Top Mortgage Rates Up Marginally October 31, 2011

Stock market gains and positive reactions to a potential settlement over the European debt crisis pushed mortgage rate higher during the week.  As the week came to close, the much anticipated European settlement appeared to be a band aid not a solution and mortgage rates closed the week only slightly higher than where they started.  Fortunately for home loan borrowers, mortgage rate and costs and have remained in a very narrow range for the month of October. 

The average rate for a 30 year fixed rate mortgage was a little more expensive on October 28th than it was on October 21.  The average 30 year mortgage rate in the Selectcdrates.com weekly mortgage rate survey advanced by almost five basis points or 5/100th of a percent over the course of the week to end up at 4.288 percent.

The average 15 year mortgage rate changed by a similar sum.  The average rate for a 15 year term mortgage ended the week at 3.533 percent, a rise of 4.2 basis points from the prior week’s average rate of 3.488 percent.

The midterm, 20 year mortgage rate, barely moved from the previous week.  The average rate on a 20 year fixed rate mortgage closed the week at 4.071 percent, a statically insignificant change from the prior week’s figure of 4.072 percent.  

The 10 year mortgage costs increased this week so the average home buyer is paying about five more basis points on the rate.  The average 10 year mortgage rate ended the week at 3.450 percent, a slight increase from the previous 10 year rate.

The 30 year jumbo mortgage loan experienced only a minor incremental rise in the average rate.  The rate on the 30 year jumbo loan was 4.613 percent compared to 4.588 percent last week.

FHA mortgage rates followed the other loan terms and moved just marginally higher over the week.  The average 30 year FHA mortgage rate ended the week at 4.100 percent after starting the week at a cost of 4.063 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 mortgage rates displayed are generally based on home loans with a minimum 20% down payment for the most credit worthy borrowers.  Down payment, 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. 

Mortgage rates included in the survey include Chase Bank mortgage rates, US Bank mortgage rates, Citibank mortgage rates, Bank of America mortgage rates, TD Bank mortgage rates, Wells Fargo mortgage rates as well as other top bank mortgage lenders.

To review a current list of the top bank mortgage lenders and mortgage rates by mortgage product in the weekly bank mortgage rate survey please see the following mortgage 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.

This entry was posted on Monday, October 31st, 2011 at 10:03 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.