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Low Mortgage Rates Entice Buyers – Home Sales at Highest Pace in 9 Years    Near record low mortgage rates have enticed home buyers this spring, sending existing home sales to their fastest pace in nine years. 30 year mortgage rates are averaging 3.73 percent today, about 30 basis points above the all-time record low set three years ago. The National Association of REALTORS® reported existing home sales are up 1.8 percent month-over-month to a seasonally adjusted annual rate of 5.53 million in May. This is the third consecutive month for gains in existing-home sales. Home sales are now up 4.5 percent from a year ago and are at the highest annual pace since February 2007, at the height of the housing boom. Mortgage rates are expected to stay near these current low levels for the rest of 2016. Low rates will continue to spur home sales this year. While home sales are strong, the low number of homes available for sale continues to hamper many markets. The high demand for homes and the low supply of homes available for sale has sent housing prices higher. In fact, the median sales price for all housing types climbed to an all-time high of $239,700 in May. The median sales prices is up 4.7 percent from a year earlier. Low refinance rates are also enticing homeowners who have a mortgage to refinance their loan. The Mortgage Bankers Association® reported mortgage applications are up 35 percent from a year ago. The refinance share of all mortgage application activity increased to 57.7 percent.
Lender
APR
Rate
Cost & Fees
Notes
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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
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
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
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
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
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
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
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
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
Santander Bank, N.A.
4.557%
4/17/2019
4.500%
at 0.000 pts
60 day lock rate Est payment: $1,520.06
Fees in APR: $2,004
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
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
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
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. |
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