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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.

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.
Author: Brian McKay
November 1st, 2012