Higher Mortgage Rates Hurt Buyers

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Higher mortgage rates in 2018, combined with a low number of homes available for sale across the U.S., are hurting buyers. Mortgage rates are higher this year because economic growth has been robust, the unemployment rate has declined, and the Federal Reserve has increased interest rates.

Last year, 30 year mortgage rates were under 4.00 percent for most of the year and finished the year just under 4.00 percent. So far this year, average 30 year mortgage rates increased about 50 basis points. The current average 30 year mortgage rate is at 4.42 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 Mortgage Loan from eRates Mortgage
eRates Mortgage
https://www.brimg.net/system/img/inst/9139_logo.gif
300000
Refinance
4.554
4.490
USD
eRates Mortgage Logo
NMLS # 1071
State Lic # MC-1772
(877) 210-6855
at 0.100 pts
30 day lock rate
Est payment: $1,518.27
Fees in APR: $1,950
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
5.095
5.000
USD
Ally Bank Logo
NMLS # 181005
at 0.100 pts
45 day lock rate
Est payment: $1,610.46
Fees in APR: $2,920
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Northpointe Bank
Northpointe Bank
https://www.brimg.net/system/img/inst/10077_logo.gif
300000
Refinance
4.482
4.375
USD
Northpointe Bank Logo
NMLS # 447490
at 0.100 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $3,469
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from First Mortgage Direct
First Mortgage Direct
https://www.brimg.net/system/img/inst/10212_logo.gif
300000
Refinance
4.681
4.500
USD
First Mortgage Direct Logo
NMLS # 244476
State Lic # MC-5877
at 1.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: $3,283
 
 
30 yr fixed Mortgage Loan from Lenda, Inc.
Lenda, Inc.
https://www.brimg.net/system/img/inst/8792_logo.gif
300000
Refinance
4.474
4.375
USD
Lenda, Inc. Logo
at 0.100 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $3,187
All online. No annoying phone calls. No paper. No hassles. 
 
30 yr fixed Mortgage Loan from Sol Mortgage
Sol Mortgage
https://www.brimg.net/system/img/inst/10262_logo.gif
300000
Refinance
4.462
4.335
USD
Sol Mortgage Logo
at 0.100 pts
30 day lock rate
Est payment: $1,490.79
Fees in APR: $4,160
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Capital Bank N.A.
Capital Bank N.A.
https://www.brimg.net/system/img/inst/8589_logo.gif
300000
Refinance
4.567
4.500
USD
Capital Bank N.A. Logo
NMLS # 401599
State Lic # 401599
at 0.100 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: $2,049
 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.469
4.365
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 407-3813
at 0.100 pts
30 day lock rate
Est payment: $1,496.09
Fees in APR: $3,365
Thank you for your inquiry, we will be in touch shortly. 
 
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
4.668
4.500
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
at 1.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: $2,807
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.756
4.625
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 1.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $1,527
 
 
30 yr fixed Mortgage Loan from Flagstar Bank
Flagstar Bank
https://www.brimg.net/system/img/inst/6546_logo.gif
300000
Refinance
4.949
4.875
USD
Flagstar Bank Logo
NMLS # 417490
at 0.100 pts
30 day lock rate
Est payment: $1,587.62
Fees in APR: $2,227
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from AimLoan.com
AimLoan.com
https://www.brimg.net/system/img/inst/1739_logo.gif
300000
Refinance
4.481
4.375
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
at 0.100 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $3,425
 
 
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
4.377
4.250
USD
at 0.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $4,200
 
 
30 yr fixed Mortgage Loan from McGlone Mortgage Group
McGlone Mortgage Group
https://www.brimg.net/system/img/inst/2125_logo.gif
300000
Refinance
4.656
4.625
USD
McGlone Mortgage Group Logo
NMLS # 3232
State Lic # MC-1532
(877) 475-4039
at 0.000 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $1,082
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Capital Bank N.A.
Capital Bank N.A.
https://www.brimg.net/system/img/inst/8589_logo.gif
300000
Refinance
4.642
4.625
USD
Capital Bank N.A. Logo
NMLS # 401599
State Lic # 401599
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $607
 
 
30 yr fixed Mortgage Loan from First Mortgage Direct
First Mortgage Direct
https://www.brimg.net/system/img/inst/10212_logo.gif
300000
Refinance
4.750
4.750
USD
First Mortgage Direct Logo
NMLS # 244476
State Lic # MC-5877
at 0.000 pts
30 day lock rate
Est payment: $1,564.94
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from eRates Mortgage
eRates Mortgage
https://www.brimg.net/system/img/inst/9139_logo.gif
300000
Refinance
4.625
4.625
USD
eRates Mortgage Logo
NMLS # 1071
State Lic # MC-1772
(877) 210-6855
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: None
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from Flagstar Bank
Flagstar Bank
https://www.brimg.net/system/img/inst/6546_logo.gif
300000
Refinance
5.144
5.125
USD
Flagstar Bank Logo
NMLS # 417490
at 0.000 pts
30 day lock rate
Est payment: $1,633.46
Fees in APR: $637
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Commonwealth Mortgage, LLC
Commonwealth Mortgage, LLC
https://www.brimg.net/system/img/inst/5071_logo.gif
300000
Refinance
4.465
4.465
USD
Commonwealth Mortgage, LLC Logo
NMLS # 1023
State Lic # MC-5814
(877) 330-6018
at 0.000 pts
30 day lock rate
Est payment: $1,513.82
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Lenda, Inc.
Lenda, Inc.
https://www.brimg.net/system/img/inst/8792_logo.gif
300000
Refinance
4.625
4.625
USD
Lenda, Inc. Logo
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: None
All online. No annoying phone calls. No paper. No hassles. 
 
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
4.644
4.625
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $675
 
30 yr fixed Mortgage Loan from Sol Mortgage
Sol Mortgage
https://www.brimg.net/system/img/inst/10262_logo.gif
300000
Refinance
4.625
4.625
USD
Sol Mortgage Logo
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from AimLoan.com
AimLoan.com
https://www.brimg.net/system/img/inst/1739_logo.gif
300000
Refinance
4.628
4.625
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $95
 
 
30 yr fixed Mortgage Loan from Republic Bank
Republic Bank
https://www.brimg.net/system/img/inst/2248_logo.gif
300000
Refinance
4.651
4.625
USD
Republic Bank Logo
at 0.000 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $895
 
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.750
4.750
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 0.000 pts
30 day lock rate
Est payment: $1,564.94
Fees in APR: None
 
 
30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
5.250
5.250
USD
Ally Bank Logo
NMLS # 181005
at 0.000 pts
45 day lock rate
Est payment: $1,656.61
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from LoanLock
LoanLock
https://www.brimg.net/system/img/inst/9948_logo.gif
300000
Refinance
4.625
4.625
USD
LoanLock Logo
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: None
 
 
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
4.750
4.750
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # MC-1875
at 0.000 pts
45 day lock rate
Est payment: $1,564.94
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
4.615
4.615
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 407-3813
at 0.000 pts
30 day lock rate
Est payment: $1,540.62
Fees in APR: None
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from Northpointe Bank
Northpointe Bank
https://www.brimg.net/system/img/inst/10077_logo.gif
300000
Refinance
4.625
4.625
USD
Northpointe Bank Logo
NMLS # 447490
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: None
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
4.506
4.500
USD
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: $214
 
 
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
4.622
4.250
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
at 2.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $6,840
 
30 yr fixed Mortgage Loan from Flagstar Bank
Flagstar Bank
https://www.brimg.net/system/img/inst/6546_logo.gif
300000
Refinance
4.794
4.625
USD
Flagstar Bank Logo
NMLS # 417490
at 1.100 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $2,527
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
4.307
4.125
USD
at 1.100 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $3,130
 
 
30 yr fixed Mortgage Loan from Lenda, Inc.
Lenda, Inc.
https://www.brimg.net/system/img/inst/8792_logo.gif
300000
Refinance
4.406
4.250
USD
Lenda, Inc. Logo
at 1.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $2,182
All online. No annoying phone calls. No paper. No hassles. 
 
30 yr fixed Mortgage Loan from eRates Mortgage
eRates Mortgage
https://www.brimg.net/system/img/inst/9139_logo.gif
300000
Refinance
4.421
4.250
USD
eRates Mortgage Logo
NMLS # 1071
State Lic # MC-1772
(877) 210-6855
at 1.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $2,700
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from AimLoan.com
AimLoan.com
https://www.brimg.net/system/img/inst/1739_logo.gif
300000
Refinance
4.408
4.250
USD
AimLoan.com Logo
NMLS # 2890
State Lic # MC-3098
at 1.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $2,264
 
 
30 yr fixed Mortgage Loan from Sol Mortgage
Sol Mortgage
https://www.brimg.net/system/img/inst/10262_logo.gif
300000
Refinance
4.382
4.210
USD
Sol Mortgage Logo
at 1.100 pts
30 day lock rate
Est payment: $1,468.80
Fees in APR: $2,767
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.327
4.115
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 407-3813
at 1.100 pts
30 day lock rate
Est payment: $1,452.21
Fees in APR: $4,172
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
5.163
5.125
USD
Raymond James Bank, NA
5.163%
9/25/2018
5.125%
at 0.000 pts
45 day lock rate
Est payment: $1,633.46
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.949
4.875
USD
Citizens Bank, NA
4.949%
9/21/2018
4.875%
at 0.375 pts
60 day lock rate
Est payment: $1,587.62
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from Langley FCU
Langley FCU
300000
Refinance
4.889
4.875
USD
Langley FCU
4.889%
9/21/2018
4.875%
at 0.000 pts
30 day lock rate
Est payment: $1,587.62
Fees in APR: $495
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
5.052
5.000
USD
Fulton Bank, NA
5.052%
9/25/2018
5.000%
at 0.250 pts
60 day lock rate
Est payment: $1,610.46
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Apple Federal Credit Union
Apple Federal Credit Union
300000
Refinance
4.848
4.750
USD
Apple Federal Credit Union
4.848%
9/19/2018
4.750%
at 1.000 pts
60 day lock rate
Est payment: $1,564.94
Fees in APR: $352
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.686
4.625
USD
TD Bank, NA
4.686%
9/21/2018
4.625%
at 0.375 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $982
 
 
30 yr fixed mtg refi Mortgage Loan from The Fidelity Bank
The Fidelity Bank
300000
Refinance
5.025
5.000
USD
The Fidelity Bank
5.025%
9/21/2018
5.000%
at 0.000 pts
30 day lock rate
Est payment: $1,610.46
Fees in APR: $863
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.835
4.750
USD
Bank of America
4.835%
9/19/2018
4.750%
at 0.547 pts
60 day lock rate
Est payment: $1,564.94
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.796
4.750
USD
Northwest Federal Credit Union
4.796%
9/19/2018
4.750%
at 0.500 pts
45 day lock rate
Est payment: $1,564.94
Fees in APR: $79
 
 
30 yr fixed mtg refi Mortgage Loan from State Department Federal Credit Union
State Department Federal Credit Union
300000
Refinance
4.683
4.625
USD
State Department Federal Credit Union
4.683%
9/24/2018
4.625%
at 0.000 pts
60 day lock rate
Est payment: $1,542.42
Fees in APR: $2,000
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.781
4.750
USD
LincolnWay Community Bank
4.781%
9/25/2018
4.750%
at 0.000 pts
30 day lock rate
Est payment: $1,564.94
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of Oak Ridge
Bank of Oak Ridge
300000
Refinance
4.922
4.875
USD
Bank of Oak Ridge
4.922%
9/20/2018
4.875%
at 0.250 pts
60 day lock rate
Est payment: $1,587.62
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
5.049
4.990
USD
Santander Bank, N.A.
5.049%
9/25/2018
4.990%
at 0.000 pts
60 day lock rate
Est payment: $1,608.63
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.923
4.875
USD
Virginia Credit Union
4.923%
9/25/2018
4.875%
at 0.000 pts
45 day lock rate
Est payment: $1,587.62
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.






Higher Mortgage Rates Hurt BuyersAlthough mortgage rates are higher this year, rates are not much higher than the all-time lows. Back in 2012, average 30 year rates hit a low of 3.37 percent, about 1.00 percent lower than the current level. Looking back over the past 40 years, these rates are still incredibly low.

About a dozen years ago, just before the Financial Crisis, 30 year rates were around 7.00 percent. Going back to the early 1980s, average 30 year rates were in the double digits hitting an all-time high of 18.45 percent during October 1981. Source: Freddie Mac.

Higher Mortgage Rates Affect Buyers


An increase in mortgage rates does have an affect on how much homebuyers can afford. As mortgage rates move higher, monthly mortgage payments also move higher. For example, on a 30 year mortgage, a 1.00 percent increase in mortgage rates will increase monthly mortgage payments by $55.82 for each $100,000 borrowed.

The monthly payment on a $500,000 mortgage loan with a 30 year rate of 3.50 percent is $2,245.22. The same $500,000 borrowed for 30 years at 4.50 percent will mean a monthly payment of $2,533.43. As you can see on a $500,000 loan, a 1 percent increase in the rate will cost $300 more per month.

You can use our mortgage calculator to calculate mortgage payments: Mortgage Calculator

Mortgage rates will continue to move higher this year because the Fed is increasing the fed funds rate. These increases will send U.S. Treasury yields higher, which in turn will send mortgage rates higher. We expect 30 year mortgage rates to increase to around 5.00 percent by the end of the year.

If you're in the market to buy a home you should lock in a mortgage rate if you haven't already. Many lenders also allow you to extended a lock in period as well. You will pay a fee for an extension but you will probably still save money with a lower mortgage rate.
 
Author: Brian McKay
May 14th, 2018