Mortgage Rates a Bit More Costly December 26, 2011

Mortgage rates were slightly more costly for new home loan borrowers for the week ending right before Christmas.  All mortgage loan products in the weekly mortgage rate survey conducted by Selectcdrates.com bumped up on the week.  The good news was that these rate increases were quite mild, none of the home loan products closed the week with rate increases that surpassed the rate reductions experienced in the survey just a week earlier. 

Mortgage rates started out the week little changed from the record lows of the week before and began to drift higher towards the end of last week.  Mortgage interest rates were driven higher right before the holiday weekend where the end of the trading week was marked by very light volume.  Although the rate increase may be viewed as somewhat inconsequential, an important consideration is that the rate changes in the mortgage market did take place towards the tail end of the week.  For real active traders and market watchers, the fact that the big changes in prices or interest rates in this case occurred in light volume, diminishes the value of the movement since small trades can impact the prices of the mortgage bonds and the mortgage rates attached to those bonds. 

Mortgage rates have now moved just a smidgen off of their record lows on the 30 year term fixed rate mortgage.  The average 30 year mortgage rate promoted by the top ten bank mortgage lenders popped up eight basis points or 8/100ths of a percent on the week.  The 30 year mortgage rate in this week’s survey is now sitting at 4.103 percent.

15 year mortgage rates increased by half as much as the 30 year loan.  The average 15 year mortgage rate increased by four basis points over the week.  The average 15 year fixed rate mortgage is now 3.343 percent.

20 year rates bounced up by a very small sum.  The average 20 year mortgage rate was higher by only three basis points which pushed the average up to 3.899 percent.

The ten year mortgage rate change was even smaller than that found in the 20 year term loan.  The ten year mortgage rate increased by half the amount of the increase seen in the 20 year mortgage or two basis points.  The rise in rate brought the average ten year mortgage interest rate up to 3.159 percent.

Jumbo mortgage loans were right in the middle of the rate action.  30 year jumbo mortgage rates showed an increase of five basis points.  The average jumbo mortgage rate closed the week at 4.422 percent after making a start at 4.369 percent.

The 30 year term FHA mortgage matched the gain of the jumbo loans.  The increase of five basis points in FHA mortgage rates pushed the average rate just above 4.00 percent.  The average rate for FHA mortgages in this week’s mortgage rate survey closed just over the 4.00 percent mark to 4.013 percent. 

The Selectcdrates.com mortgage rate survey collects data on mortgage rates and the points charged by each bank mortgage lender on the last business day of the week, the most recent survey results are for December 23, 2011. 

Mortgage rates included in the Selectcdrates.com weekly mortgage rate survey include the mortgage interest rates, points and loan APRs from the nation’s largest banks including: Chase Bank mortgage, US Bank mortgage, Citibank mortgage, Bank of America mortgage, TD Bank mortgage, Wells Fargo mortgage as well as other top bank mortgage lenders.

The mortgage rates displayed are generally based on home loans with a minimum 20% down payment and are available for the most credit worthy borrowers.  The loan down payment, net loan amount, the borrower’s credit profile, geographic location of the property and other factors will impact the mortgage interest rate and costs on an individual mortgage loan request. 

To review a current list of the top bank mortgage lenders and mortgage rates for the December 23, 2011 weekly bank mortgage rate survey please see the following mortgage rate tables: 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.  Bank mortgage rates are also available at Bank of America mortgage rates, Citibank mortgage rates, Chase mortgage rates and Wells mortgage rates.  Individual state mortgage rates can be found at the following pages: Illinois mortgage rates, Massachusetts mortgage rates, Ohio mortgage rates, Missouri mortgage rates and more.

This entry was posted on Thursday, December 29th, 2011 at 12:45 pm and is filed under US Mortgage Rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.