Refinancing: Fixed Rate Mortgages Most Popular Among Homeowners Refinancing

Fixed rate mortgages are the most popular mortgage product for homeowners refinancing. Regardless of whether their original mortgage was an adjustable mortgage or fixed rate mortgage, the majority of people chose to refinance with a fixed rate mortgage according to Freddie Mac's Product Transition Report.

30 year fixed rate mortgages were the most popular. 15 year fixed rate mortgages gained in popularity among people refinancing who previously had a 30 year mortgage, adjustable mortgage or a balloon mortgage.

Find Current Mortgage Rates Here: Current 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

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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

4.846%

15-Year Fixed

4.625%

$5,912

Includes 0.978 points for $3,912

Lender Fees: $2,000

$3,086 /mo

Next >

NMLS #1513908

5.201%

15-Year Fixed

4.990%

$5,822

Includes 0.879 points for $3,516

Lender Fees: $2,306

$3,162 /mo

Next >

NMLS #1689962

License: 02053435

5.391%

15-Year Fixed

5.250%

$3,708

Includes 0.927 points for $3,708

Lender Fees: $0

$3,216 /mo

Next >

NMLS #2578474

5.393%

15-Year Fixed

5.250%

$3,750

Includes 0.675 points for $2,700

Lender Fees: $1,050

$3,216 /mo

Next >

NMLS #401822

5.409%

15-Year Fixed

5.125%

$7,500

Includes 0.875 points for $3,500

Lender Fees: $4,000

$3,190 /mo

Next >

NMLS #2326098

License: 60DBO-181478

5.436%

15-Year Fixed

5.250%

$5,077

Includes 0.781 points for $3,124

Lender Fees: $1,953

$3,216 /mo

Next >

NMLS #2006915

License: 60DBO-149268

5.457%

15-Year Fixed

5.250%

$5,445

Includes 0.875 points for $3,500

Lender Fees: $1,945

$3,216 /mo

Next >

NMLS #1025894

5.632%

15-Year Fixed

5.490%

$3,712

Includes 0.753 points for $3,012

Lender Fees: $700

$3,267 /mo

Next >

NMLS #1835285

5.864%

30-Year Fixed

5.750%

$5,000

Includes 0.750 points for $3,000

Lender Fees: $2,000

$2,335 /mo

Next >

NMLS #1835285

6.007%

5-Year ARM

5.875%

$5,696

Includes 0.924 points for $3,696

Lender Fees: $2,000

$2,367 /mo

Next >

NMLS #1513908

6.105%

30-Year Fixed

5.990%

$5,186

Includes 0.720 points for $2,880

Lender Fees: $2,306

$2,396 /mo

Next >

NMLS #2578474

6.236%

30-Year Fixed

6.125%

$4,750

Includes 0.925 points for $3,700

Lender Fees: $1,050

$2,431 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.249%

30-Year Fixed

6.125%

$5,469

Includes 0.879 points for $3,516

Lender Fees: $1,953

$2,431 /mo

Next >

NMLS #401822

6.265%

30-Year Fixed

6.125%

$5,995

Includes 1.000 points for $4,000

Lender Fees: $1,995

$2,431 /mo

Next >

NMLS #1689962

License: 02053435

6.319%

30-Year Fixed

6.250%

$2,908

Includes 0.727 points for $2,908

Lender Fees: $0

$2,463 /mo

Next >

6.326%

30-Year Fixed

6.250%

$3,228

Includes 0.625 points for $2,500

Lender Fees: $728

$2,463 /mo

Next >

NMLS #2006915

License: 60DBO-149268

6.355%

30-Year Fixed

6.250%

$4,445

Includes 0.625 points for $2,500

Lender Fees: $1,945

$2,463 /mo

Next >

NMLS #3030

6.368%

15-Year Fixed

6.250%

$3,000

Includes 0.750 points for $3,000

Lender Fees: $0

$3,430 /mo

Next >

NMLS #1025894

6.461%

30-Year Fixed

6.375%

$3,608

Includes 0.727 points for $2,908

Lender Fees: $700

$2,496 /mo

Next >

NMLS #2326098

License: 60DBO-181478

6.881%

5-Year ARM

6.750%

$5,581

Includes 0.907 points for $3,628

Lender Fees: $1,953

$2,595 /mo

Next >

NMLS #3030

6.973%

30-Year Fixed

6.875%

$4,000

Includes 1.000 points for $4,000

Lender Fees: $0

$2,628 /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.

In the fourth quarter of 2009, 80% chose to refinance their mortgage with a 30 year fixed rate mortgage. 5% chose a fixed rate 20 year mortgage when refinancing and 14% chose a 15 year fixed rate mortgage when refinancing.

A record number of home owners refinancing also chose to pay down a portion of their principal when refinancing. This is a big change from the past several years when home owners refinancing took equity out of there home.

I wonder how many of those people had to pay their balance down in order to refinance their loan. Housing prices declined about 30% over the past couple of years so many people owed more than their home is worth. Many more owed more than the 80% of the loan-to-value ratio needed in order to refinance.

With savings account rates and CD rates hovering around 1.50 percent, it makes sense to pay down your mortgage, especially if you can't refinance to a lower mortgage rate unless you pay down part of the principal. Here is a recent Mortgage Rate Report Released by MonitorBankRates.com:

Current Mortgage Rates

The average conforming 30 year mortgage rate is back under 5.00 percent at 4.95 percent this week, down from last week’s average home loan rate of 5.01 percent. 15 year conforming home loans are at 4.34 percent this week, down from the prior week’s average mortgage rate of 4.35 percent.

Fixed Jumbo Mortgage Rates

Fixed 30-year jumbo home mortgage loans are averaging 5.64% this week, down slightly from the previous week’s average mortgage home loan rate of 5.65%. Mortgage refinance rates for jumbo loans are also around 5.645. Fixed 15 year jumbo interest mortgage rates are averaging 5.05% this week, down from last week’s average jumbo loan rate of 5.11%. 15 year mortgage refinance rates are around 5.00%.

Conforming Adjustable Mortgage Rates

Conforming 1 year adjustable mortgage rates are averaging 4.67% this week, up from last week’s average 1 year home loan rate of 4.25%. You can also find refinance rates at 4.67%. Current 3 year adjustable mortgage interest rates are averaging 4.59%, up from last week’s average mortgage interest rate of 4.40%. Conforming 5 year adjustable interest mortgage rates are averaging 4.05% this week, down from the previous week’s average mortgage interest rates of 4.16%. The average 5 year mortgage refinance  rate is around 4.00%. Conforming 7 year adjustable mortgage rates are averaging 4.47%, up from last week’s average loan rate of 4.40%. The average 7 year mortgage refinance rate is at 4.47%. Conforming 10 year bank mortgage rates are averaging 4.90%, up from the previous week’s average mortgage rate of 4.88%. Home loan refinance rates are also around 4.90 percent. The average 10 year mortgage refinance rate is at 4.90%.

Adjustable Jumbo Mortgage Rates

1 year jumbo adjustable mortgage rates are averaging 5.59% this week, down from the prior week’s average home mortgage loan rate.5.65%. The average 1 year home refinance rate is also at 5.59% this week. The average jumbo 3-year jumbo ARM is at 5.27% this week, up from last week’s average adjustable home loan rate of 5.05%. 3 year home refinance rates are averaging 5.27%. 5 year jumbo ARMs are averaging 4.69% this week, down from the prior week’s average home interest mortgage rate 0f 4.76%. The average 5 year refinance loan rate is at 4.69% this week. 7 year jumbo ARMs are averaging 5.61% this week, up from last week’s average loan mortgage rate of 5.50%. 7 year loan refinance rates are also averaging 5.61% this week. The average 10 year jumbo mortgage rate is at 5.92%, up from the prior week’s average 10 year mortgage rate of 5.83%. 10 year refinance loan rates are averaging 5.92%.

Conforming Interest Only Mortgage Rates

3 year interest only mortgage rates are averaging 4.74% this week, up from the prior week’s average interest rate of 4.60%. 3 year IO home loan refinance rates are averaging 4.74%. 5 year interest only loans are averaging 4.32% this week, up from last week’s average five year interest only mortgage rate of 4.27%. The average 5 year home mortgage refinance rate is at 4.32%. 7 year interest only home loans are averaging 4.67% this week, up from last week’s average interest rate of 4.62%.  The average 7 year IO refinance home loan rate is at 4.67% this week.

Jumbo Interest Only Mortgage Rates

3 year jumbo interest only mortgages are averaging 5.57% this week, up from last week’s jumbo interest mortgage rate of 5.55%. The average 3 year jumbo refinance interest rate is at 5.57% this week. 5 year jumbo IO loan rates are averaging 5.28%, down from the prior week’s average IO mortgage rate of 5.32%.  5 year jumbo refinance interest rates are averaging 5.28%. The average jumbo 7 year IO loan mortgage rate is at 6.08%, up from last week’s average jumbo rate of 6.05%. Some of the best refinance rates can be found on IO loans.

Home Equity Loans Rates

The average home equity loan rate was mixed this week over last. 10 year home equity loan rates are at 7.357% this week, unchanged from last week’s average equity home loan rate. 15 year home equity rates are down to 7.479%, down from the prior week’s average home equity rate of 7.512%.

Home Equity Line of Credit (HELOC) Rates

Average home equity line of credit rates were unchanged this week over last. The average HELOC rate is at 4.669% this week, unchanged from last week’s average HELOC rate.