Low Mortgage Rates Increase Refinance Activity

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Extremely low refinance rates are fueling refinance demand as homeowners take advantage of rates that are better than expected. In Freddie Mac's First Quarter of 2015 Refinance Report, refinance loans accounted for 63 percent of all single family home loan originations.

Mortgage rates are still low, historically speaking, though rates increased this past week. Today's mortgage rates on 30 year loans are averaging 3.87 percent, up from the prior week's average 30 year rate of 3.78 percent. Despite the increase, 30 year mortgage rates are still only 0.50 percent higher than the all-time record low of 3.35 percent set in May 2013.
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
4.450
4.375
USD
eRates Mortgage Logo
NMLS # 1071
State Lic # MC-1772
(877) 387 - 4811
at 0.100 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $2,325
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
4.720
4.625
USD
Ally Bank Logo
NMLS # 181005
at 0.100 pts
45 day lock rate
Est payment: $1,542.42
Fees in APR: $2,998
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
4.359
4.250
USD
Northpointe Bank Logo
NMLS # 447490
at 0.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $3,557
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
4.554
4.375
USD
First Mortgage Direct Logo
NMLS # 244476
State Lic # MC-5877
at 1.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $3,234
 
 
30 yr fixed Mortgage Loan from Sol Mortgage
Sol Mortgage
https://www.brimg.net/system/img/inst/10262_logo.gif
300000
Refinance
9.309
9.125
USD
Sol Mortgage Logo
NMLS # 53112
at 0.100 pts
30 day lock rate
Est payment: $2,440.90
Fees in APR: $4,541
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
4.449
4.375
USD
Capital Bank N.A. Logo
NMLS # 401599
State Lic # 401599
at 0.100 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $2,300
 
 
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.332
4.240
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 388 - 9671
at 0.100 pts
30 day lock rate
Est payment: $1,474.06
Fees in APR: $2,960
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from CIT Bank
CIT Bank
https://www.brimg.net/system/img/inst/10026_logo.gif
300000
Refinance
4.400
4.300
USD
CIT Bank Logo
NMLS # 541760
at 0.100 pts
45 day lock rate
Est payment: $1,484.61
Fees in APR: $3,220
Thank you for your inquiry! We look forward to working with you. 
 
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
4.564
4.375
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
at 1.000 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $3,583
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.630
4.500
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 1.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: $1,509
 
 
30 yr fixed Mortgage Loan from Flagstar Bank
Flagstar Bank
https://www.brimg.net/system/img/inst/6546_logo.gif
300000
Refinance
4.719
4.625
USD
Flagstar Bank Logo
NMLS # 417490
at 0.100 pts
30 day lock rate
Est payment: $1,542.42
Fees in APR: $2,967
Thank you for your 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
4.625
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: None
 
 
30 yr fixed Mortgage Loan from First Mortgage Direct
First Mortgage Direct
https://www.brimg.net/system/img/inst/10212_logo.gif
300000
Refinance
4.625
4.625
USD
First Mortgage Direct Logo
NMLS # 244476
State Lic # MC-5877
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
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) 387 - 4811
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
4.898
4.875
USD
Flagstar Bank Logo
NMLS # 417490
at 0.000 pts
30 day lock rate
Est payment: $1,587.62
Fees in APR: $777
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
4.230
4.230
USD
Commonwealth Mortgage, LLC Logo
NMLS # 1023
State Lic # MC-5814
(877) 387 - 2871
at 0.000 pts
30 day lock rate
Est payment: $1,472.31
Fees in APR: None
Thanks for the inquiry! 
 
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
4.519
4.500
USD
ConsumerDirect Mortgage, a division of First Bank Logo
NMLS # 472433
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
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
4.460
4.460
USD
Sol Mortgage Logo
NMLS # 53112
at 0.000 pts
30 day lock rate
Est payment: $1,512.93
Fees in APR: None
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from Republic Bank
Republic Bank
https://www.brimg.net/system/img/inst/2248_logo.gif
300000
Refinance
4.506
4.500
USD
Republic Bank Logo
NMLS # 402606
at 0.000 pts
45 day lock rate
Est payment: $1,520.06
Fees in APR: $219
Thanks for the inquiry! 
 
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.625
4.625
USD
HomeDirect Mortgage Logo
NMLS # 403501
at 0.000 pts
30 day lock rate
Est payment: $1,542.42
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
4.875
4.875
USD
Ally Bank Logo
NMLS # 181005
at 0.000 pts
45 day lock rate
Est payment: $1,587.62
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
4.490
4.490
USD
LoanLock Logo
NMLS # 237507
at 0.000 pts
30 day lock rate
Est payment: $1,518.27
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
4.625
4.625
USD
JG Wentworth Home Lending Logo
NMLS # 2925
State Lic # MC-1875
at 0.000 pts
45 day lock rate
Est payment: $1,542.42
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
4.490
4.490
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 388 - 9671
at 0.000 pts
30 day lock rate
Est payment: $1,518.27
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
4.511
4.500
USD
Northpointe Bank Logo
NMLS # 447490
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: $379
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Flagstar Bank
Flagstar Bank
https://www.brimg.net/system/img/inst/6546_logo.gif
300000
Refinance
4.548
4.375
USD
Flagstar Bank Logo
NMLS # 417490
at 1.100 pts
30 day lock rate
Est payment: $1,497.86
Fees in APR: $2,727
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from eRates Mortgage
eRates Mortgage
https://www.brimg.net/system/img/inst/9139_logo.gif
300000
Refinance
4.367
4.250
USD
eRates Mortgage Logo
NMLS # 1071
State Lic # MC-1772
(877) 387 - 4811
at 1.100 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $825
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed Mortgage Loan from CIT Bank
CIT Bank
https://www.brimg.net/system/img/inst/10026_logo.gif
300000
Refinance
4.377
4.250
USD
CIT Bank Logo
NMLS # 541760
at 1.100 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $1,192
Thank you for your inquiry! We look forward to working with you. 
 
30 yr fixed Mortgage Loan from Sol Mortgage
Sol Mortgage
https://www.brimg.net/system/img/inst/10262_logo.gif
300000
Refinance
9.557
9.125
USD
Sol Mortgage Logo
NMLS # 53112
at 1.100 pts
30 day lock rate
Est payment: $2,440.90
Fees in APR: $7,831
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
4.264
4.115
USD
Sebonic Financial Logo
NMLS # 66247
State Lic # MC-1825
(877) 388 - 9671
at 1.100 pts
30 day lock rate
Est payment: $1,452.21
Fees in APR: $1,979
Thank you for your inquiry, we will be in touch shortly. 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.927
4.875
USD
Citizens Bank, NA
4.927%
12/7/2018
4.875%
at 0.125 pts
60 day lock rate
Est payment: $1,587.62
Fees in APR: $1,408
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.609
4.500
USD
Bank of America
4.609%
12/12/2018
4.500%
at 0.842 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $1,289
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.913
4.875
USD
Raymond James Bank, NA
4.913%
12/11/2018
4.875%
at 0.000 pts
45 day lock rate
Est payment: $1,587.62
Fees in APR: $1,299
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.778
4.750
USD
TD Bank, NA
4.778%
12/7/2018
4.750%
at 0.000 pts
45 day lock rate
Est payment: $1,564.94
Fees in APR: $982
 
 
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%
12/12/2018
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 Northwest Federal Credit Union
Northwest Federal Credit Union
300000
Refinance
4.818
4.750
USD
Northwest Federal Credit Union
4.818%
12/12/2018
4.750%
at 0.750 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%
12/10/2018
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%
12/11/2018
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
4.794
4.750
USD
Bank of Oak Ridge
4.794%
12/13/2018
4.750%
at 0.227 pts
60 day lock rate
Est payment: $1,564.94
Fees in APR: $853
 
 
30 yr fixed mtg refi Mortgage Loan from Virginia Credit Union
Virginia Credit Union
300000
Refinance
4.820
4.750
USD
Virginia Credit Union
4.820%
12/11/2018
4.750%
at 0.250 pts
45 day lock rate
Est payment: $1,564.94
Fees in APR: $1,650
 
 
30 yr fixed mtg refi Mortgage Loan from Fulton Bank, NA
Fulton Bank, NA
300000
Refinance
4.926
4.875
USD
Fulton Bank, NA
4.926%
12/11/2018
4.875%
at 0.250 pts
60 day lock rate
Est payment: $1,587.62
Fees in APR: $1,007
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.934
4.875
USD
Santander Bank, N.A.
4.934%
12/13/2018
4.875%
at 0.000 pts
60 day lock rate
Est payment: $1,587.62
Fees in APR: $2,004
 
 

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 home prices the past several years has increased cash-out refinances. Approximately 27 percent of borrowers increased their loan amount when refinancing. Borrowers either cashed out some equity or consolidated loans when refinancing.

During the height of the housing bubble when the home was treated as a piggy bank, 89 percent of borrowers increased their loan amount when refinancing. Even if home prices continue to rise, the percentage of borrowers doing a cash-out refinancing will never be that high again as a result of more stringent loan requirements.

34 percent of borrowers who refinanced in the first quarter refinanced to a shorter loan term. Refinancing to a 15 year loan from a 30 year loan can save tens of thousands, if not hundreds of thousands of dollars with a shorter term loan.

34 percent shortened loan term when refinancing

Mortgage rates today on 15 year conforming loans are averaging 3.01 percent, 86 basis points lower than conforming 30 year rates. If you can afford the higher monthly mortgage payments that come with a shorter term loan, you should seriously consider it for the savings. Unfortunately, many people assume they can't afford the higher monthly payments without actually looking into the numbers to see if it is feasible or worth some belt-tightening adjustments.

The average mortgage interest rate reduction on refinances in the first quarter was 1.2 percent. That translates into an annual savings of about $5,000 in mortgage interest on a $400,000 home loan.

An overwhelming majority of borrowers chose a fixed-rate mortgage when refinancing. More than 95 percent of borrowers choose a fixed-rate mortgage regardless of what their original loan had been. 76 percent of borrowers who had an adjustable loan refinanced into a fixed-rate loan.

Freddie Mac estimates that borrowers who refinanced in the first quarter of 2015 will collectively saved more than $1.4 billion in interest payments over the first year of their new loan.

By the end of 2015, 30 year refinance rates will likely be between 4.50 percent and 5.00 percent. Rates will also continue to increase in 2016 and beyond. If you're considering refinancing your loan, now is the time to do so. Likewise if you're thinking financing the purchase of a home, you should do so before rates move higher.

Not only are mortgage rates moving higher in the coming years, home prices will also continue to rise. The increase in home prices has accelerated recently because of the shortage of homes available for sale. Realtor.com reported home prices are going up faster than they were just a few months ago.

With rates and home prices continuing to increase, now is the time to look closely into your refinancing and purchasing options.
 
Author: Brian McKay
May 2nd, 2015