Mortage Rates Today Help Continued Gradual Healing of Housing Market

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A recent report by Fannie Mae’s (FNMA/OTC) Economic & Strategic Research Group shows cautious optimism that the gradual recovery of the housing market will continue thanks to record low mortgage rates today and record low home affordability. With current mortgage rates on 30 year conforming loans just above 3.50 percent home buyers in many areas of the country are finding the monthly cost of owning a home is one again cheaper than renting.

Homeowners are also taking advantage of record low refinance rates today and refinancing to a lower rate loan. Just this past week the Mortgage Bankers Association reported that FHA refinance volume exploded to an all-time high. A recent lowering of FHA premiums on streamlined refinance home loans came into effect last week and borrowers jumped on the opportunity to refinance to a lower refinance rate without increasing their FHA premiums.
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 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 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 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 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
 
 
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 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 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 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 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 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 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 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
 
 

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.






In Fannie Mae’s report cautious optimism that the housing market will continue to do well since home sales are up 8 percent year over year even with a low growing economy and all the negative economic news recently released.

A housing recovery faces many headwinds, including high unemployment with slow employment growth expected for the next couple of years. A steady steam of foreclosed properties coming on the market which will keep a lid on home prices for the next several years.

Rising student loan debt with the possibility of interest rates doubling on federal student loans for 7.4 million college students. Thankfully congress appears to be closing in on a compromise with the Obama Administration which will prevent the interest rate from doubling come July.

Until unemployment comes down from over 8 percent and consumer sentiment increases the housing market will struggle. On a positive note the Federal Reserve is doing everything it can to drive mortgage rates lower to help housing recover from the worst bust since the depression of the 1930's.
 
Author: Brian McKay
June 25th, 2012