Applications for Mortgage Loans Surges in 2013 as Low Mortgage Rates Drive Demand

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Applications for home loans continue to surge in early 2013 as low mortgage rates drive demand for home purchasing and refinancing loans. For the second consecutive week in 2013, applications for home loans are up in the double digits in the Mortgage Bankers Association's Weekly Applications Survey.

The MBA's Market Composite Index, which is an overall measure of mortgage applications, increased by 15.2 percent for the week ending January 11, 2013 on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased by 45 percent compared to the previous week.  The MBA's Refinance Index, a measure of loan application volume for homeowners refinancing loans, increased by 15 percent from the previous week. The seasonally adjusted Purchase Index, which measures mortgage loan volume for home purchases, increased by 13 percent from one week earlier to its highest level since April 2011.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 06101, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from Better.com
Better.com
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
4.125
4.125
USD
Better.com Logo
NMLS # 330511
State Lic # ML-330511
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: None
Thank you for your quote. 
 
30 yr fixed mtg refi Mortgage Loan from The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.291
4.250
USD
The Guilford Savings Bank
4.291%
4/19/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $719
 
 
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%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from United Bank
United Bank
300000
Refinance
4.276
4.250
USD
United Bank
4.276%
4/16/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $911
 
 
30 yr fixed mtg refi Mortgage Loan from Union Savings Bank
Union Savings Bank
300000
Refinance
4.399
4.375
USD
Union Savings Bank
4.399%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $852
 
 
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%
4/19/2019
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 Liberty Bank
Liberty Bank
300000
Refinance
4.169
4.125
USD
Liberty Bank
4.169%
4/19/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $814
 
 
30 yr fixed mtg refi Mortgage Loan from UniBank for Savings
UniBank for Savings
300000
Refinance
4.536
4.500
USD
UniBank for Savings
4.536%
4/19/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $500
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
4.575
4.500
USD
First National Bank of Omaha
4.575%
4/19/2019
4.500%
at 0.625 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $752
 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.397
4.375
USD
Savings Bank of Danbury
4.397%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $790
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.403
4.375
USD
Citizens Bank, NA
4.403%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $998
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.154
4.125
USD
TD Bank, NA
4.154%
4/16/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $1,043
 
 
30 yr fixed mtg refi Mortgage Loan from The Washington Trust Company
The Washington Trust Company
300000
Refinance
4.155
4.125
USD
The Washington Trust Company
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,083
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.365
4.250
USD
Bank of America
4.365%
4/15/2019
4.250%
at 0.903 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,351
 
 

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.






The average contract 30 year mortgage rate in the MBA's survey this week was at 3.61 percent, unchanged from the prior week's average 30 year mortgage rate. Average contract points this week declined to 0.38 point, down from the previous week's average of 0.41 point.

30 year Mortgage rates today are even lower than the MBA average for the week ending January 11, 2013. Average 30 year mortgage rates are at 3.45 percent, down from yesterday's average of 3.48 percent. There are many lenders quoting 30 year mortgage rates below the averages on our rate tables.

Currently on our 30 year mortgage refinance rates list for the state of California there is a lender quoting 30 year rates as low as 2.875 percent with points. Aimloan.com is quoting 30 year California refinance rates at 2.875 percent with 1.67 points. The lowest refinance rate without points on our list is from Nations Choice Mortgage at 3.00 percent.

The average contract rate on 30 year jumbo mortgage rates in the MBA survey were higher this week at 3.88 percent, up from last week's average 30 year jumbo mortgage rate of 3.78 percent. Average points on 30 year jumbo loans were at 0.38 points, unchanged from last week's average jumbo rate.

Today's jumbo mortgage rates are averaging higher at 4.00 percent but you can find lenders quoting 30 year jumbo refinance rates below the averages. Right now on our 30 year jumbo refinancing rates list for the state of Connecticut we have several lenders quoting rates under 4.00 percent with and without points. The lowest rate is from Investors Home Mortgage at 3.625 percent with zero points.

The average contract rate on FHA mortgages was higher in this week's survey. The average contract FHA mortgage rate was at 3.39 percent, an increase from the prior week's average FHA rate of 3.35 percent. Average contract points on FHA loans were at 0.58 points, down from the prior week's average of 0.69 points.

The average 15 year contract rate in the MBA's survey this week was unchanged at 2.88 percent with average points decreasing to 0.27, down from last week's average of 0.39. Current mortgage rates on 15 year loans are averaging less than the MBA survey at 2.83 percent.

Again, these rates are average rates and there are many lenders quoting 15 year rates above and below the averages. The lowest refinance rates on our 15 year rate list for the state of Texas are at 2.25 percent with points and the lowest rates without points are at 2.625 percent.

The average contract rate on 5 year adjustable loans increased in this week's mortgage rate survey. The average 5 year adjustable mortgage rate this week was at 2.66 percent, an increase from the prior week's average 5 year rate of 2.64 percent. If you're looking for an adjustable loan, we have lenders quoting 5 year adjustable refinance rates below 2.00 percent. The lowest 5 year adjustable refinance rate on our rate list for Colorado is at 1.625 percent with points.

On our rate tables you can find lenders quoting the lowest mortgage rates for all states. Search and compare the best mortgage rates in your state or zip code without having to provide any personal information.
 
Author: Brian McKay
January 16th, 2013