Mortgage Applications Decline as Mortgage Rates Increase at the End of 2012

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Mortgage applications for both home purchases and refinances declined in the final two weeks of 2012. The end of the year is a traditionally slower period for mortgage loans as the holidays slowed demand for mortgage loans. Higher mortgage rates slowed demand for homeowners looking to refinance their current loan.

In the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending December 28, 2012, mortgage applications declined 21.6 percent from the week ending December 14, 2012. This week's results include an adjustment to account for the Christmas holiday.
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 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 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 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%
4/17/2019
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 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 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 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 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 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 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 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 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
 
 

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.






Average fixed conforming 30 year mortgage rates increased to 3.52 percent with 0.48 points for the week ending December 28 2012, an increase from the December 14 average of 3.51 percent with 0.45 points. Mortgage rates today on 30 year fixed conforming loans are down 1 basis point to 3.51 percent but you can find lenders quoting 30 year mortgage refinance rates as low as 3.00 percent if you're willing to pay points to buy down the rate.

MBA's Refinance Index decreased 23.3 percent compared to the week ending two weeks prior on December 14, 2012. This is the third consecutive week that the refinance index was lower. Refinance rates were higher in December and up from record lows set in November. The MBA's Purchase Index was down 14.8 percent on a seasonally adjusted basis compared to December 14, 2012.

Current mortgage rates on 15 year conventional home loans are averaging 2.84 percent. In the MBA's survey for the week ending December 28, 2012, the average 15 year rate was at 2.86 percent with 0.27 points, up from the average rate on December 14 of 2.84 percent with 0.21 points.

Today's mortgage rates on 30 year jumbo mortgage loans are still hovering just above 4.00 percent averaging 4.03 percent. In the mortgage survey 30 year jumbo mortgage rates averaged 3.75 percent with 0.61 points, a decline from the December 14 average of 3.77 percent with 0.32 points.

Average FHA mortgage rates for the week ending December 28 were at 3.34 percent with 0.61 mortgage points, a decline from the December 14 average of 3.35 percent with 0.58 points. 30 year FHA mortgage rates today can also be found as low as 3.00 percent with points, varying state by state.

5 year adjustable mortgage rates averaged 2.65 percent with 0.42 points, a decline from the December 14 average of 2.66 percent with 0.33 mortgage points. Today's mortgage rates on 5 year adjustable loans are averaging 2.85 percent but you can find lenders quoting 5 year adjustable refinance rates as low as 2.00 percent with points on our rate tables.
 
Author: Brian McKay
January 9th, 2013