Refinance Rates Move Lower Today, Expect Lower Rates in 2013

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After increasing slightly the past two weeks, refinance rates moved lower today and will move lower in 2013 as the Federal Reserve continues to purchase mortgage-backed securities in order to drive rates lower. Refinance rates today on 30 year conforming mortgages are averaging 3.38 percent, down 6 basis points from last week's average refinance rate of 3.44 percent. Current refinance rates on 30 year conforming loans are only slightly higher from the 2012 all-time record low of 3.27 percent.

Other factors beside the Fed that could force mortgage refinance rates even lower are the economy and the politicians. If Washington can't come to an agreement to avoid the fiscal cliff and the economy falls back into a recession, bond yields' plummeting will force mortgage rates even lower from the expected declines.
Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 06101, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from Better.com
Better.com
https://www.brimg.net/system/img/inst/9722_logo.gif
300000
Refinance
4.125
4.125
USD
Better.com Logo
NMLS # 330511
State Lic # ML-330511
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: None
Thank you for your quote. 
 
30 yr fixed mtg refi Mortgage Loan from UniBank for Savings
UniBank for Savings
300000
Refinance
4.536
4.500
USD
UniBank for Savings
4.536%
4/19/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $500
 
 
30 yr fixed mtg refi Mortgage Loan from Liberty Bank
Liberty Bank
300000
Refinance
4.169
4.125
USD
Liberty Bank
4.169%
4/19/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $814
 
 
30 yr fixed mtg refi Mortgage Loan from Union Savings Bank
Union Savings Bank
300000
Refinance
4.399
4.375
USD
Union Savings Bank
4.399%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $852
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.
4.557%
4/19/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from The Washington Trust Company
The Washington Trust Company
300000
Refinance
4.155
4.125
USD
The Washington Trust Company
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,083
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank
4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.291
4.250
USD
The Guilford Savings Bank
4.291%
4/19/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $719
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
4.575
4.500
USD
First National Bank of Omaha
4.575%
4/19/2019
4.500%
at 0.625 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $752
 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.397
4.375
USD
Savings Bank of Danbury
4.397%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $790
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.403
4.375
USD
Citizens Bank, NA
4.403%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $998
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.154
4.125
USD
TD Bank, NA
4.154%
4/16/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $1,043
 
 
30 yr fixed mtg refi Mortgage Loan from United Bank
United Bank
300000
Refinance
4.276
4.250
USD
United Bank
4.276%
4/16/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $911
 
 
30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.365
4.250
USD
Bank of America
4.365%
4/15/2019
4.250%
at 0.903 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,351
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.






With a fiscal cliff compromise and no recession, average 30 year mortgage rates will fall as low as 3.25 percent. Without an agreement we could see average 30 year conventional mortgage rates fall as low as 3.00 percent. There are mortgage companies already quoting 30 year mortgage rates below 3.25 percent and believe it or not, below 3.00 percent.

The lowest rates quoted are usually for those who have credit scores of 740 or higher, although you can still get a decent mortgage rate even if your credit score is below 740. Right now on our New Jersey refinance rates list for homeowners with credit scores between 700 and 719, there is a lender quoting 30 year refinancing rates at 2.875 percent with 1.781 mortgage points. The same lender is also quoting 30 year refi rates in NJ at 3.00 percent with 1.781 points for homeowners with credit scores between 660 and 679.

Current refinance rates today on 15 year conventional loans are averaging 2.78 percent, a decline from last week's average 15 year refinance rate of 2.82 percent. In 2013 average 15 year refinance rates will fall to around 2.60 percent with a budget deal and will fall below 2.50 percent if no deal is reached and the economy falls into a recession.

Right now there are mortgage lenders quoting 15 year conventional refinance rates below the average and below 2.50 percent. On our California refinance rates list we have lenders quoting today's refinance rates on 15 year loans as low as 2.25 percent with points for homeowners with credit scores above 740. Rates quoted for those with credit scores less than 740 are still incredibly good - we have one lender quoting 15 year rates also at 2.25 percent with points.

Current refinance mortgage rates on 30 year jumbo loans are averaging 4.02 percent, a decline from last week's average 30 year jumbo mortgage rate of 4.05 percent. Regardless of whether or not there is a recession in 2013, average 30 year jumbo mortgage rates will fall from these levels. Without a recession, 30 year jumbo rates will fall as low as 3.90 percent. With a recession, 30 year jumbo rates will fall to around 3.75 percent.

These days you can already find mortgage companies quoting 30 year jumbo refinance rates below 4.00 percent and even below 3.75 percent if you're willing to buy down the rate by paying points. The lowest California jumbo refinance rate right now on our rate list are at 3.50 percent with 1.25 points for those with credit scores of 680 or higher. The lowest jumbo refi rates without points on our rate list are at 4.00 percent for those with credit scores above 680.

Average 15 year jumbo mortgage rates today are at 3.42 percent, a decline from an average 15 year jumbo mortgage rate of 3.45 percent. In 2013, average 15 year jumbo rates will fall as low as 3.25 percent and below 3.25 percent if there is a recession. Currently we have lenders in Florida quoting 15 year jumbo refi rates as low as 3.125 percent with points for homeowners with credit scores of 740 or higher.
 
Author: Brian McKay
December 30th, 2012