Refinance Applications Drop During Holiday Week as Refinance Rates Decline

Refinance applications declined during the Memorial Holiday as refinance rates on several types of mortgage products declined to new all-time lows. In the Mortgage Bankers Association's Weekly Mortgage Application Survey 30 year fixed conforming mortgage rates dropped to a new all-time low of 3.91 percent with 0.46 points for the week ending May 25, 2012. This is down from the prior survey average of 3.93 percent with 0.39 points.

The MBA's mortgage survey is a trailing survey and average 30 year mortgage rates today are even lower. The current national 30 year mortgage rate is at 3.76 percent. Rates are lower today because 10 year bond yields tumbled to 1.62 percent yesterday on European debt issues.

Mortgage applications for both home purchases and refinancing declined this week's survey which wasn't adjusted for the early Friday closing for the Memorial Holiday weekend. The Refinance Index declined 1.5 percent from the previous week and the Purchase Indexed declined 0.6 percent from 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 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

5.315%

15-Year Fixed

5.125%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$3,190 /mo

Next >

NMLS #401822

5.554%

15-Year Fixed

5.250%

$8,000

Includes 1.000 points for $4,000

Lender Fees: $4,000

$3,216 /mo

Next >

NMLS #2059741

5.626%

15-Year Fixed

5.490%

$3,536

Includes 0.884 points for $3,536

Lender Fees: $0

$3,267 /mo

Next >

NMLS #1025894

5.756%

15-Year Fixed

5.625%

$3,404

Includes 0.676 points for $2,704

Lender Fees: $700

$3,295 /mo

Next >

NMLS #6606

5.884%

15-Year Fixed

5.740%

$3,732

Includes 0.933 points for $3,732

Lender Fees: $0

$3,320 /mo

Next >

NMLS #1835285

6.356%

30-Year Fixed

6.250%

$4,500

Includes 0.625 points for $2,500

Lender Fees: $2,000

$2,463 /mo

Next >

NMLS #1835285

6.513%

5-Year ARM

6.375%

$5,804

Includes 0.951 points for $3,804

Lender Fees: $2,000

$2,496 /mo

Next >

NMLS #2059741

6.569%

30-Year Fixed

6.490%

$3,312

Includes 0.828 points for $3,312

Lender Fees: $0

$2,526 /mo

Next >

NMLS #1025894

6.721%

30-Year Fixed

6.625%

$3,956

Includes 0.814 points for $3,256

Lender Fees: $700

$2,562 /mo

Next >

NMLS #401822

6.770%

30-Year Fixed

6.625%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,562 /mo

Next >

NMLS #3030

6.889%

15-Year Fixed

6.750%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$3,540 /mo

Next >

NMLS #6606

6.960%

30-Year Fixed

6.875%

$3,468

Includes 0.867 points for $3,468

Lender Fees: $0

$2,628 /mo

Next >

NMLS #3030

7.589%

30-Year Fixed

7.500%

$3,500

Includes 0.875 points for $3,500

Lender Fees: $0

$2,797 /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.

Refinance applications still make up the majority of all mortgage applications because current refinance rates are so low and home buyers are still waiting on the sidelines. The National Association of Realtors reported and unexpected 5.5 drop for April Pending Home Sales after three months of gains. You can view this video on Pending Home Sales from the NAR here:

30 year conforming mortgages weren't the only mortgage product to make all-time record lows in the survey. 15 year mortgage rates, 30 year FHA mortgage rates and 5 year adjustable mortgage interest rates all made record lows for the week ending May 25, 2012.

15 year mortgage rates averaged 3.23 percent with 0.39 points, down from the May 18th average of 3.26 percent with 0.42 points. Today's refinance rates on 15 year mortgages are even lower averaging 3.07 percent. You can also find some lender's offering 15 year refi rates under 3.00 percent if you're willing to pay points.

Average 30 year FHA mortgage rates hit an all-time record low of 3.70 percent with 0.59 points, down from the May 18th average of 3.73 percent with 0.57 points which was also a record.

Jumbo mortgage rates declined to 4.23 percent with 0.40 points, down from an average jumbo mortgage interest rate of 4.25 percent with 0.42 points. Refinance rates today on 30 year jumbo loans are slight higher at 4.38 percent.

There are lender's offering 30 year jumbo refi rates lower including Aimloan which is offering 30 year CA refi rates at 4.20 percent with 0.63 points. Citibank is offering 30 year jumbo refinancing rates slightly higher than the averages at 4.40 percent with zero points.