Mortgage Rates Decline Sending Mortgage Loan Demand Higher

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Mortgage rates declined this week sending demand for home loans higher for both home purchases and refinancing in this week's Mortgage Application Survey. In the survey released by the Mortgage Bankers Association average conforming 30 year mortgage rates declined to 3.75 percent with 0.44 mortgage points for the week ending September 7, 2012, down from the prior week's average 30 year mortgage rate of 3.78 percent with 0.38 mortgage points.

When mortgage rates decline demand for loans increases especially for loans to refinance an existing mortgage. The adjusted Refinance Index, which measures loan volume demand for refinances increased 12 percent from the previous week. The Purchase Index, which is a measure of loan demand for home buyers increased 8 percent on a seasonally adjusted basis from one week earlier.



Mortgage rates today on 30 year conforming loans have fallen even further since the MBA's report. Current mortgage rates on 30 year conventional loans are averaging 3.54 percent in Bankrate's national average survey today. You can find lenders offering 30 year mortgage interest rates below the average rates if you comparison shop for rates.

Right now on our 30 year refinance rates list for the state of Ohio there are lenders offering 30 year refinance rates currently at 3.125 percent with points. Not interested in paying points on a loan to buy down the refinance rate? Well we have lenders offering today's refinance rates on 30 year loans at 3.37 percent with no points.

Average 30 year jumbo mortgage rates were at 4.00 percent with 0.30 mortgage points for the week ending September 7, 2012. The average 30 year jumbo mortgage rate is down from last week's average of 4.03 percent with 0.32 mortgage points. Right now on our 30 year jumbo refinance rates list for the state of South Carolina we have lenders offering refinance rates today on 30 year jumbo loans at 3.875 percent with no points.

In the MBA's mortgage survey FHA mortgage rates averaged 3.50 percent with 0.43 mortgage points, a decline from an average 30 year FHA mortgage rate of 3.54 percent with 0.44 points. Right now on our 30 year refinance rates list for California there are lenders offering 30 year rates at 3.125 percent with points, without points you can find current refinance rates as low as 3.25 percent.

Average 15 year conventional mortgage rates averaged 3.07 percent with 0.38 points for the week that ended on September 7, 2012, a decline from the prior week's average 15 year mortgage rate of 3.10 percent with 0.37 mortgage point. Currently on our 15 year refinance rates list in Colorado there are lenders offering refi rates at 2.50 percent with points, without points you can find refinancing rates as low as 2.625 percent.

Average conforming 5 year adjustable mortgage rates have hit the lowest point even in the MBA's survey. In the survey average 5 year conforming mortgage interest rates were at 2.63 percent with 0.47 points, down from the prior week's average 5 year adjustable mortgage rate of 2.64 percent with 0.35 points.

Refinance rates today on 5 year conforming adjustable loans can be found lower than the average of 2.63 percent. Right now on ou 5 year adjustable refinance rates list for the state of Texas there are lenders offering rates as low as 1.75 percent with points and without points you can find lenders offering rates at 2.375 percent.
 
Author: Brian McKay
September 12th, 2012