in APR: $3,463
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Optimum First Mortgage Inc.
Optimum First Mortgage Inc.
https://www.brimg.net/system/img/inst/7604_logo.gif
300000
Refinance
3.892
3.750
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
(877) 388 - 3989
at 1.100 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $1,838
 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
9.535
9.125
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 388 - 9671
at 1.100 pts
30 day lock rate
Est payment: $2,440.90
Fees in APR: $7,286
Thank you for your inquiry, we will be in touch shortly. 
 
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%
3/13/2019
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 Bank of America
Bank of America
300000
Refinance
4.244
4.125
USD
Bank of America
4.244%
3/13/2019
4.125%
at 0.983 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.152
4.125
USD
TD Bank, NA
4.152%
3/15/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.561
4.500
USD
Fulton Bank, NA
4.561%
3/12/2019
4.500%
at 0.375 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%
3/11/2019
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 Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
3/15/2019
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 Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.225
4.180
USD
Bank of Oak Ridge
4.225%
3/14/2019
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 Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.537
4.500
USD
Raymond James Bank, NA
4.537%
3/12/2019
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 LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.280
4.250
USD
LincolnWay Community Bank
4.280%
3/12/2019
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 Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.551
4.500
USD
Citizens Bank, NA
4.551%
3/15/2019
4.500%
at 0.125 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,408
 
 
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%
3/13/2019
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 Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.432
4.375
USD
Virginia Credit Union
4.432%
3/12/2019
4.375%
at 0.125 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,650
 
 

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.





 
Author: Brian McKay
September 21st, 2016