Mortgage Rates: Home Mortgage Rates

The average contract rate for a 30-year mortgage was unchanged this week at 5.34 percent with 1.15 points according to this week's Weekly Mortgage Applications Survey released by the Mortgage Bankers Association. The average contact rate for a 15-year mortgage increased slightly to 4.83 percent this week, up from the prior week's average mortgage contract rate of 4.81 percent. The average contract rate on a one-year adjustable rate mortgage (ARM) also increased, the rate this week is 6.58 percent, up from the previous week's average rate of 6.52 percent.

Even with the increase in home mortgage rates the MBA's mortgage loan application survey increased 10.9 percent on seasonally adjusted basis from a week earlier. The Purchase Index increased 6.7 percent on a seasonally adjusted basis and the mortgage refinance index increased 15.2 percent on a seasonally adjusted basis.

Home Mortgage Rates

Loan Type

Purchase Refinance with Cash out Refinance

State

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District Of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

FICO Score

Superior (780-850) Exceptional (760-779) Excellent (740-759) Very Good (720-739) Good (700-719) Above Average (680-699) Average (660-679) Fair (640-659) Need Improvement (620-639) Poor (350-620)

Loan Amount

$

Points

Up to 0 points Up to 0.5 points Up to 1 points Up to 1.5 points Up to 2 points Up to 2.5 points Up to 3 points

LTV

%

Loan Term

 15-Year Fixed  20-Year Fixed  30-Year Fixed  5-Year ARM  7-Year ARM  10-Year ARM

Show Advertiser Disclosure

The lenders whose rates and other terms appear on this chart are ICB's advertising partners. They provide their rate information to our data partner RateUpdate.com. Unless adjusted by the consumer, advertisers are sorted by APR from lowest to highest. For any advertising partners that do not provide their rate they are listed in advertisement display units at the bottom of the chart. Advertising partners may not pay to improve the frequency priority or prominence of their display. The interest rates, annual percentage rates and other terms advertised here are estimates provided by those advertising partners based on the information you entered above and do not bind. Any lender Monthly payment amounts stated do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Although our data partner RateUpdate.com collects the information from the financial institutions themselves, the accuracy of the data cannot be guaranteed. Rates may change without notice and can change intraday. Some of the information contained in the rate tables including but not limited to special marketing notes is provided directly by the lenders. Please verify the rates and offers before applying for a loan with the financial institution themselves. No rate is binding until locked by a lender.

Lender

APR / Rate

Fees / Points

Payment

NMLS #1835285

5.707%

15-Year Fixed

5.500%

$5,404

Includes 0.851 points for $3,404

Lender Fees: $2,000

$3,269 /mo

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NMLS #1835285

6.620%

30-Year Fixed

6.500%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$2,529 /mo

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NMLS #3030

6.658%

15-Year Fixed

6.500%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$3,485 /mo

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NMLS #1835285

7.132%

5-Year ARM

7.000%

$5,328

Includes 0.832 points for $3,328

Lender Fees: $2,000

$2,662 /mo

Next >

NMLS #3030

7.350%

30-Year Fixed

7.250%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,729 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes and insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.

The increase in home purchase and refinancing is probably because mortgage rates have come down from the recent highs set last month. The week of May 18, 2009, MonitorBankRates.com reported conforming 30-year fixed rate mortgages at 4.85 percent, on June 14, 2009, MBR reported fixed rate conforming 30-year mortgages at 5.70 percent, almost a full percentage point higher in a month's time. 30-year fixed rate conforming mortgages are now around 5.4o percent.

Jumbo Mortgage Rates

30-year jumbo mortgage rates increased a lot less during the same time frame because jumbo mortgage rates haven't come down as much as conforming mortgage rates the past year. On May 18, 2009, the average rate on 30-year jumbo mortgage was at 6.12 percent, on June 14, the average rate was 6.51, today's jumbo mortgage rates are at 6.28 percent.

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