Current Mortgage Rates Move Slightly Higher on Employment Report

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Current mortgage rates moved slightly higher in Freddie Mac's Primary Mortgage Market Survey (PMMS) this week. Average mortgage rates increased on the heals of a better than expected employment report. The former CEO of General Electric, Jack Welsh, had some bizarre comments on the report. He Tweeted "Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers”. Come on Jack, you just lost a big amount of credibility with such a stupid comment. Back to mortgage rates.... Average mortgage rates moved slightly higher in the survey for both fixed mortgage rates and adjustable mortgage rates.

30 year mortgage rates increased to 3.39 percent with 0.7 mortgage points for the week ending October 10, 2012,. The average 30 year mortgage interest rate increased from the prior week's average of 3.36 percent. Although rates moved slightly higher week over week, rates will fall again in the coming weeks and months because the Fed will continue to drive rates lower by buying $85 billion a month in mortgage backed securities.
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 Bank of America
Bank of America
300000
Refinance
4.326
4.250
USD
Bank of America
4.326%
2/13/2019
4.250%
at 0.472 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
4.403
4.375
USD
TD Bank, NA
4.403%
2/8/2019
4.375%
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.596
4.500
USD
Apple Federal Credit Union
4.596%
2/13/2019
4.500%
at 1.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.686
4.625
USD
Fulton Bank, NA
4.686%
2/12/2019
4.625%
at 0.375 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.547
4.500
USD
Virginia Credit Union
4.547%
2/12/2019
4.500%
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.665
4.625
USD
Citizens Bank, NA
4.665%
2/15/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.683
4.625
USD
Santander Bank, N.A.
4.683%
2/15/2019
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.406
4.375
USD
LincolnWay Community Bank
4.406%
2/12/2019
4.375%
at 0.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.788
4.750
USD
Raymond James Bank, NA
4.788%
2/12/2019
4.750%
at 0.000 pts
45 day lock rate
Est payment: $1,564.94
Fees in APR: $1,299
 
 
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%
2/11/2019
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 Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.545
4.500
USD
Northwest Federal Credit Union
4.545%
2/13/2019
4.500%
at 0.500 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.304
4.250
USD
Bank of Oak Ridge
4.304%
2/14/2019
4.250%
at 0.353 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Armed Forces Bank, N.A.
Armed Forces Bank, N.A.
300000
Refinance
4.904
4.875
USD
Armed Forces Bank, N.A.
4.904%
2/8/2019
4.875%
at 0.000 pts
30 day lock rate
Est payment: $1,587.62
Fees in APR: $999
 
 

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.






There are lenders offering 30 year mortgage refinance rates below the average of 3.39 percent. Right now no our 30 year mortgage rate list for the state of Massachusetts there are several lenders offering rates below the average. First Internet Bank is offering the lowest 30 year rates at 3.00 percent with 2 mortgage points.

The second lowest mortgage rate is from Roundpoint Mortgage with a current rate of 3.125 percent with 2 points. If you rather not pay points there are lenders offering 30 year rates with zero points that are still below the average of 3.39 percent. The lowest rate without points on our MA mortgage rates list is from Foxboro Federal Savings at 3.25 percent with no points.

15 year conventional mortgage rates averaged 2.70 percent with 0.6 mortgage points in the PMMS for the week ending October 10, 2012. In the previous week's survey 15 year mortgage rates averaged 2.72 percent. Today's mortgage rates on 15 year conventional loans are averaging 2.83 percent in Bankrates's national rate survey.

If you're thinking about refinancing your 30 year mortgage you should think about refinancing to a 15 year loan. Refinancing to a 15 year loan can save you ten of thousands if not hundreds of thousands of dollars in mortgage interest. The only negative to a shorter term loan is the monthly mortgage payments will be higher. Besides that with a 15 year loan you'll get a lower refinance rate and you'll own your home in half the time.

Right now there are many lenders offering 15 year refinance rates today well below the average rate. On our refinance rates list for the state of Ohio today's refinance rates from Amerisave are at 2.375 percent with 1.648 mortgage points.The lowest 15 year refi rate without points for a list in Ohio is from Roundpoint Mortgage at 2.75 percent.

Average 5 year adjustable mortgage rates were at 2.73 percent with 0.6 mortgage points in Freddie's survey for the week ending October 10, 2012,  up from the prior week's average 5 year adjustable mortgage rate of 2.72 percent. Right now on our 5 year adjustable refinance rates list in Maryland there are rates as low as 2.25 percent. Roundpoint Mortgage is offering 5 year adjustable refinancing rates at 2.00 percent with 2 mortgage points.

Average 1 year adjustable conforming mortgage rates averaged 2.59 percent with 0.4 mortgage points in this week's mortgage survey. Average 1 year mortgage rates are higher from the prior week's average rate of 2.57 percent.
 
Author: Robert Till
October 11th, 2012