Mortgage Refinance Rates Increase, Mortgage Loan Volume Decreases

Mortgage refinance rates were higher this week sending mortgage loan volume lower. Conforming 30 year mortgage rates averaged 3.65 percent with 0.39 mortgage points in the Mortgage Banker Association's Weekly Application Survey for the week ending October 26, 2012. In the prior week's mortgage survey, average 30 year mortgage rates were at 3.63 percent with 0.45 mortgage points. As a result of higher rates in this week's survey mortgage applications decreased 4.8 percent from one week earlier.

Average mortgage interest rates were higher in the MBA survey this week but will decline in next week's survey on lower 10 year bond yields this week. 10 year yields have fallen from 1.84 percent on October 25, down to yesterday's close of  1.68 percent. This will send 30 year conventional mortgage rates down at least 10 basis points in the coming week and possibly down to a new all-time record low.

The MBA's Market Composite Index, which measures mortgage loan application volume for home purchases and refinances, decreased 4.8 percent on a seasonally adjusted basis from one week earlier. The MBA's Refinance Index, which only measures loan application volume for homeowners refinancing an existing loan, decreased 6 percent from the previous week to the lowest level since the end of August.  The MBA's unadjusted Purchase Index, which only measures loan volume for home purchases, declined 0.3 percent compared with the previous week.

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

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The lenders whose rates and other terms appear on this chart are MRC'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 #2473786

5.015%

15-Year Fixed

4.875%

$3,723

Includes 0.657 points for $2,628

Lender Fees: $1,095

$3,138 /mo

Next >

NMLS #757416

5.121%

15-Year Fixed

4.990%

$3,472

Includes 0.868 points for $3,472

Lender Fees: $0

$3,162 /mo

Next >

NMLS #1025894

5.175%

15-Year Fixed

5.000%

$4,628

Includes 0.982 points for $3,928

Lender Fees: $700

$3,164 /mo

Next >

NMLS #2473786

5.340%

5-Year ARM

5.250%

$4,059

Includes 0.741 points for $2,964

Lender Fees: $1,095

$2,209 /mo

Next >

NMLS #1954591

License: 60DBO-113383

5.418%

15-Year Fixed

5.250%

$4,463

Includes 0.839 points for $3,356

Lender Fees: $1,107

$3,216 /mo

Next >

NMLS #2473786

5.838%

30-Year Fixed

5.750%

$3,843

Includes 0.687 points for $2,748

Lender Fees: $1,095

$2,335 /mo

Next >

NMLS #757416

5.936%

30-Year Fixed

5.875%

$2,664

Includes 0.666 points for $2,664

Lender Fees: $0

$2,367 /mo

Next >

NMLS #1025894

5.959%

30-Year Fixed

5.875%

$3,620

Includes 0.730 points for $2,920

Lender Fees: $700

$2,367 /mo

Next >

NMLS #399799

6.106%

30-Year Fixed

6.000%

$4,703

Includes 0.844 points for $3,376

Lender Fees: $1,327

$2,399 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.222%

30-Year Fixed

6.125%

$4,183

Includes 0.769 points for $3,076

Lender Fees: $1,107

$2,431 /mo

Next >

NMLS #1954591

License: 60DBO-113383

6.357%

5-Year ARM

6.250%

$4,595

Includes 0.872 points for $3,488

Lender Fees: $1,107

$2,463 /mo

Next >

Rate data provided by RateUpdate.com. Displayed by 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.

Mortgage rates today on 30 year conforming loans are at 3.45 percent in Bankrate's national average rate survey. You can find lenders offering 30 year conforming refinance rates below the MBA average and Bankrate's average. Right now on our New Jersey Refinance Rates list we have two lenders offering 30 year refinance rates at 3.00 percent with points. We also have several lenders offering 30 year refinancing rates in New Jersey at 3.25 percent without points.

In the MBA mortgage survey 30 year jumbo mortgage rates averaged 3.94 percent with 0.36 mortgage points, an increase from the prior week's average 30 year jumbo mortgage rate of 3.85 percent with 0.42 points. Current mortgage rates on 30 year jumbo home loans can be found below the MBA's average. Right now on our 30 year jumbo refinance rates list for the state of New York, we have several lenders offering 30 year jumbo refi rates below 4.00 percent with and without points.

30 year FHA mortgage rates in the MBA survey for the week ending October 26, 2012, averaged 3.41 percent, unchanged from the prior week's average FHA mortgage rate. Average mortgage discount points on FHA mortgages increased to 0.76 points, up from the prior week's average of 0.61 points. Today's mortgage rates on 30 year FHA loans are averaging 3.35 percent.

15 year mortgage interest rates were lower in this week's MBA survey. The average conventional 15 year mortgage rate was at 2.95 percent with 0.35 mortgage points, a decline from last week's average 15 year mortgage rate of 2.96 percent with 0.36 points. Mortgage rates currently on 15 year conforming loans are lower averaging 3.84 percent.

You can find many lenders offering 15 year conforming mortgage refinance rates well below the average rates with and without points. Right now on our 15 year refinance rates list for the state of Texas we have two lenders offering 15 year refi rates at 2.25 percent with points. Without points the lowest rate on our list is at 2.50 percent, also below the average rates.

5 year adjustable mortgage rates also declined in the MBA survey. The average 5 year adjustable mortgage rate declined to 2.66 percent, down from the previous week's average 5 year adjustable mortgage interest rate of 2.72 percent. Average discount points remained unchanged at 0.33 points.

Current mortgage rates today on 5 year adjustable loans are averaging 2.95 percent in Bankrate's national average rate survey. On our 5 year adjustable refinance rates list in the state of California we have many lenders offering rates well below the average. The lowest rate is from Aimloan at 1.75 percent with 1.564 mortgage points.

Feel free to search our rate tables to find the lowest rates in your state. We do NOT require any personal information from you to display a list of rates. Most websites practically require you to sign up for a loan to view their rates.