Higher Mortgage Interest Rates This Week Sent Mortgage Application Volume Lower

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A slight uptick in mortgage interest rates has caused demand for home loans to decline in the Weekly Mortgage Application Survey released by the Mortgage Bankers Association. The increase in average mortgage rates was expected since bond yields rose recently but the increase in rates won't last since yields have moved lower and the Fed continues to buy mortgage-backed securities (MBS) in the amount of $85 billion a month to drive rates lower.

In the MBA survey for the week ending October 19, 2012, average 30 year conforming mortgage rates increased to 3.63 percent with 0.45 mortgage points, up from the previous week's average 30 year mortgage rate of 3.57 percent with 0.44 mortgage points. In the MBA's Market Composite Index, which measures mortgage loan demand volume for home purchases and refinancing loans, decreased 2 percent on an unadjusted basis compared with the previous week.
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 Garden State Home Loans
Garden State Home Loans
https://www.brimg.net/system/img/inst/7950_logo.gif
300000
Refinance
3.948
3.874
USD
Garden State Home Loans Logo
NMLS # 473163
State Lic # ML-473163
(877) 387 - 9107
at 0.100 pts
30 day lock rate
Est payment: $1,410.54
Fees in APR: $2,376
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Garden State Home Loans
Garden State Home Loans
https://www.brimg.net/system/img/inst/7950_logo.gif
300000
Refinance
4.124
4.124
USD
Garden State Home Loans Logo
NMLS # 473163
State Lic # ML-473163
(877) 387 - 9107
at 0.000 pts
30 day lock rate
Est payment: $1,453.77
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Better.com
Better.com
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
4.129
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: $127
Thank you for your quote. 
 
30 yr fixed Mortgage Loan from Garden State Home Loans
Garden State Home Loans
https://www.brimg.net/system/img/inst/7950_logo.gif
300000
Refinance
3.872
3.749
USD
Garden State Home Loans Logo
NMLS # 473163
State Lic # ML-473163
(877) 387 - 9107
at 1.100 pts
30 day lock rate
Est payment: $1,389.18
Fees in APR: $1,185
Thanks for the inquiry! 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.272
4.250
USD
Savings Bank of Danbury
4.272%
4/12/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $790
 
 
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 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
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
4.439
4.375
USD
First National Bank of Omaha
4.439%
4/11/2019
4.375%
at 0.500 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $752
 
 
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%
4/12/2019
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 The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.166
4.125
USD
The Guilford Savings Bank
4.166%
4/12/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
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 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 UniBank for Savings
UniBank for Savings
300000
Refinance
4.536
4.500
USD
UniBank for Savings
4.536%
4/12/2019
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 Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/18/2019
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 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 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 Liberty Bank
Liberty Bank
300000
Refinance
4.169
4.125
USD
Liberty Bank
4.169%
4/12/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $814
 
 

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 MBA's Refinance Index, which is a measure of loan application volume for homeowners refinancing loans, decreased 13 percent from the previous week to the lowest level since late August. The seasonally adjusted Purchase Index, which measures home purchases, decreased 8 percent from one week earlier.

Mortgage rates today on 30 year conventional loans have declined since the survey end date of October 19. The current average 30 year rate is at 3.47 percent in Bankrate's national rate survey. Both the MBA's average rate and Bankrate's average rate are just averages; you can find lenders offering today's mortgage rates higher and lower than the averages.

The lowest 30 year mortgage refinance rates on our rate list for the state of Ohio are at 3.00 percent. Amerisave is currently offering 30 year refinance rates in Ohio at 3.00 percent with 1.549 points. The lowest rate without points is also from Amerisave at 3.25 percent.

30 year jumbo mortgage rates were also higher in the MBA survey this week. 30 year jumbo mortgage rates averaged 3.85 percent, an increase from the prior week's average 30 year jumbo rate of 3.81 percent. Average mortgage points on 30 year jumbo loans remained unchanged this week at 0.42 points.

There are lenders offering current mortgage rates on 30 year jumbo loans below the average. Right now on our 30 year jumbo refinance rates list for the state of California we have two lenders offering 30 year rates below the average. Home Loan Enterprise is offering 30 year jumbo refinancing rates at 3.50 percent with 1.50 points and EverBank is offering 30 year jumbo rates at 3.625 percent with 0.50 points.

Average conforming 15 year mortgage rates had the second biggest increase in this week's MBA survey. 15 year mortgage rates averaged 2.96 percent, an increase from the prior week's average 15 year mortgage rate of 2.87 percent. Average points on 15 year loans decreased this week to 0.36 points, down from last week's average of 0.39 points.

Right now on our 15 year refinance mortgage rates list for the state of Texas we have several lenders offering 15 year refi rates well below the average. Amerisave is offering 15 year rates at 2.50 percent with 1.124 points. Roundpoint Mortgage Company is offering 15 year refinance rates at 2.50 percent with 2 points and Southern Funding Alliance is offering 15 year rates at 2.625 percent with zero points.

Average 30 year FHA mortgage rates in this week's survey increased to 3.41 percent, up from last week's average FHA mortgage rate of 3.34 percent. Average points on 30 year FHA loans decrease to 0.61 points, a decline from the prior week's average of 0.82 points.

Conventional 5 year adjustable mortgage rates had the largest increase in this week's survey. Average 5 year adjustable mortgage interest rates increased to 2.72 percent, up from last week's average of 2.59 percent. Average mortgage points on 5 year adjustable mortgages decreased to 0.36 points, down from last week's average of 0.39 points.

The lowest 5 year adjustable refinance rates available on our rate list in Florida are from Roundpoint Mortgage Company at 2.125 percent with 2 points. Other lenders offering 5 year adjustable refinancing rates well below the average on our rate list for Florida include Third Federal Savings and Loan at 2.24 percent with 1 point.
 
Author: Brian McKay
October 24th, 2012