Mortgage Rates and Mortgage Applications Decline in MBA Survey

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Mortgage rates and applications for refinancing mortgage loans declined in this week's mortgage survey released by the Mortgage Bankers Association. Average mortgage refinance rates have increased since early August but have reversed course and headed down again this past week. Late last week the Fed Charmin, Ben Bernanke, hinted that the Fed is ready to act to drive interest rates lower to help the economy. As a result 10 year bond yields which hit a recent high of 1.85 percent are now back down to 1.56 percent. Mortgage rates have also come down and will probably make new all-time lows this coming week.

In the MBA's Weekly Application Survey for the week ending August 24, 2012, 30 year mortgage rates averaged 3.80 percent with 0.42 mortgage point. The average 30 year mortgage rate is down from the prior week's average rate of 3.86 percent with 0.42 points. In Bankrate's national average survey mortgage rates today on 30 year conforming loans are averaging 3.55 percent.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 95816, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
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
4.259
4.125
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
State Lic # 01525044
(844) 365 - 0454
at 0.100 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $4,459
 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.713
3.625
USD
Agora Lending Logo
NMLS # 1121650
State Lic # 6054815
(877) 387 - 3530
at 0.100 pts
30 day lock rate
Est payment: $1,368.15
Fees in APR: $2,947
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
4.525
4.500
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
State Lic # 01525044
(844) 365 - 0454
at 0.000 pts
30 day lock rate
Est payment: $1,520.06
Fees in APR: $889
 
 
30 yr fixed Mortgage Loan from Agora Lending
Agora Lending
https://www.brimg.net/system/img/inst/10036_logo.gif
300000
Refinance
3.783
3.750
USD
Agora Lending Logo
NMLS # 1121650
State Lic # 6054815
(877) 387 - 3530
at 0.000 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $1,219
Thank you for your inquiry! 
 
30 yr fixed Mortgage Loan from Better Mortgage Inc
Better Mortgage Inc
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
3.894
3.875
USD
Better Mortgage Inc Logo
NMLS # 330511
State Lic # 6052748
at 0.000 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $700
Thank you for your quote. 
 
30 yr fixed Mortgage Loan from NationsChoice Mortgage
NationsChoice Mortgage
https://www.brimg.net/system/img/inst/8111_logo.gif
300000
Refinance
4.167
4.125
USD
NationsChoice Mortgage Logo
NMLS # 164626
State Lic # 4130556
(877) 388 - 3956
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,495
 
 
30 yr fixed Mortgage Loan from Better Mortgage Inc
Better Mortgage Inc
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
3.689
3.500
USD
Better Mortgage Inc Logo
NMLS # 330511
State Lic # 6052748
at 1.100 pts
30 day lock rate
Est payment: $1,347.13
Fees in APR: $3,643
Thank you for your quote. 
 
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
4.078
3.875
USD
Optimum First Mortgage Inc. Logo
NMLS # 240415
State Lic # 01525044
(844) 365 - 0454
at 1.100 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $3,976
 
 
30 yr fixed mtg refi Mortgage Loan from First Tech Credit Union
First Tech Credit Union
300000
Refinance
4.275
4.250
USD
First Tech Credit Union
4.275%
3/20/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $898
 
 
30 yr fixed mtg refi Mortgage Loan from Schools First FCU
Schools First FCU
300000
Refinance
4.278
4.250
USD
Schools First FCU
4.278%
3/25/2019
4.250%
at 0.000 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $995
 
 
30 yr fixed mtg refi Mortgage Loan from Union Bank
Union Bank
300000
Refinance
4.522
4.500
USD
Union Bank
4.522%
3/20/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $771
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of the West
Bank of the West
300000
Refinance
4.419
4.375
USD
Bank of the West
4.419%
3/26/2019
4.375%
at 0.250 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $793
 
 
30 yr fixed mtg refi Mortgage Loan from San Diego County Credit Union
San Diego County Credit Union
300000
Refinance
4.304
4.250
USD
San Diego County Credit Union
4.304%
3/20/2019
4.250%
at 0.500 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $434
 
 
30 yr fixed mtg refi Mortgage Loan from Star One Credit Union
Star One Credit Union
300000
Refinance
3.878
3.875
USD
Star One Credit Union
3.878%
3/25/2019
3.875%
at 0.000 pts
45 day lock rate
Est payment: $1,410.71
Fees in APR: $105
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.280
4.250
USD
LincolnWay Community Bank
4.280%
3/19/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Raymond James Bank, NA
Raymond James Bank, NA
300000
Refinance
4.412
4.375
USD
Raymond James Bank, NA
4.412%
3/26/2019
4.375%
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,299
 
 

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.






The MBA's Market Composite Index, which is a measure of loan demand for home purchases and refinances, decreased 4.3 percent on a seasonally adjusted basis from one week earlier.  The Refinance Index, which is a measure of refinance loan demand, decreased 6 percent. The seasonally adjusted Purchase Index, which is loan demand for home purchases, increased more than 1 percent from one week earlier.

Both the MBA's and Bankrate's average rate are just averages, you can find lenders advertising 30 year conforming rates well below the averages. Some lenders are offering conforming 30 year mortgage refinance rates on our rate tables as low as 3.13 percent with points. We also have lenders offering 30 year refinance rates at 3.38 percent with no mortgage points. Search our rate tables for the lowest mortgage rates in your state.

30 year jumbo mortgage interest rates averaged 4.06 percent with 0.34 mortgage points for the week ending August 24, 2012, a decline from the prior week's average 30 year jumbo mortgage rate of 4.11 percent with 0.42 mortgage points. Current jumbo mortgage rates in Bankrate's national average survey are averaging 4.21 percent.

There are lenders out there offering 30 year jumbo refinance rates today which are lower than the average rates. Right now on our rate tables in the Washington D.C. area there are lenders offering today's refinance rates on 30 year jumbo loans as low as 4.00 percent with points.

Average 30 year FHA mortgage rates were at 3.60 percent with 0.48 mortgage points for the week ending August 24, 2012, down from the previous week's average 30 year FHA mortgage rate of 3.62 percent with 0.50 mortgage points. Currently on our FHA refinance rates list for the state of Nevada there are lenders offering FHA refi rates as low as 3.13 percent with points.

15 year refinance mortgage rates averaged 3.12 percent with 0.44 mortgage points for the week that ended on August 24, 2012. The average 15 year mortgage rate is down from the prior week's average of 3.15 percent with 0.44 points. Mortgage rates today on our rate list in California for a refinance can be found as low as 2.25 percent with 2 points. Without points there are lenders offering rates as low as 2.75 percent.

5 year conforming adjustable mortgage rates made an all-time low in the MBA's survey for the week ending August 24, 2012. Average 5 year conventional adjustable mortgage rates averaged 2.68 percent with 0.36 mortgage points, down from the prior week's average of 2.74 percent with 0.38 points.

Today's mortgage refinance rates on 5 year adjustable loans can be found below the incredibly low average rate. Right now on our rate table in Arizona there are lenders offering 5 year adjustable refinance rates at 1.75 percent with points. Feel free to use our rate tables to search for the lowest mortgage rates for home purchases and refinance rates for refinancing your current loan.
 
Author: Brian McKay
September 2nd, 2012