Mortgage Rates Decline as Fiscal Cliff is Averted
Mortgage rates today are lower as Democrats and Republicans were able to pass an agreement to avoid the fiscal cliff. A bare minimum deal was put together as the sequester of spending cuts was put off for another two months. Both parties compromised on the tax side of the deal, raising the top rate on joint filers earning more than $450,000 to return to 39.6%, up from the 35% rate in place since the Bush tax cuts of 2001.
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Lender
APR
Rate
Cost & Fees
Notes
Bank of Oak Ridge
4.304%
2/14/2019
4.250%
at 0.353 pts
60 day lock rate Est payment: $1,475.82
Fees in APR: $853
Fulton Bank, NA
4.686%
2/19/2019
4.625%
at 0.375 pts
60 day lock rate Est payment: $1,542.42
Fees in APR: $1,007
Bank of America
4.326%
2/13/2019
4.250%
at 0.472 pts
60 day lock rate Est payment: $1,475.82
Fees in APR: $1,289
Santander Bank, N.A.
4.683%
2/19/2019
4.625%
at 0.000 pts
60 day lock rate Est payment: $1,542.42
Fees in APR: $2,004
Apple Federal Credit Union
4.596%
2/13/2019
4.500%
at 1.000 pts
60 day lock rate Est payment: $1,520.06
Fees in APR: $352
LincolnWay Community Bank
4.406%
2/19/2019
4.375%
at 0.000 pts
30 day lock rate Est payment: $1,497.86
Fees in APR: $1,085
Virginia Credit Union
4.465%
2/19/2019
4.375%
at 0.500 pts
45 day lock rate Est payment: $1,497.86
Fees in APR: $1,650
Raymond James Bank, NA
4.662%
2/19/2019
4.625%
at 0.000 pts
45 day lock rate Est payment: $1,542.42
Fees in APR: $1,299
State Department Federal Credit Union
4.557%
2/18/2019
4.500%
at 0.000 pts
60 day lock rate Est payment: $1,520.06
Fees in APR: $2,000
Northwest Federal Credit Union
4.545%
2/13/2019
4.500%
at 0.500 pts
45 day lock rate Est payment: $1,520.06
Fees in APR: $79
Citizens Bank, NA
4.665%
2/15/2019
4.625%
at 0.000 pts
60 day lock rate Est payment: $1,542.42
Fees in APR: $1,408
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. Over the longer term, current mortgage rates will head lower since the Fed is still buying mortgage-backed (MBS) securities to drive rates lower. Although average 30 year rates are at 3.41 percent you can find lenders quoting rates below the average. Right now on our 30 year refinance rates list for the state of Massachusetts we have two lenders, Amerisave.com and AmericanInterbanc.com, quoting 30 year rates at 2.875 percent with 1.875 mortgage points. Average 15 year conforming mortgage rates today are at 2.81 percent, a decline from last week's average 15 year mortgage rate of 2.84 percent. Over the next couple of days average 15 year rates will move higher on higher bond yields but over the next couple of months average 15 year rates will fall below 2.65 percent and possibly as low as 2.50 percent. There are several mortgage companies quoting 15 year conventional mortgage refinance rates well below the current average and lower than 2.50 percent. The lowest 15 year refinance rate on our list for the state of Texas is from Amerisave.com at 2.25 percent with 1.66 points. The lowest 15 year Texas refinance rate on our list without points is from Texaslending.coma at 2.375 percent. 30 year jumbo mortgage rates currently are averaging 4.02 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.08 percent. As with conforming mortgages moving higher, the next two days jumbo mortgage rates will move higher as well but the longer term trend is lower. In 2013 average 30 year jumbo rates will fall back below 4.00 percent and possibly as low as 3.85 percent. You can find lenders quoting 30 year jumbo refinance rates well below the current average of 4.02 percent. The best jumbo rates on our rate list for California are at 3.50 percent with 1.375 percent from Home Loan Enterprise. The lowest California refinance rate without points on our list is from Integrity First at 3.99 percent. 15 year jumbo mortgage interest rates are currently averaging 3.42 percent, a decline from last week's average 15 year jumbo rate of 3.44 percent. 15 year rates will probably move above 3.50 percent over the next few days but will fall as low as 3.35 percent in 2013. Right now the lowest 15 year jumbo refinancing rates on our list for the state of Florida are at CloseYourOwnLoan.com at 2.75 percent with 2 points. The lowest rate without points is from Quick Quote Mortgage at 3.25 percent with zero points. |
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