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US Mortgage Rates Remain Low In the face of Mixed Market Signals

Brexit Vote Produces Rush of Refinances with Near Record Low Mortgage Rates

Mortgage Rates Break Below 3.50%

Brexit Drives Mortgage Rates Lower

Mortgage Rates Tumble, Borrowers (should) Rejoice

Rate Expectations be Dammed, Mortgage Rates at 3 Year Low

Mortgage Rates Hold in a Very Low Range

Low Mortgage Rates Hang On as Financial Markets Improve

New Econimic Data Points to Mortgage Rates Heading Higher

Mortgage Rates Remain Low, New Loan Application Volume Soars

30 Year Mortgage Rates Under 3.75% Borrow, Borrow, Borrow

Mortgage Rates Continue to Fall with Slow Growth Expectations

Stock Market Losses Great for Mortgage Rates

After Fed Rate Hike Low Mortgage Refinance Rates Remain

Fed Rate Hike Impact on Mortgage Rates and Home Loans

Mortgage Rates Hold at Just over 4.00%

Mortgage Rates Fall After Lousy September Employment Numbers

Bargain Jumbo Mortgage Rates

Mortgage Rates Dip Again in July

Ultra Low Rate Jumbo Rates – Refi or Buy Now

Mortgage Rates Still Under 4% but Moving North

Mortgage Rates High Point for Year but Remain Under 4%

Mortgage Rates Move Lower with the Rest of the Interest Rate Market to Start New Year

Mortgage Rates Continue Descent thru Mid December

30 Year Mortgage Rates Under Four Percent, Again

Mortgage Rates Drop…Really Drop

Rising Mortgage Rates, Oh My

Based on Current Mortgage Rates, It’s time to Borrow and Borrow Often

Mortgage Payments Drop Over $75.00 per Month

Mortgage Rates Moving Lower for Refinancing and New Home Buyers in August

Mortgage Rates Tumble Lower, Again

Mortgage Rates Rise After June Jobs Numbers

Lower Mortgage Rates Persist into June

Memorial Day Weekend Brings Modestly Lower Mortgage Rates

Mortgage Rates Little Changed Going into May

Last Week of April 2014 and Mortgage Money Remains Dirt Cheap

First Full Week of February 2014 and Mortgage Rates Hold

Cheaper Mortgage Rates Across the Board Going into February 2014

Mortgage Rates Trickle Lower Defying Market Expectations

Mortgage Rates Jump to End 2013

Mortgage Rates More Costly after Turkey Day

Mortgage Rates Pullback Week Ending November 15, 2013

Sizeable Jump in Mortgage Rates After Release of Monthly Jobs Report

Mortgage Rates Up Modestly Going into November

Home Mortgage Rates Slide with Fed Taking the Spotlight

Mortgage Rates Drop with Focus on the Fed after Government Ends Shutdown

Mortgage Rates End Higher as Congress Continued to Duke it Out

Long Term Mortgage Rates Slide an Itsy Bit Lower

Mortgage Rates Keep On Moving Lower

No Taper Puts an End to the Rise in Mortgage Rates

Mortgage Rates Slide in Mid September

Mortgage Rates Bounce Higher to Start September

Mortgage Rates Dip as August Ends

Mortgage Rates Holding after Jumping Higher in Early August

Mortgage Rates Jump in Mid August

Mortgage Rates Make Modest Retreat in Mid July 2013

Mortgage Rates Jump Again to Start the Month of July, 2013

Big Spike in Mortgage Rates Hit Mid June 2013

Mortgage Rates Dip Slightly June17, 2013

A Calm Rise for Mortgage Rates for the First Full Week in June

30 Year Mortgage Rates Down April 29, 2013

Mortgage Rates Tip Toe Lower April 22, 2013

Mortgage Rates Hold Firm for the Second Week of April

Mortgage Rates Measurably Lower for the First Week of April

Mortgage Rates and Mortgage Loans Get Cheaper Again April 1, 2013

Mortgage Rates Down Again March 25, 2013

Mortgage Rates Drop Across the Board March 18, 2013

Mortgage Rates Up after Jobs Report March 11, 2013

Mortgage Rates at the Largest Banks Fall March 4, 2013

Mortgage Rates Rise Show Very Little Change February 25, 2013

Mortgage Rates Rise Sideways to Slighter Higher February 11, 2013

Mortgage Rates Rise Again February 4, 2013

A Rise in Mortgage Rates January 28, 2013

Mortgage Rates Flat January 21, 2013

Mortgage Rates Move Back Down this Week January 14, 2013

Mortgage Rates Jump Higher January 7, 2013

Mortgage Rates Little Changed at End of Year

Mixed Mortgage Rates Running up to the Holidays December 24, 2012

Mortgage Rates Start to Climb December 17, 2012

Current Rate Survey Shows Little Action in Mortgage Rates December 10, 2012

Another Drop in Mortgage Rates December 3rd, 2012

Mortgage Rates Marginally Higher Again This Week November 26, 2012

Small Uptick in Mortgage Rates November 19, 2012

Post Election, Mortgage Rates Tumble November 12, 2012

Mortgage Rates Fall Again Even After Good Jobs Report November 5, 2012

Home Mortgage Rates Advance Over the Week October 22, 2012

Mortgage Rates Down by a Tad October 15, 2012

Mortgage Rates Display Minor Blip Higher After Big Fall October 8, 2012

Mortgage Rates Nose Dive Lower October 1, 2012

Mortgage Rates Simply Incredible after Fed Action September 24, 2012

Fed Pushed Mortgage Rates Under 3.75 Percent September 17, 2012

Mortgage Rates Mixed with Downward Bias September 10, 2012

Mortgage Rates Slide After Fed Comments September 3, 2012

Mortgage Rates Decidedly Higher August 20, 2012

Mortgage Rates Hold Up Well This Week August 13, 2012

Mortgage Rates Mixed with a Slight Bias Higher August 6, 2012

Mortgage Rates Bounce Along the Bottom July 30, 2012

All Mortgage Rates Driven Lower on Poor Jobs Report July 9, 2012

Mortgage Rates Mixed with the 30 Yr Up and FHAs Down July 2, 2012

Mortgage Rates Show Modest Increase June 25, 2012

Mortgage Rates Back Down June 18, 2012

Bank Mortgage Rates Lower June 4, 2012

Top Bank Mortgage Rates Down May 14, 2012

Bank Mortgage Rates Keep Drifting Lower May 7, 2012

Four in Row for Mortgage Rate Reductions April 30, 2012

Mortgage Rates Drop for Third Week in a Row April 16, 2012

Mortgage Rates Down for Second Consecutive Week April 9, 2012

Mortgage Rates Make Minor Retreat March 26, 2012

Mortgage Rates Surge Higher March 19, 2012

Mortgage Rates Lethargic March 12, 2012

Mortgage Rates Take a Dip March 5, 2012

Mortgage Rates See Minor Improvements February 27, 2012

Mortgage Rates Running in Place February 20, 2012

Mortgage Rates Increase February 13, 2012

Mortgage Rates Show Small Increase February 6, 2012

Mortgage Rates Down to End the Month January 30, 2012

30 Year Mortgage Rates Reversed Last Week’s Drop and Pushed Higher January 23, 2012

30 Year Mortgage Rates Under Four Percent Yet Again January 16, 2012

Mortgage Rates Move Higher January 9, 2012

Mortgage Rates Drop to Record Lows to Start the Year January 2, 2012

Mortgage Rates a Bit More Costly December 26, 2011

Mortgage Rates Hit Record Lows December 19, 2011

Mortgage Rates Reach Near Record Lows December 12, 2011

Mortgage Rates Take a Light Dip December 5, 2011

Mortgage Rates Sneak Slightly Higher November 28, 2011

Mortgage Rates Slip Slightly November 21, 2011

Mortgage Rates Remain Relatively Stable November 14, 2011

Mortgage Rates Drop Again November 7, 2011

Top Mortgage Rates Up Marginally October 31, 2011

Bank Mortgage Rates Lower October 24, 2011

Top Bank Mortgage Rates October 17, 2011

Top U.S. Bank Mortgage Rates October 10, 2011

Top Ten Bank Mortgage Rates October 3, 2011

The Twist on Bank Mortgage Rates September 26, 2011

Bank Mortgage Rates September 19, 2011

US Mortgage Rates September 12, 2011

US Mortgage Rates Guide September 6, 2011

Weekly US Mortgage Rates Report August 29, 2011

US Mortgage Rates August 22, 2011

US Mortgage Rates August 15, 2011

US Mortgage Rates August 8th, 2011

US Mortgage Rates August 1, 2011

US Mortgage Rates July 25, 2011

US Mortgage Rates July 18, 2011

US Mortgage Rates July 11, 2011



US Mortgage Rates Remain Low In the face of Mixed Market Signals

New home loan borrowers ought to be rejoicing as US mortgage rates have continued to hold in a very tight range despite a plethora of mixed market signals.  A recent run of diverging economic information and data points have managed to push US mortgage rates higher but the rate increases have pushed rates only fractionally above the low point that was reached in June.

Mortgage rates hit historic lows in June following the surprising Brexit vote in the U.K. that rocked the financial markets and drove U.S. interest rates lower.  While the financial markets have mostly rebounded since that historic event, interest rates have not returned to their pre-Brexit levels.

Now, the interest rate markets are digesting a variety of different information facts and figures that normally act as drivers for mortgage rates.  Recent Federal Reserve member speeches and comments have provided a strong foundation for a rate increase or perhaps even two before the year ends.  A Fed rate increase will most likely provide a lift to mortgage rates.

Fortunately for mortgage borrowers, a steady stream of sluggish economic data has contradicted the position of the Fed and is providing a ceiling for mortgage rates.  A poor monthly jobs report, less that robust GDP results, and continued distress in overseas markets has led a number of economists to be certain that the Fed is not in the best position to raise interest rates during or before their next scheduled meeting.

As bond traders digest the incoming data, the most popular mortgage loans have interest rates that have remained well under 4.00%.  Based on the most recent survey of mortgage rates conducted by SelectCDrates.com on September 9th, 2016 the average rate on a 30 year conforming loan offered by the nation’s leading bank mortgage lenders was 3.569%.

30 year FHA rates and jumbo rates held right along with the conventional loan rates. The average 30 year FHA mortgage rate came in at 3.525%.  Rates offered on jumbo mortgages were identical to the FHA rates at 3.525%.

Short term mortgage rates have also held up well (remaining low) throughout the summer months.  The average 15 year mortgage rate is now at 2.902%, based on the current mortgage rate survey.  Ten year mortgage rates are under 2.75% with an average cost of just 2.749%.  20 year mortgage rates are running closer to the 30 year term loans with a current average rate of 3.344%.

The most recent weekly survey of bank mortgage rate conducted by SelectCDrates.com calculates the average rate offered on a variety of home loan products from the nations’ leading bank mortgage lenders for the week ending September 9th, 2016.  The actual mortgage interest rates offered for a specific property and borrower will depend on a number of factors including but not limited to; the home loan type selected, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.

Brexit Vote Produces Rush of Refinances with Near Record Low Mortgage Rates

Mortgage rates have dropped to near record lows causing a flood of new mortgage refinances.  The dramatic dip in mortgage rates was spurred by outcome of the vote in the United Kingdom to exit the European Union.

Voters in the United Kingdom voted on a national referendum on June 23rd to determine whether Britain would remain a member of the European Union.  Britain exiting the EU evolved into the term, Brexit.  The voters decided to leave the union and financial markets panicked.

As a result of the panic and turmoil in the financial markets, stocks experienced a sizeable sell off and bond markets saw a dramatic increase in buying activity.  The activity in bonds pushed prices higher and interest rates lower.  Mortgage bonds were a direct beneficiary of the buying activity and as a result, consumer home mortgage rates fell.

The average rate for the 30 year fixed rate conforming mortgage dropped by almost 0.25 percent immediately following the Brexit vote.  The drop in mortgage rates – and interest rates in general – was swift and strong.  Fortunately for prospective new home loan borrowers, the drop in interest rates was not just an overreaction by the financial markets.  Low mortgage rates have held now for several days after the Brexit vote.

Based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com on July 8th, the average rate on new 30 year mortgage loan available at the nation’s leading mortgage lenders was 3.515 percent.  The current 30 year mortgage rate is fractionally lower than it was immediately after the Brexit vote when the outcome of the vote pushed the 30 year rate slid to 3.597 percent.

The drop in rates has set off a new round of mortgage refinance activity.  Mortgage applications have jumped by almost 15 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 1, 2016.  With mortgage rates holding at these levels going into mid-July, it looks like mortgage applications are due to climb yet again.

Mortgage Rates Break Below 3.50%

Six days of lower interest rates have pushed the benchmark, 30 year conforming mortgage below 3.50% for the first time in years.  Rates on mortgage backed securities and treasuries have improved measurably in June after the financial markets were hit by a surprise when the United Kingdom voted in favor of the “Brexit’.

The current trend of lower mortgage rates was certainly not in the forecasts, of course neither was the outcome on the vote calling from Britain to leave the European Union, the “Brexit”.  Going into the month of July, the uninterrupted drop in mortgage rates is even more surprising.

After the Brexit vote shocked the investment community, stock markets around the globe took major dips with losses between 5-10% in most major indices.  These losses were quickly erased within a matter of days in several, not all, of the major stock market averages.  While many equity markets rebounded to near pre-Brexit levels, bond prices did not and interest rates held at near all-time lows.

The catalyst for lower bond rates and mortgage rates was clearly the Brexit vote in Europe but the reasons they are holding at these low levels is a bit of a mystery.  For many investors and financial soothsayers, low interest rates are just a reflection of the slowdown in global economic activity.  The slowdown in production keeps inflation low, wage rates low, and pressures central banks to keep pedal to the floor regarding easing money policies.  For now, these market forces or sentiments are pushing borrowing costs for new and existing homeowners near record lows.

30 year mortgage rates are now hovering right below 3.50%.  The average rate on a 30 year home loan sits at 3.495% based on the current survey of bank mortgage rates conducted by SelectCDrates.com on July 1st.  Jumbo mortgage rates are also available below 3.50% with an average interest rate of 3.443%.  FHA mortgage rates didn’t quite break the 3.50% mark with the average 30 year FHA rate coming in at 3.543%.

Short term rates moved lower but didn’t tumble to the extent found in the longer term home loans.  15 year mortgage rates slid down to 2.878%.  The 20 year mortgage skidded down to an average rate 3.369%.  The ten year term mortgage skated well below 3.00% with the average rate on these short term home loans ending the week at 2.771%.

A new jobs report comes out on Friday July 8th, this report is sure to provide plenty of fodder for market prognosticators and generally moves the market one way or another over the short term.  With rates at very low levels combined with last month’s relatively horrendous jobs report, a surprise to the upside is probably more likely than a disappointing report leading to even lower rates.  Strong employment numbers generally lead to higher rates. Just food for thought for new home loan borrowers sitting on the fence.

The most recent weekly survey of bank mortgage rate conducted by SelectCDrates.com calculates the average rate offered on a variety of home loan products from the nations’ leading bank mortgage lenders for the week ending July 1st, 2016.  The actual mortgage interest rates offered for a specific property and borrower will depend on a number of factors including but not limited to, the home loan type selected, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.

Brexit Drives Mortgage Rates Lower

Mortgage rates fell to their best levels in more than three years after the results were announced on the Brexit vote or the decision by the voters in Britain to break away from the European Union (EU).  Rates on mortgage bonds and those passed on to consumers were entirely driven by the polling results on the Brexit without regard to economic data released in the U.S. or around the globe.

The impact of the Brexit on financial markets is really no surprise, the outcome of the vote certainly was, as new treaties and trade agreements have to be written with EU countries independently during a time when economic growth is tenuous at best.  A destabilizing decision during unstable economic times, bad formula.

Bond rates and mortgage rates hit their low points during the day on Friday, shortly after the Brexit results were interpreted by investors and bond traders.  Mortgage rates did close out the week off of the best levels that had been reached intraday on Friday.  Nonetheless, mortgage rates ended the week measurably lower.

Based on the most recent survey of mortgage rates available at the nation’s leading bank mortgage lenders conducted by SelectCDrates.com on the close of business Friday, the average 30 year mortgage rate dropped to 3.597%.  The average 30 year jumbo mortgage rate ended the week under 3.50% at 3.455%.  FHA mortgage rates ended right in the mid-range of the conforming rates and jumbo rates with an average cost of 3.565%.

Short and midterm mortgage rates were also lower at week’s end.  15 year mortgage rates and 10 year mortgage rates both dipped under 3.00%.  The average 15 year mortgage rate came in at 2.904% while the average 10 year mortgage rate was 2.785%.  20 year mortgage rates were only a smidgen lower than the 30’s with an average interest rate of 3.407%.

The future course of mortgage rates will most certainly follow the Brexit saga.  The final departure from the EU may take up to two years per the conditions of EU agreements however, employment and economic growth in the UK is going to be impacted on a faster timeline as businesses fear expanding operations and employment in Britain during the period of withdrawal.

Other EU nations will also endure some economic risks as a result of the Brexit vote but the impact on other nations is unclear.  The uncertainty should keep interest rates low for an extended period of time.  For how long will mortgage rates remain depressed based on one event, it’s far too early to tell.

The most recent weekly survey of bank mortgage rate conducted by SelectCDrates.com calculates the average rate offered on a variety of home loan products from the nations’ leading bank mortgage lenders for the week ending June 24, 2016.  The actual mortgage interest rates offered for a specific property and borrower will depend on a number of factors including but not limited to, the home loan type selected, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.

Mortgage Rates Tumble, Borrowers (should) Rejoice

A trifecta of economic factors is making June a bonanza month for mortgage borrowers and new home buyers.  First up, mortgage rates keep moving lower, reaching a new three year low just this past week.  Inflation is brewing, leading to asset appreciation or more importantly, housing appreciation.  And the economy is moving along with wages looking up, job stability holding on, and businesses churning out profits.  It’s time to find the right property and use cheap financing to your advantage.

Based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com on June 10th, the average 30 year mortgage rate dropped to 3.628%.  That’s a hair above 3.50% to borrow money for 30 years at a fixed interest rate.  With interest rates set to rise later this year and inflation headed higher as well, borrowers can let inflation eat away at the value of the monthly mortgage payment.

Consumer prices in the United States went up 1.1 percent year over year in April of 2016, the latest figures available.  The year over year figure is still relatively mild considering the inflation rate in the United States has averaged 3.30 percent from 1914 until 2016.  However, the monthly jump in the index of 0.4 percent in May is an increase over the previous month’s increase and the biggest increase in three years.

Prospective homebuyers and home loan borrowers may be looking at the ideal time to buy a new home.  Mortgage rates are low and the direction of interest rates is looking up.  Rate increases by the Federal Reserve are planned for the second half of 2016 and long term borrowing costs are sure to rise in the future as a result of Fed actions.  Higher interest rates down the road make mortgage rates look attractive now and will also help push inflation higher, keep housing prices moving along, and fuel wage growth.

Higher inflation and fixed borrowing costs are a home buyer’s best friends.  Millennial renters should also factor in two other key benefits of homeownership, the combined tax breaks of mortgage interest deductions and real estate taxes.  The tax breaks with low mortgage rates and borrowing costs make a compelling argument for homeownership over renting especially after rental rates have risen so dramatically in the past few years.

Today’s low mortgage rates are not just available for cookie cutter, conforming 30 year loans.  Results of the latest mortgage rate survey show 30 year jumbo mortgage rates falling almost ¼ of a percent below the 30 year conforming loan to 3.503%.  Government loan borrowers are also enjoying rates that are beneath those on standard conforming loans.  The average rate on 30 year FHA mortgages is down to 3.603 percent.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ leading bank mortgage lenders for the week ending June 10, 2016.

The mortgage rate information obtained in the survey assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The actual mortgage interest rates for a specific property and borrower will depend on a number of factors including but not limited to, the loan type, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.

Rate Expectations be Dammed, Mortgage Rates at 3 Year Low

Mortgage rates dropped to a three year low during the third week of May.  Even with a steady flow of reports from Fed officials regarding the prospects for future rate hikes from the central bank, mortgage rates managed to drift lower.

The benchmark, 30 year fixed rate home loan rate ended the week at 3.673%, based on survey of the nation’s largest bank mortgage lenders conducted by SelectCDrates.com on May 13, 2016.  30 year FHA mortgage loan rates dropped to 3.600% and 30 year jumbo mortgage rates closed out the week at 3.520%.

Short term and mid-term mortgage rates followed right along with the more popular 30 year loans.  15 year mortgage rates crossed below the 3.00% threshold for the first time in three years with the average rate on this mid-term home mortgage coming in at 2.945%.  The 10 year mortgage rate slipped to 2.835% and the 20 year mortgage rate stayed within a fraction of the 30 year rate at 3.465%.

Mortgage bonds, along with Treasury bonds, experienced an increase in prices and a corresponding drop in interest rates throughout the month of May. Mortgage lenders set their consumer rates based on the prices and interest rates of mortgage backed securities which often move in tandem with the prices and rates found on ten year U.S. Treasury bonds.

The low point for rates was reached on Friday, May 13th, with rates falling even after the Commerce Department released retail sales data that showed a stronger than expected gain in sales for the month of April.

Most economists had been predicting a rise in mortgage rates, along with a general increase in consumer interest rates, through 2016.  These forecasts have been obliterated as interest rates have fallen throughout the year with just brief bounces along the way.

The forecasts for higher rates seemed quite logical at the start of the year after the Fed increased the fed funds rate for the first time in almost a decade.  In addition, the recent dip in rates comes after several months of strong monthly jobs reports, a Fed that is leaning towards tighter policies, and signs of rising inflation.

With the unemployment rate at 5%, consumers finally spending their savings from lower energy costs and wage increases, and uncertainty over global growth in mature economies waning, the soothsayers may get their forecast back on track after all.  Borrowing rates this low with rising wage pressures and increasing inflation expectations are certainly not going to hold on very long.

Mortgage Rates Hold in a Very Low Range

Mortgage rates, along with most bank savings and lending rates, showed very little movement as the Easter holiday came to a close at the tail end of March.  30 year mortgage rates available at the nation’s leading mortgage lenders were mostly unchanged on the week with a slight movement to the downside.  Throughout the month of March, mortgage rates have been relatively stable, holding at very low rates and costs for new borrowers.

Based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com on March 28, the average 30 year mortgage rate has drifted slightly lower for new home loan borrowers to 3.820%.  During the first week of March, the average 30 year rate was at 3.802%, showing a less than ¼% change through the month.

FHA mortgage rates with a 30 year term are just below the conforming 30 year rates.  The average 30 year FHA rate is 3.728%.  The average rate on FHA loans were fractionally higher during the first week of March when they came in at 3.750%.

30 year jumbo mortgage rates remain the lowest among the more popular 30 year loan programs.  Jumbo mortgage rates in the latest mortgage survey dipped to 3.580%.  The current jumbo rate is a bit lower over where the average rate was at the start of the month when the 30 year jumbo loan had a cost of 3.653%.

Short term mortgage rates haven’t fared as well as the longer term loans in the month of March though, the overall rates remain quite low on these loan products.  The average rate for a 15 year term mortgage loan is currently at 3.132%.  The 15 year started out in the month of March a few basis higher at 3.168%.  The 20 year mortgage rate was at 3.563% at the onset of March and has now ticked up by a couple of basis points as well to 3.588%.

The lack of volatility in mortgage rates is not likely to hold going into the second quarter. The U.S. economy continues to show slow but steady strength.  Strength in our economy is offset by weakness around the globe.  The global uncertainty and monetary easing abroad has had a measurable impact on the bond market by keeping prices high and rates low. However, as long the uncertainty doesn’t turn into a hard landing in a major world economy, continued growth in the U.S. is sure to push loan demand higher and drive the Federal Reserve to initiate another small rate increase.

The bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation including Chase Bank, Citibank, SunTrust Bank, TD Bank, Key Bank, Bank of America, and other regional banks.  The bank mortgage rates in the current survey were obtained on March 28, 2016 by SelectCDrates.com.

Low Mortgage Rates Hang On as Financial Markets Improve

Mortgage rates have been bumped up slightly over the past two weeks but remain at very low levels.  The lift in mortgage rates has been relatively mild especially after some strong economic data regarding the U.S. economy and a turnaround in a number of other financial investment classes.

The most recent survey of bank mortgage rates conducted by SelectCDrates.com on March 11, show 30 year term mortgage rates, across all major loan programs, have held under 4.00%.  The benchmark, 30 year conforming mortgage rate is at 3.842% based on the lasts survey of bank mortgage rates conducted by SelectCDrates.com.  Jumbo mortgage loans with a 30 year term sit well below the conforming rate with an average rate of 3.678%.  30 year FHA rates are also holding below conforming loan costs with an average rate of 3.778%.

Rates are above their lows of 2016 but are still well below the average home loan costs seen when 2015 came to a close and the Fed announced the end of their extraordinary monetary easing measures.  The latest rate uptick has also not followed the rebound that has been taking place in other financial markets and investment classes.

Bond markets, including the mortgage bond market, appear to be stuck between the outlook for the global economy and the outlook for our domestic economy.  Through most of 2016, the global economic outlook has taken over the sentiment of investors bringing about a positive influence on mortgage rates.

Fears over the slowdown in China, Brazil and other emerging markets are certainly valid concerns.  However, should the weaker outlook for these economies continue to influence the U.S. economic forecast is questionable.  So far, the anxiety over the global economic picture has had impacted prices on a number of U.S assets classes including interest rates as prices for safe and secure U.S. bonds have been pushed higher driving their interest rates lower.

The Fed has not let up over their position that the U.S. economy continues to expand and the outside forces on our rates coming from slow economic development overseas and monetary easing delivered from foreign central bankers will influence U.S interest rates.  But their conclusion remains that these outside forces are not extensive enough to derail the Fed’s path to higher interest rates over the course of the year.

Adding to the Fed’s rather hawkish position that calls for higher rates, commodity prices are on a multi-week rebound and the U.S. stock market has made a measurable bounce higher. The stock market is often seen as a barometer over future growth and the rebound in commodity prices generally indicates stronger demand for those raw goods and will help those emerging markets that depend upon higher prices for their raw materials.  All and all, signs that interest rates should continue to come off of their lows and crawl higher.

The bank mortgage rates in the current survey were obtained on March 11, 2016 by SelectCDrates.com.  The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation.

The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

New Econimic Data Points to Mortgage Rates Heading Higher

It was a week in which the economic winds appeared to change course.  A change that bodes well for the economy but may not foretell good fortune for new mortgage borrowers.  The changing winds came in the form of positive economic news that was rather potent, potent enough to push the conversation about an impending recession in the U.S. off the table, at least for now.

Fortunately, the mortgage bond market took the data in stride with only a modest uptick in mortgage rates.

Positive economic news and data usually pushes mortgage rates higher.  While, mortgage rates are slightly elevated this week, the rise is not commensurate with the array of generally positive economic reports.

The biggest data point delivered this past week was the monthly employment report.  The jobs reports showed a better than expected gain in new jobs for the month of February as well as revisions higher for the prior two months.

GDP data for the fourth quarter of 2015, released just as February closed, was slightly better than expected.  Real GDP increased at a rate of 1 percent in the fourth quarter of 2015.  The numbers were also revised up for the third quarter to show a 2 percent increase.

Consumer data has held up strong even while, industrial and manufacturing activity had soured at the start of the year.  The last personal income and consumer spending statistics showed income jumping 0.5 percent in January as did consumer spending, both accounts were higher than expected.

The positive flow of data has pushed the stock market higher over the past three weeks and commodity prices have made a remarkable rebound including oil and iron ore prices.  But, interest rates have failed to fall suit.  Bank lending rates and Treasury rates have bounced off their lows but are still well below where they were at the start of the year.

Based on the most recent mortgage rate survey conducted by SelectCDrates.com on March 7, the average 30 year mortgage rate available at the nation’s leading bank mortgage lenders has risen just fractionally higher over the past two week.  The rate on the benchmark 30 year loan remains well under 4.00% with an average cost of 3.802%.

30 year jumbo mortgage rates were also lifted higher by a slim margin.  Jumbo mortgage rates in the current survey remain below the costs on a 30 year conforming loan with the average 30 year jumbo mortgage rate sitting at 3.653%.

FHA mortgage rates are also holding below conforming rates. F HA loan rates for a 30 year term home loan are at 3.750%, based on data in the latest SelectCDrates.com mortgage rate survey.

The bank mortgage rates in the current survey were obtained on March 7, 2016 by SelectCDrates.com.  The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from some of the largest bank mortgage lenders across the nation.

The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

Mortgage Rates Remain Low, New Loan Application Volume Soars

Mortgage rates moved fractionally higher in mid-February.  The average cost of new home loan moved up by roughly 1/8th of a percent on most home loan products.  The ongoing distress in global financial markets is shaping rates and continues to keep a lid on consumer loan rates.  The distress in the investment community has been widespread as seen in falling oil prices, iron ore prices, metals, grains, U.S. stocks, Chinese stocks, any bank related investments in Europe and more.

The selloff in these markets has pushed a fair bit of money into the safety of bonds especially U.S Treasury bonds and mortgage bonds which are not only highly liquid but come with the financial backing of the U.S government. Increased demand for these bonds raises their prices and pushed down interest rates.  Hence, investor distress and economic anxieties leads to lower interest rates.

For many investors, current mortgage holders, mortgage experts, and related professionals that are involved the mortgage industry, lower mortgage rates have come as a surprise.  Most professional had expected higher rates after the Fed had just embraced a new cycle of interest rate increases.  The rate dip may or not be short lived, there seems to be no consensus among economists regarding the state of the U.S economy or how long the uncertainty in global markets will continue.  For now, market turmoil is borrowers best friend as it continues to feed the demand for safe haven investments like Treasury bonds and mortgage bonds.

The average 30 year mortgage rate in the current SelectCDrates.com survey inched up ever so slightly to 3.687%.  Jumbo mortgage rates were almost unchanged from the previous week with an average rate of 3.563%.  30 year FHA mortgage rates matched the increase in conforming loans and ticked up to 3.730%.

Midterm home loan rates increased a tad more than the 30 year term loans on a relative scale.  The average 15 year mortgage rate bounced up by almost ¼ of a percent to 3.086%.  The 20 year is now only fractionally lower than a 30 year term loan with an average interest rate of 3.538%.  The ten year term home loan was lifted just marginally and remains under the 3.00% threshold at 2.887%.

The lower rates have created a flood of new mortgage loan applications during a time of year when the industry is generally still in the hibernation stage.  Based on data generated from the Mortgage Bankers Association, mortgage applications rose by more than 8% last week.  Not surprisingly, refinance activity is taking up the lion’s share of the new applications accounting for almost 65% of all mortgage applications.

30 Year Mortgage Rates Under 3.75% Borrow, Borrow, Borrow

Average mortgage rates declined measurably during the first week of February and in fact, have been declining throughout the onset of 2016.  New home loan borrowers can now find 30 year mortgage rates that are well below 4.00% with many banks promoting new mortgage loan rates that fall below 3.75%.

In an environment in which the Federal Reserve has started down a path of increasing rates and inflation is starting to pop up for the first time in several years, mortgage loan rates this low may be seen as an opportunity that should not be viewed lightly.

Fortunately for new borrowers, there is currently no shortage of bad news regarding economic activity overseas and corporate profits at home that are hindering any developing trends towards higher interest rates.  While this may not seem to be significant news or noteworthy information for home loan shoppers, these developments are highly relevant to loan rates.

The bad news over the sluggish economic activity in Asia and emerging economies is helping to push commodity prices lower along with corporate profits for a number of multinational companies.  These results are in turn, crushing the stock market and boosting bond prices as investors make the flight to the safety by investing in U.S dollar denominated bonds.  More money into bonds pushes their prices higher and the interest rates attached to these bonds lower.

The flight to safety, in spite of the Fed’s decision to pursue a course of less accommodative monetary policy, has pushed the yields and interest rates on U.S Treasury bonds and mortgage backed bonds considerably lower this year.  The end of result of all this turmoil is ultra-low mortgage rates across a wide spectrum of home loan products.

The average interest rate for 30 year fixed rate mortgage with a conforming loan amount has fallen to 3.684% based on the latest survey of bank mortgage rates conducted by SelectCDrates.com on February 8th, 2016.

Jumbo mortgage rates have fallen ever further relative to conforming loan rates going into February.  The average rate on jumbo home loans, those with balances in excess of $417,000, has dropped to 3.499% based on the current survey.

30 year FHA mortgage rates are moving to the downside as well, hovering at just below 3.75%.  The average FHA rate for a new home purchase now stands at 3.725%.

Short and midterm mortgage rates followed right along in the rate slide.  15 year mortgage rates dipped down to 3.053%.  Ten year mortgage rates crossed under 3.00% and are now sitting at 2.901% at the nation’s leading mortgage lenders.

The mortgage rates in the current survey were obtained on February 8, 2016.  The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from some of the largest bank mortgage lenders across the nation.  The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.

The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

Mortgage Rates Continue to Fall with Slow Growth Expectations

30 year mortgage rates are now measurably below four percent.  Along with lower rates on the benchmark 30 year mortgage, 15 year term mortgage rates have dropped like a rock and are quickly approaching the three percent mark.  Mortgage rates across the board are reaching lows not seen since the third quarter of 2015.  FHA rates, jumbo rates, and midterm rates have all followed along with the recent trend of lower rates that started around mid-December 2015 and kicked into high gear at the tail end of January 2016.

The push for lower rates is driven by investors’ concerns about economic progress.  The prospect of slower economic growth, domestically and abroad, in the first half of 2016 is trumping any and all action put forward by the Federal Reserve to move interest rates higher.  The big shift seen into bonds and bond funds makes sense during times of market uncertainty or expectations of slow growth and inflation.  Ten year Treasuries are now well below 2% once again as money flows into the fixed income market.

The Feds recent statement, released in January, validates the markets consternation over the state of economic growth.  The latest press statement shows the fed changing their view of activity with their word choice replacing “expanding at a moderate pace” to “slowed late last year.”  At the end of January an exclamation point was added to the economic outlook when the fourth quarter GDP data was released showing growth of just 0.7 percent.

World economies are in no better shape or, more accurately, are generally in much worse shape than the U.S, economy.  Growth in China is slipping.  Slipping from what, to what, is open for debate but, all data points show less consumption and production in the middle kingdom.  Brazil is teetering with recession, lower oil is killing Russia, and Japan recently endured a rate cut by the Bank of Japan to stimulate their stagnant economy.

All the economic distresses in the market has pushed the 30 year mortgage rate down to 3.788% based on data from the latest bank mortgage rate survey conducted by SelectCDrates.com on February 1st, 2016.  30 year jumbo mortgage rates dropped to 3.670%.  FHA mortgage rates with a 30 year term descended to 3.753%.

Borrowers that are looking for a lower rate and shorter term will find the average 15 year mortgage rate is at 3.116%.  The ten year is just fractionally lower at 3.102%.

For how long mortgage shoppers and new borrowers will be able to celebrate is up for a fiery debate.  The Fed is in the midst of new tightening policy that calls for more rate hikes in 2016.  This contrasts with our slow growth environment and the actions of other central banks to continue easing.

The bank mortgage rates in the current survey were obtained on February 1, 2016 by SelectCDrates.com.  The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation.

The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

More information regarding today’s mortgage rate can be found by searching the SelectCDrates.com data base that includes rates from dozens of the top lenders across the nation including the best 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates, all mortgage rates, and jumbo mortgage rates.

Stock Market Losses Great for Mortgage Rates

Mortgage borrowers have reason to celebrate going into the New Year.  Mortgage rates have dropped lower for yet another week as we go enter the second week of January.  Mortgage rates have been on a slow downward trajectory since the last month of 2015, running in clear contrast to market expectations.

Rates have drifted lower even with the Fed’s announcement to push interest rates higher in mid-December and have fallen further right through the surprisingly strong jobs report that was released in early January.

Based on the most recent survey of bank mortgage lenders conducted by SelectCDrates.com on January 8th, the average 30 year mortgage rate is just a hair over 4.00% at 4.036%.  Both, 30 year jumbo rates and 30 year FHA rates, have crossed below the 4.00% threshold.  The average 30 year jumbo home loan rate is 3.790% while the average 30 year FHA mortgage rate is 3.808%.

One factor working in favor of new mortgage borrowers is the selloff in the stock market.  The selloff is not just a happening in the U.S. equity market but selling has been running amok throughout most global equity markets, from China to Brazil.  The money jumping out of the stock markets is rushing into the safety of fixed income securities such as U.S. Treasury bonds and mortgage bonds.

Investors have historically moved money into the bond market because it is considered a safer investment, especially U.S. bonds and within that category mortgage bonds and Treasury bonds are the instrument of choice.  As a result of the funds flow into bonds, bond prices are rising and mortgage interest rates are falling.

The recent rate reductions in the mortgage market has taken place across a broad spectrum pf home loan products.  The average rate on the popular 30 year fixed mortgage is down as are shorter term loan products such as 15 year mortgage rates, 10 year mortgage rates, and 20 year mortgage rates.

With a wide array of low home loan rates to choose from, borrowers that are looking to buy or refinance can benefit from the current state of the market.  Buyers and current homeowners can choose the popular 30 year loan terms or they move over to a shorter term loan.  Shorter term loans generally have slightly lower interest rates and allow the borrower to pay off their principal balance more quickly.

Those borrowers that are looking to refinance or have tried and failed in the past can also benefit from the low rates and the slow thaw in loan qualifications that has occurred in the mortgage industry.  Even if rates don’t move lower, homeowners could benefit from easing conditions in the credit markets which is producing more lenient underwriting standards and easier loan approvals.

In view of the Fed’s recent position regarding future interest rate hikes, more than one are being considered in 2016, the reprieve on mortgage costs may be short lived.  Unfortunately, consumers are not paying attention.  The most recent data from the Mortgage Bankers Association shows mortgage applications down by approximately 25% at the end of the year.

After Fed Rate Hike Low Mortgage Refinance Rates Remain

The Fed rate hike in December of 2015 pushed interest rates mildly higher towards the end of the year but the move was quite restrained and conservative pricing from a number of mortgage lenders is now providing ample opportunity for borrowers to refinance at very low rates.

When the Fed hiked rates, mortgage rates were elevated by only a small fraction for a number of reasons.  A key factor supporting the Fed’s decision to raise rates was the strengthening economy.  In fact, the Fed action was delivered as a signal that the U.S. economy is on solid footing.  Unfortunately, there are also many in the financial community that believe an economic contraction might just be right around the corner.

While these facts may not seem terribly significant to the average home loan borrower, mortgage rates, and interest rates in general, are greatly impacted by the economic outlook.  Rates tend to rise when there is economic growth and fall during times of economic contractions.

For now, the concerns over a slowdown, combined with turbulence in overseas markets, is dominating the bond market with interest rates showing little upward intensity.  Based on the most recent survey of mortgage rates conducted by SelectCDrates.com on the last business day of 2015, mortgage rates have shown an increase of less than five basis points or 0.05% over the entire of month December.  One basis point is equal to 1/100th of a percent.

From the survey results, it is clear to see that the average 30 year mortgage rate has changed very little through the month of December, even with the mid-month Fed rate hike.

The average 30 year mortgage rate coming from the nation’s leading bank mortgage lenders in the current survey is just over 4.00% at 4.096%.  This compares to an average rate of 4.066% in the survey for the week ending December 21st and 4.057% found in the survey for the week ending December 4th.

Borrowers that are interested in refinancing their current home loan will pay a slight premium over the rate for a home purchase.  The average 30 year refinance rate in the survey is 4.157%.

A sample of the current refinance rates in the survey for a property in Florida with a $250,000.00 balance include:

BBT Bank mortgage rates –
30 year mortgage refinance rate 4.125% with 0.25 points and an APR of 4.186%.
Whitney Bank mortgage rates –
30 year mortgage refinance rate 4.125% with 0.50 points and an APR of 4.212%.
Cadence Bank mortgage rates –
30 year mortgage refinance rate 4.125% with 0.00 points and an APR of 4.250%.
Chase Bank mortgage rates –
30 year mortgage refinance rate 4.250% with 0.125 points and an APR of 4.296%.
Wells Fargo mortgage rates –
30 year mortgage refinance rate 4.375% with 0.00 points and an APR of 4.397%.

Additional rate information and lender data can be found at the SelectCDrates.com mortgage rates table which includes 30 year mortgage rates, 15 year mortgage rates, refinance mortgage rates, FHA rates, jumbo rates and more.

Fed Rate Hike Impact on Mortgage Rates and Home Loans

The Federal Reserve has finally made the big decision to raise interest rates and, oh my, has it hit the mortgage market.  OK, that’s a bit of an exaggeration.  It’s even more than a bit of an exaggeration.  Mortgage rates have shown little interest or activity regarding the Fed’s decision to raise the fed funds rate.  Almost two weeks after the Fed decided to increase the fed funds rate from nearly zero for the first time since 2008, mortgage rates have hardly budged.

The average 30 year mortgage rate available at the nation’s leading bank mortgage lenders moved up to 4.124% during the day before Christmas.  Based on the latest bank rate survey conducted by SelectCDrates.com, 30 year mortgage rates are only fractionally higher than they were in the previous week or the week before that.

For the week ending December 21, the average 30 year mortgage rate was just under six basis less expensive than where it is now.  The average 30 year mortgage rate in the December 21st survey was 4.066%.  For the average $225,000.00 home loan, the rate differential between last week and now results in a monthly payment change of $7.57 per month.

For the week ending December 14, which was the week immediately preceding the rate hike by the Fed, the average e30 year mortgage rate was 4.047%.  In the roughly, two weeks since the Fed rate hike, the average 30 year mortgage rate has moved up by less than eight basis points.  One basis point is equal to 1/100th of a percent.

Jumbo mortgage rates and FHA mortgage rates were almost as inactive as the benchmark, 30 year conforming loan.  The average 30 year jumbo mortgage rate ended the week at 3.848%.  Jumbos were just seven basis points lower two weeks earlier, the last rate survey before the Fed decision.  30 year FHA rates were at 3.840% just before Christmas and were only three basis points cheaper in the survey two weeks before.

The change, or lack of change, in mortgage rates matches the action in ten year Treasury bonds which often move in conjunction with mortgage bond rates and prices.  The ten year Treasury rate started the month with a yield of 2.15%, reached 2.30% on the day of the Fed announcement, and settled back down to 2.25% on December 24th.  Not much of change after the historic move made by the Federal Reserve.

It looks like mortgage rates are going to make it through the month of December almost unaffected after the Fed announcement.  But, now that the Fed has sent a signal that they are in a tightening mode, the possibility for more volatility in interest rates is likely in the coming months.  Market participants and prospective home loan borrowers will have to pay close attention to the economic data coming forth to see how mortgage rates may react.  Data that impacts rates and Fed action the most include economic output, inflation data, and jobs numbers.

Mortgage Rates Hold at Just over 4.00%

Mortgage rates at the nation’s largest bank mortgage lenders were little changed going into the final days of November.  Interest rates in general, were little changed through the holiday shortened, last week of November.  The 30 year fixed rate mortgage was bumped up by less than ten basis points during the week ending November 27, 2015.  The average rate on the 30 year term conventional home loan at the big bank mortgage lenders moved up to 4.051% based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com.  One basis point is equal to 1/100th of a percent or 0.01%.

Out of the three most popular 30 year term home loan products, the conventional 30 year loan is the only one currently holding above the 4.00% level.  The 30 year jumbo mortgage rate barely budged in late November with the average rate drifting up by a few basis points to 3.790%.  30 year FHA mortgages were up by about as much as the jumbos, ending the week with an average rate of 3.838%.

Mid-term mortgage rates continue to be offered with a wide spread between terms.  The average rate offered on the short term, 10 year mortgage, came in at 3.116% in the current survey.  15 year mortgage costs climbed up marginally to an average rate of 3.355%.  The 20 year mortgage has been no bargain to borrowers as the rate on these loans have slowly crept closed to the rate on a 30 year loan.  The average rate on the 20 year mortgage now stands at 3.800% or less than a ¼ of a percent beneath the 30 year rate.

Prior to bumping up in early November, mortgage rates had been flat.  Upside rate movements should come as no big surprise however, U.S. economic data has been mostly stronger than expected which generally pushes interest rates higher.  Working against the strong domestic economy, which helps to keep interest rates in check, are the problems with other developed nations that have experienced extremely slow growth and are working with policies that drive their interest rates down.

The strong November jobs report and communications by the Federal Reserve that a rate increase may be on the table for the next meeting in December has pushed mortgage rates higher.  The good news is, after all is said and done, mortgage rates remain at historically low levels holding between 3.75% and 4.25%.

The bank mortgage rates in the current survey were obtained on the close of business November 27, 2015 by SelectCDrates.com.  The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation.

The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

More information regarding today’s mortgage rate can be found by searching the SelectCDrates.com database on dozens of the top lenders across the nation including the best 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates, all mortgage rates, and jumbo mortgage rates.

Mortgage Rates Fall After Lousy September Employment Numbers

The disappointing monthly employment report released on Friday accelerated the already strong downside move that has been taking place with mortgage rates.  The dismal numbers in the monthly report depicted an ominous economic picture for the U.S, economy.  The jobs report has provided a compelling reason on why the Fed did not raise interest rates during their last meeting and provides an equally compelling basis for holding interest rates at their current low levels through the end of the year.  All in all, not great news for our economic outlook but good news for mortgage rate shoppers.

There were some market participants that questioned why mortgage rates did not fall further after the bleak jobs report on Friday.  However, mortgage rates had been moving lower through most of September some strong moves lower coming shortly after the Fed announced their plans to hold rates steady at the September 17th press announcement.  Since mortgage rates had already reached some of their best levels of the year in the weeks prior to the jobs report, there wasn’t a lot of room for mortgage rates to fall further.

After the disappointing jobs number on Friday, the average cost of a conventional 30 year fixed rate home loan offered by the nation’s leading mortgage lenders dipped down to 3.817%.  The decline in the popular 30 year mortgage loan rate pushes the average monthly mortgage payment down to $817.12 for a loan amount of $175,000.00.

The average cost of a 30 year jumbo mortgage continues to run below the average rate on conventional 30 year fixed rate mortgages.  30 year jumbo mortgage rates were slipped down to 3.633% this past week. 

FHA mortgage rates split the difference between conventional rates and jumbo rates.  The average 30 year FHA mortgage rate at the nation’s top lenders dropped to 3.713%

Short and midterm mortgage rates moved right along with the more widely selected 30 year term loans.  15 year mortgage rates closed out the week at just over 3.00% with an average rate of 3.074%.  The ten year term loan crossed below the 3.00% rate and ended the week at 2.879%.  The 20 year mortgage loan was not nearly as responsive to the downside moves and closed out at 3.609%

While the weak data in the jobs report and the sluggish numbers coming from many other nations has put  pressure on bond rates, many economist are concerned that the low inflation we have seen for an extended period of time will soon come to an end.  The rationale for higher inflation rates rests on the transitory trends with the high value of the dollar and the price of oil.  If these factors settle down, inflation will ultimately return and interest rates will move higher with the actual and expected increase in prices.

The current bank mortgage rates listed are based on a survey of bank mortgage rates conducted on the close of business October 2nd, 2015 by SelectCDrates.com.  The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation. 

The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

More information regarding today’s mortgage rate can be found by searching the SelectCDrates.com data base on dozens of the top lenders across the nation including the best 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates, all mortgage rates, and jumbo mortgage rates.

Bargain Jumbo Mortgage Rates

The nation’s leading bank mortgage lenders are once again offering jumbo mortgage rates under 4.00 percent.  The extended low rate environment has kept mortgage costs at desirable levels across a wide spectrum of home financing products, not just jumbo loans, but jumbo rates under 4.00 percent is an uncommon occurrence.  Rates on jumbo loans have not just dropped below the 4.00 percent barrier but, the average rate has now dropped noticeably below the rates offered on similar term conforming loans. 

Back in 2008, when the financial crisis crushed the housing market and mortgage market, jumbo loans became very pricey.  Because these loans are not secured and traded like conforming loans with the benefit of backing from FNMA and FNMC, when the market became jittery the mortgage lenders backed away from these loan products.  Now, the big mortgage lenders see opportunity in high grade jumbo loans.  When the lenders back away they raise mortgage rates to the borrowers and when the lenders are more comfortable with the risk and return with these loans, rates come down.

Right now, the comfort level with jumbo loans is high as evidenced by the current ultra rates offered by a large array of lenders.  As of the close of business on Friday, Chase Bank was offering a 30 year jumbo mortgage for a home purchase in Illinois at 3.625 percent and no points with an APR of 3.641 percent.  Bank of America is offering the 30 year jumbo with an interest rate of 3.375 percent with 0.391 points and an APR of 3.434 percent.  Wells Fargo jumbo mortgage rate is 3.625 percent with no points and a 3.658 percent APR.  A 30 year jumbo mortgage can be found at US Bank with an interest rate of 3.750 percent, zero points, and a 3.771 APR.

A loan is considered jumbo if it exceeds the conforming loan limits set by Fannie Mae and Freddie Mac.  Loans within the limits set by Fannie and Freddie are referred to as conforming loans.  The current conforming loan limit for a single family home is $417,000.00 except in Hawaii and Alaska, where the limit is $625,500.00. 

In contrast to shopping for conforming loans that have uniform lending standards and relatively similar costs, jumbo mortgage rates and conditions vary appreciably from lender to lender.  New borrowers can shop for a jumbo loan with three different lenders and get three very different interest rates and costs.

Jumbo loans also have stricter underwriting standards than conforming loans and will generally require larger down payments.  Even with more restrictive guidelines, borrowers can find jumbo loans available to purchase or refinance their primary residence, purchase a second home or vacation home, and even buy investment properties.  Jumbo loans can be fixed rate loans or adjustable rate loans and are available in a variety of terms.

Mortgage Rates Dip Again in July

A global stock sell off has pushed U.S. mortgage rates significantly lower through July.  New home loan borrowers can send a special thank you note to the communist leaders in China for the opportunity they have provided to obtain some very desirable mortgage rates.  The recent economic trouble overseas, particularly the economic turbulence in China, has brought long term rates in the U.S. down once again.  The interest rates available on new home mortgages are now down to their lowest levels of July after a measurable run up in the preceding months.

As we enter the final days in July, 30 year fixed rate mortgages are hovering just above 4.00%.  The average rate available from the top bank mortgage lenders in the nation dropped to 4.074% based on the most recent of bank mortgage rates conducted by SelectCDrates.com on July 24, 2015.  30 year FHA rates broke through the 4.00% with an average rate of 3.845%.  Jumbo loans also moved below 4.00% with the average jumbo mortgage rate sliding to 3.953%.

Short term mortgage rates showed less action to the downside compared to the long term home loan products.  15 year mortgage rates were off just slightly with an average interest rate of 3.330%.  Ten year term mortgage loans ended the week a little more than 20 basis points lower than the 15 year term loans with an average rate of 3.115%.  The 20 year loans are almost priced out of the market with rates that are only slightly less than 30 year term loans.  The average 20 year mortgage rate was 3.858%.  Conforming home loans have no prepayment penalty providing little benefit to borrowers to take out shorter term loans when the rate spread between short and long term products is narrow.

The current bank mortgage rate survey was conducted on the close of business July 24, 2015.  The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation. 

The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

More information about the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s survey can be found at the following mortgage rate tables: 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates, all mortgage rates, and jumbo mortgage rates.

Ultra Low Rate Jumbo Rates – Refi or Buy Now

Jumbo mortgage rates have taken another step lower as the supply for funding jumbo home loans is out pacing the demand for larger loans.  The nation’s largest bank mortgage lenders are leading the way in jumbo lending with low rates and more lenient lending requirements.  With overall loan demand low and many of the largest banks piling up extra cash on their balance sheets, jumbo loans fill a lending need for the big banks. 

In the most recent bank mortgage rate survey conducted by SelectCDrates.com, the average jumbo mortgage rate found at the nation’s top mortgage lenders had dropped to 3.675 percent.  The average jumbo mortgage rate remains just under the average rate offered on conventional loan amounts.  30 year conventional fixed rate home loans had an average rate of 3.684 percent in the latest survey.

Borrowers that need a loan over $417,000, a jumbo mortgage, will find a variety of rates and terms available including fixed and variable rates.  Samples of some of the fixed 30 year rates offered by the lenders in the survey for jumbo loans or loan amounts above the conventional limit of $417,000 include the following:

Webster Bank offers a 30 year fixed rate jumbo loan with a rate of 3.375% with no points and an APR of 3.390%.

Peoples United Bank has a 30 year jumbo mortgage rate at 3.625%, no points and a 3.663% APR.

US Bank’s jumbo mortgage rate is 3.750%, zero points and a 3.820% APR.

Citizens Bank promotes their 30 year jumbo with a rate of 3.750% and a 3.762% APR with zero points.

KeyBank has the 30 year jumbo mortgage rate at 3.750%, 0.00 points and a 3.762% APR.

The jumbo mortgage rates listed are current as of April 10, 2015.  Due to market fluctuations, the interest rates, annual percentage rates (APRs), discount points and rebates shown are subject to change without notice.  The rates listed are based on the average rates for the best-qualified customers.  Interest rates are also subject to credit and property approval based on the lender’s underwriting guidelines.  Individual rates may vary.  More rate information can be at jumbo mortgage rates.

Mortgage Rates Still Under 4% but Moving North

The jobs report rattled the mortgage market one more time.  Rates jumped on Friday following the release of the monthly employment report by the Bureau of Labor Statistics.  Greater than anticipated job creations for the month of February moved interest rates higher as investors now envisage the Federal Reserve raising rates in June instead of later in the year.

Whether investors and traders are making the right conclusion about interest ret based on the jobs data is another story.  Certainly more data will have to de analyzed by the Fed between now and June before a firm decision is made on a Fed Funds rate increase. 

In addition, not only are the current run of economic releases showing greater volatility but geopolitical events across the globe are having an impact on U.S. rates and the Feds ability to move against the markets.  Specific unsettling events overseas include the ECB monetary easing program that is pushing Euro bond rates to or though the floor along with moving the dollar higher, the economic sluggishness in China, and the big drop in world oil prices.

Based on the most recent survey of bank rates conducted by SelectCDrates.com for the week ending March 6th, 2015 the average 30 year mortgage rate available from the nation’s leading mortgage lenders increased by approximately ten basis points.  30 year loan rates climbed to an average of 3.986 percent. 

Compared to the 30 year conventional loan rates, 30 year jumbo mortgage rates and FHA rates were up by similar amount.  The 30 year jumbo mortgage rates settled at 3.938 percent by week’s end and the 30 year FHA rate ended at 3.763 percent.

Short term rates were kicked around a bit more than the longer term home loans.  15 year mortgage rates climbed to 3.288 percent for the week.  The 20 year term mortgage loan ended with an average cost of 3.769 percent.  And the 10 year mortgage rate moved up to 3.107 percent. 

The current bank mortgage rate survey was conducted on the close of business March 6, 2015.  The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation. 

The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

Mortgage Rates High Point for Year but Remain Under 4%

Through most of February, mortgage rates have made several steps to the upside.  The rise in rates puts the current level of interest rates at the high point for the year.  Now, this statement reads a little more startling than the data actually shows.  Based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com on February 20, 2015 the average 30 year mortgage rate available at the nation’s leading mortgage lenders remains under four percent. 

The 30 year fixed rate mortgage had an average cost or Annual Percentage Rate of 3.944 percent in the current survey.  At the onset of 2015, the average 30 year home loan rate was just slightly lower at 3.871 percent. 

Rates have showed greater volatility in February with may be a sign the interest rates have reached their low points and are more likely to slowly creep higher.  Volatility in the bond markets has been prompted by the bickering in Europe over Greek debt and potential for debt relief for Greece as well as the actions of other world economies regarding monetary policy and interest rate reductions as they struggle to stimulate growth. 

Back on solid ground, the U.S, economy has continued to plug along.  Growth is not great but continually moves upward with labor market improvements and production increases.  In the absence of slow growth and monetary actions outside of the U.S. there appears to be a strong foundation for rising rates in the near future.

For now, rates remain low across a wide spectrum of home financing loan products.  Not only is the 30 year fixed rate mortgage under four percent, FHA 30 year term loans and jumbo 30 year loans are also under 4.0.  The average 30 year FHA mortgage rate closed the week at 3.745 percent while the 30 year jumbo rate ended the week at 3.888 percent.

Short term rates climbed a bit more aggressively over the course of the week compared to the longer term home loans.  The 15 year mortgage rate moved up to 3.253 percent this past week.  20 year term mortgage rates rose to 3.724 percent and the short term, ten year mortgage had an average rate of 3.041 percent.

The current bank mortgage rate survey was conducted on the close of business February 20, 2015.  The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation.  The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

Mortgage Rates Move Lower with the Rest of the Interest Rate Market to Start New Year

Mortgage rates were already headed lower going into the New Year and by the first week of 2015, they had improved appreciably.  The average 30 year fixed rate home loan available at the nation’s largest bank mortgage lenders has been cut down to 3.871 percent on January 5th. 

The rate offered on the benchmark, 30 year mortgage was 3.972 just 30 days earlier.  At the end of 2013, the 30 year mortgage rate was almost one full percentage point higher at 4.704 percent.

Interest rate improvements for new borrowers are primarily the result of troubles in Europe and slow economic activity outside if the US.  With turmoil in Europe over slow growth, jump starting monetary easing, and debt difficulty among the Euro nations, a flight to quality means money flows to US securities. 

The beneficiary of those money flows are Treasury securities and high quality bonds including mortgage bonds.  Increased demand for the bonds pushes the prices higher and reduces the interest rates.  End result, lower Treasury rates and mortgage rates.

The new King of Bonds or High Priest of Interest Rates, Jeffrey Gundlach, is predicting interest rates will continue to fall through 2015 as the flow of funds into the US bond  market increases and the dollar appreciates.  More on Jeffrey Gundlach’s predictions and how European bond yields are influencing mortgage rates can be found in the article, Gundlach Calls for Lower Interest Rates.

30 year mortgages were not the only home loan product displaying a cost reduction in the most recent survey of bank mortgage rates conducted by SelectCDrates.com.  The 30 year jumbo mortgage also moved lower with the average rate sliding down to a level just above the conforming rate at 3.888 percent. 

FHA mortgage rates dipped below both the 30 year conforming rate and the jumbo rate.  The average rate offered on FHA loans with a 30 year term was cut back to 3.700 percent in the current survey. 

Shorter loans were also down during the first week of the year.  As is expected with shorter term maturities, the rate decline in the short term mortgages were not as pronounced as they were on the 30 year loan programs.  The rate on the 15 year mortgage slumped to 3.274 percent while the 10 year and 20 year dropped to 2.986 percent and 3.677 percent, respectively.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated October 13, 2014 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, all mortgage rates, and jumbo mortgage rates

The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation.  The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

Mortgage Rates Continue Descent thru Mid December

Mortgage rates were less costly once again for new home borrowers in mid December based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com.  The 30 year mortgage rate is now hitting an 18 month low which places the average rate near the record lows that were reached in the spring of 2013.

In spite of all the good economic news coming out of the U.S. interest rates and mortgage rates have just become more depressed.  Positive industrial production figures, sustained monthly job growth numbers, GDP over 3.5 percent, a pickup in business investment spending, and similar rosy numbers have been hitting the news wires for the past 60 days. 

Add on to these better economic reports, which would normally drive rates higher, the Federal Reserve has ended their quantitative easing program in October with the elimination of Treasury bond and mortgage bond purchases.  Strong growth and less fuel from the Fed should drive rates higher

Well, they are not.

The average U.S. mortgage rate coming from the nation’s largest bank mortgage lenders was 3.915 percent for 30 years and 3.309 percent for 15 years based on the survey conducted on December 12, 2014.  Even lower mortgage rates may be found among the top ten financial institutions in the weekly mortgage rate survey.

30 year jumbo mortgage rates slid down to 3.863 percent.  The 30 year government supported, FHA mortgage was little changed at 3.700 percent. 

Short term and midterm loans remain low but saw little impact after drop in long term rates this past week.  The 20 year term mortgage loan rate was lifted slightly to 3.677 percent and the ten year rate was close to unchanged, fluctuating juts above three percent at 3.007 percent.

The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation.  The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on a variety of loan qualifications and underwriting criteria.

30 Year Mortgage Rates Under Four Percent, Again

Buying in mortgage bonds has pushed mortgage rates lower yet again.  This time, the aggressive bind buying has driven consumer mortgage rates for a 30 year term loan below four percent.  Based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com, the average 30 year mortgage rate coming from the nation’s largest mortgage lenders is 3.972 percent.  With the recent dip in interest rates, mortgage rates are touching the low points of early 2013.

Most all mortgage products followed the lead of the benchmark, 30 year fixed rate mortgage.  Both, the 30 year FHA mortgage loan and 30 year jumbo mortgage loan, have interest rates that have fallen below the rate on the 30 year conventional home loan.  The average rate for a 30 year FHA mortgage is 3.700 percent in the current survey while the average rate for a 30 year jumbo loan dipped to 3.875 percent.

Short term rates were also driven lower this past week but, the rate reductions were not nearly as pronounced as they were in the long term home loans.  Ten year home loan rates slipped to 2.950 percent to start the month.  The average rate for the more popular, 15 year term mortgage, dropped to 3.284 percent.  20 year mortgages closed almost 30 basis points lower than the 30 year at 3.697 percent.

Numerous factors have led to drop in mortgage rates in the second half of the year.  Inflation is low and is now forecasted to stay low through the start of 2015, especially with the sizeable drop in oil prices that has occurred in the past few months.  The European economy remains weak with low rates and more quantitative easing in the EU looking like a sure thing.  The sizzling economic growth seen in China appears to be slowing which will continue to keep pressure on rates and inflation figures.  And housing sales in the US remain anemic.

The SelectCDrates.com bank mortgage rate survey obtains interest rates, loan terms, and points charged from the largest bank mortgage lenders across the nation.  The mortgage rate information acquired assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on location, geography, as well as other loan underwriting terms and conditions.

Mortgage Rates Drop…Really Drop

Uncertainty in the investment world and hints that the Fed will keep rates low, lower than most economists expected into the next year, has pushed mortgage rates down to the low point of the year.  Mortgage rates were moving measurably lower going into mid October, mostly on news regarding the slowing economies of Europe.  Global uncertainly over Mid East conflicts and viruses running amuck contributed to a flight to quality that pushed interest rates even lower and then, the Fed minutes came along.

After the Fed minutes covering the regularly scheduled meeting held in September were released on Wednesday, mortgage bond rates and Treasury bond rates moved to their best levels of the year.  The minutes revealed the Feds concern that the economy is not expanding at a fast enough clip to warrant a change to their current low interest rate policy. 

By week’s end, the rate on a ten year Treasury bond was cut by 12 basis points to 2.31 percent.  The average 30 year mortgage rate at the nation’s leading bank mortgage lenders dropped to 4.089 percent. To put this in perspective for new home loan borrowers, at the end of 2013 the 10 ten year T-bond was at 3.04 percent and the average 30 year mortgage rate was 4.704 percent.

The 30 year FHA mortgage rates and 30 year jumbo mortgage rates experience significant cost declines for the week as well for the year.  Both, jumbo home loan rates and FHA rates have fallen below four percent in October.  The average rate on the 30 year FHA loan slipped to 3.800 percent and the average 30 year rate on a jumbo loan dipped to 3.988 percent.

Midterm mortgage rates were also down on the week and are resting at their lows for the year.  15 year mortgage rates are at 3.374 percent, based on the average rate found on the top ten bank mortgage lenders.  Ten year term home loan rates were pushed down to 3.033 percent and 20 year home loan rates were cut to 3.828 percent.

With continued weakness in the commodity markets and global queasiness taking hold of the world economies, low rates look like they are to stay awhile.

The mortgage rate information obtained in the weekly mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated October 13, 2014 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, all mortgage rates, and jumbo mortgage rates.

Rising Mortgage Rates, Oh My

Mortgage rates moved higher this week apparently in anticipation of news regarding future rate hikes coming from Fed at the end of their two-day Fed meeting on Wednesday.  The disappointing jobs report produced last week is now a thing of the past that did not have a lasting impact on interest rates with mortgage rates rising or moving sideways every day following the report.

The prospect that mortgage rates will likely remain low for the foreseeable future is becoming a bit cloudy as market expectations seem to be focusing on a Fed rate increase in the early part of next year.  This is purely market speculation.

October is the month that should be the end of the Fed’s monetary easing via outright Treasury and mortgage bond purchases but, calling for a rate increase would seem to be a bit premature at this point.  The market has become accustomed to the Fed’s bond buying since the program has kept interest rates at historical lows since 2008.

As for current mortgage rates, the benchmark 30 year fixed-rate mortgage coming from the nation’s largest bank mortgage lenders rose to 4.320 percent from 4.183 percent last week, according to the SelectCDrates.com national survey of mortgage rates.

30 year fixed rate jumbo loan rates rose to 4.225 percent from 4.058 percent.  FHA mortgage rates with a 30 year term increased to 4.038 percent from 3.933 percent

Among the mid and short term mortgage loan options, the 15 year fixed rate mortgage rose to 3.519 percent from 3.402 percent.  20 year mortgage rates were lifted to 4.088 percent from 3.900 percent.  The ten year term home loan rates ended the week at 3.278 percent from 3.074 percent in the previous week.

Numerous forces are acting to keep mortgage rates in check including the actions by the Fed, making an increase in rates over the coming months far from conclusive.  Local and international investors that are seeking a safe haven for their money in times of economic and political uncertainty invest in U.S. Treasuries.

The flow of funds into Treasuries pushes up Treasury prices, which pushes the rates and yield lower.  Mortgage rates tend to track the 10-year Treasury yield and move lower as well.  Inflation is also a key component of interest rates and while the average consumer is feeling a bit of pinch, the official numbers show inflation below expectations.

Whether or not these conditions will reverse course in the ensuing months is anyone’s guess.

Based on Current Mortgage Rates, It’s time to Borrow and Borrow Often

Mortgage rates slid a bit lower as summer is coming to a close.  Entering into the first week of September, mortgage rates are perched once again at the low point for the year.  With home loan rates this low and the majority of economists calling for higher interest rates and inflation rates in the near future, now is the time to borrow and borrow often.  ‘

If interest rates do move higher down the road, borrowing costs will only rise from where they are today – a little obvious.  If inflation creeps up with interest rates, asset prices should rise as well.  The largest asset held by most Americans is their house and rising inflation and asset prices should mean rising home prices.  Prior to the great recession, net worth in housing was the greatest absolute amount of net worth held by Americans and the greatest increase in net worth.

A greater rate of inflation also leads to rising income, along with rising costs.  But with a fixed rate mortgage, the monthly payment to the bank or mortgage lender is fixed and will not rise with inflation as a homeowner’s income most surely will.  This phenomenon allows borrowers to pay back loans to the banks and mortgage lenders with less valuable dollars as higher rates of inflation erode their value.  A low fixed rate loan is a borrower’s best friend when inflation starts to rise and, conversely, a asset and liability management nightmare for banks. 

In fact, once inflation rates begin to move higher in earnest, banks and mortgage lenders will start increasing loan rates rapidly to not only compensate for the rising rates but to also compensate for future increases as well.  During these times, the yield curve steepens with long term interest rates measurable higher than short term rates, a position not seen in the markets for some time due to the ultra low interest rates and inflation rates we have experienced.

So much for the future, let’s look at where we are today.

The recent mortgage rate decline has put the average 30 year conforming loan rate down to 4.164%.  The rate reduction that took place during the last week of August cut just slightly more than two basis points off the costs of a 30 year home loan.  One basis point is equal to 1/100th of a percent, not much of rate cut.  However, the average 30 year mortgage rate started 2014 at 4.704%, a difference of almost three quarters of a percent.

30 year jumbo mortgage rates ended the week at 4.078%, continuing to stay below the rate of the 30 year conforming loan.  FHA rates on a 30 year loan closed out at 3.933%.

Short term rates were rather volatile once again with lower rates on ten, 15, and 20 year term loans.  The average ten year mortgage rate was 3.091%, the 15 year mortgage rate was 3.378%, and the average rate found on the 20 year home loans was 3.866%.

The mortgage rate information obtained in the weekly mortgage survey conducted by SelectCDrates.com assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on location, geography and other terms and conditions specific to individual loan requests.

Mortgage Payments Drop Over $75.00 per Month

With the financial news headlines getting dominated by geopolitical events, stock market spurts and pauses, and comments on the economy coming from the Federal Reserve, not nearly enough attention has been focused on this year’s dip in mortgage rates.

In fact, the dip in mortgage rates this year is particularly intriguing since it has taken place while the Fed has orchestrated a significant reduction in mortgage and Treasury bond buying in an effort to cut back on monetary stimulus, employment has slowly but steadily improved, and lending activities by the nation’s banks has expanded.  An added ingredient to the simmering stew that should lead to rising interest rates and not lower rates is inflation and the concerns that consumer costs are starting to rise whether or not the official government figures are reflecting this phenomenon.

In light of these events, the average 30 year mortgage rate available at the nation’s leading bank mortgage lenders has dropped from 4.704% at the start of 2014 to just over 4.00% by the middle of August.  This is a rate reduction of almost three quarters of a percent as the economy expands and the Fed hits the break puts on monetary easing.  Based on the most recent survey of the largest bank mortgage lenders conducted by SelectCDrates.com, the average 30 year mortgage rate for the week ending August 22, 2014 came in at 4.188%.

The interest rate drop on the 30 year loan equates to a monthly mortgage payment reduction in excess of $75.00 for a home loan amount of $260,000.00.  Excluding costs for taxes and insurance, the recent mortgage rate reduction results in a monthly mortgage payment change of $79.46.

New home loan borrowers can save more for larger loan amounts and can obtain even lower mortgage rates for shorter term home loans such as the 15 year mortgage.  Jumbo mortgage rates have dropped to 4.078% in the current mortgage survey while 15 year mortgage rates have slid to 3.386% from 3.799% at the start of the year.

Mortgage Rates Moving Lower for Refinancing and New Home Buyers in August

Mortgage rates edged just slightly lower into the third week of August.  The current rate change in the mortgage market may not get consumers running to their local mortgage lender but this latest rate reduction follows a long run of slightly lower mortgage rates week after week this summer.  With another slowdown in the housing sector coming upon us and other economic stories grabbing the headlines, it seems as though no one is paying attention to the fall mortgage rates have taken this summer.

Mortgage rates were propelled lower recently due to rising geopolitical tensions and weaker economic data coming from overseas markets.  These factors help explain the current rate reductions as investors put money in US based fixed securities for safety and security purposes but this is not the only reason for falling borrowing costs.  Mortgage rates have descended on and off throughout 2014 as world markets and events have ebbed and flowed.

The average 30 year mortgage rate coming from the nation’s top mortgage lenders has dipped to 4.188% based on the most current survey of bank mortgage rates conducted by SelectCDrates.com on August 22, 2014.  To put this number in perspective, the average 30 year mortgage rate at the leading bank mortgage lenders was 4.704% at the end of last year.

The average annual percentage rate, which includes the note rate for the loan as well as the points charged, for 30 year fixed rate jumbo mortgage loans dropped to a hair over four percent.  Rates on jumbo home loans or, those that exceed the conforming loan established by FNMA and FHLMC fell to 4.078%.

The average 30 year FHA mortgage rate barely moved during the most recent survey.  The FHA home loan average rate was 3.970%.

Shorter term mortgage rates all drifted marginally lower.  The most popular short term loan, the 15 year fixed rate mortgage, slipped to 3.386%.  20 year mortgage rates at the top lenders across the nation declined to 3.931%.  The less common but highly affordable, 10 year mortgage rate, went down to just over three percent to 3.092%.

Mortgage Rates Tumble Lower, Again

Nothing appears to keep mortgage rates propped up this summer.  Shortly after the strong jobs report was released at the onset of July, mortgage rates jumped.  Within a few days of the rate increase, mortgage rates settled right back down again, a scenario that has repeated itself several times over the past few months.  The trading range for long term bonds and mortgages rates have held in a very tight span throughout the spring and summer months.  Of course, these market moves are good news for new home buyers and those looking to refinance an existing mortgage loan as mortgage rates and costs stay extremely low. 

For the week ending July 11, 30 year term mortgage rates dropped by an average of nine basis points with one basis point equal to 1/100th of a percent.  The average 30 year fixed rate conventional mortgage was lower by seven basis points.  The seven basis point cut pushed the 30 year mortgage rate down to 4.196% from 4.269% in the previous week.

30 year FHA mortgage rates available at the nation’s largest bank mortgage lenders dropped by six basis points.  The somewhat modest reduction in FHA rates helped to move the average FHA loan costs below four percent.  The average 30 year FHA mortgage rate in the current bank mortgage rate survey is 3.970%, down from 4.030% in the prior week.

Jumbo mortgage rates made the most aggressive move to the downside within the 30 year term category.  The average 30 year jumbo mortgage rate was trimmed back by over 13 basis points.  Jumbo rates ended the week at 4.090% compared to 4.225% in the preceding week. 

Short term mortgage rates were down by almost as much as the 30 tear home loans.  Ten, 15, and 20 year mortgage rates have been much more volatile, often experiencing wider swings relative to their duration as compared to the traditional, 30 year term loans.  On average, short term mortgage rates were cheaper by eight basis points.  15 year mortgage rates dropped by seven basis points to 3.349%, ten year mortgage rates declined by six basis points to 3.067%, and 20 year mortgage rates were cut by 13 basis points to an average rate of 3.953%.

The mortgage rate information obtained in the weekly mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on location, geography and other terms and conditions.

Mortgage Rates Rise After June Jobs Numbers

The monthly jobs report for June was released on July 3rd and the data sent the stock market higher with mortgage rates running up right behind them.  A better than expected report on job growth in June drove interest rates higher as the market repositioned based on the expectations of higher consumer demand, higher rates of inflation, and increased loan rates in the future.  With the monthly jobs report surpassing the market consensus forecast by a measurable amount, some economists are already expecting the Fed to raise rates sooner than initially anticipated.

The good news for new home loan borrowers was the rate increases for new mortgages were far from going off the charts due to the unexpectedly positive jobs numbers.  The average 30 year fixed rate mortgage climbed by just 11.7 basis points or 0.117 percent.  30 year mortgage rates coming from the nation’s largest bank mortgage lenders increased, on average, to 4.269% from 4.152% in the previous week.  Other popular home financing loan costs were up comparable amounts.

The 30 year jumbo loan rate in the current mortgage rate survey increased by 12.5 basis points.  The average 30 jumbo mortgage rate closed the week at 4.225% after settling at 4.100% in the previous week.  30 year FHA rates made a similar upside move, rising by almost ten basis points to 4.030% from 3.933% at the end of June.    
   
Short term mortgage rates were a little more volatile.  The average 15 year conforming mortgage rate made a 14 basis point increase which pushed 15 year loan rates to 3.419% from 3.280% in the preceding week.  Ten year mortgage rates climbed past the 3.00% threshold over the course of the week, rising to 3.129% percent from 2.992% in the week.  The less popular, 20 year term mortgage, moved up by 15 basis points to end the week at 4.082%.

The mortgage rate information obtained in the weekly mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated July 3rd, 2014 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, all mortgage rates, and jumbo mortgage rates.

Lower Mortgage Rates Persist into June

Mortgage rates hold at their low point for the year as the month of May has ended.  In fact, mortgage rates have remained very close to the best levels in nearly a year throughout May and going into June.  This past week, mortgage rates experience a brief uptick at week’s end but remained lower for the week overall.

Bond buying by in the U.S by institutions and the Fed combined with overseas bond buying has pushed world interest rates significantly lower over the past three months.  While sentiment at the onset of the year was generally calling for bank rates and mortgage rates to head higher, the new consensus view appears to have changes and the expectations now call for rates holding or moving lower.  Of course, the predictions at the start of the year have been clearly wrong.

The average 30 year mortgage rate in the most recent SelectCDrates.com bank rate survey moved lower by just under five basis points or .05% week over week.  The average 30 year mortgage rate coming from the largest bank mortgage lenders across the nation dipped to 4.147% on May 30th from 4.195% in the week earlier. 

The SelectCDrates.com mortgage rate survey is conducted weekly and evaluates the rates offered by the nation’s largest bank mortgage lenders across a wide spectrum of mortgage loan products. 

30 year FHA mortgage rates in this past week’s survey were down by almost as much as the 30 year conforming mortgage rates.  The average rate on a 30 year FHA mortgage loan was lower 5.5 basis points which pushed the average rate down to 3.908% from 3.963% in the previous week.    

Jumbo mortgage rates were not as kind to new home loan borrowers.  The interest rates found on the larger loans moved up ever so slightly on the week.  The average 30 year jumbo mortgage rate was boosted by 1.3 basis points which lifted the jumbo loan rate to 4.087%.

Short term mortgage rates were all lower on the week but, the magnitude of the rate savings were less than half that found in the 30 year loan products.  Between the 10 year, 15 year, and 20 year mortgages, the average rate was down by between one to two basis points.  15 year mortgage rates decreased by 1.3 basis points to end the week at 3.318%.  20 year mortgage rates were down by 1.4 basis points to 3.916% and the average 10 year mortgage rate drifted lower by less than one basis point to end the week just above the 3.0% threshold at 3.017%.

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates found in the survey may change and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated May 30, 2014 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, all mortgage rates, and jumbo mortgage rates.

Memorial Day Weekend Brings Modestly Lower Mortgage Rates

With Memorial Day weekend passing, mortgage rates are continuing their year long trend of moving lower.  This past week, the rate changes to the downside have made new mortgage borrowing costs only marginally cheaper than the week earlier but measurably less costly than where they were at the beginning of the year.  The summer home buying season looks to be favorable for borrowers and the U.S. economy.

Even though the stock market appears to be doing just fine, economic data has remained mixed with weak retail sales, GDP numbers, and home sales all disappointing the markets.  Monetary easing in the U.S. and around the world is greasing the palms of investors and pushing funds into the bond market helping to keep long term mortgage rates depressed.  Although, the Fed is curtailing their bond buying programs, the Fed continues to be a major buyer in the mortgage bond market especially while the supply of new mortgage backed securities has been shrinking.

The 30 year mortgage rate has recently drifted down to 4.195%, based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com for the week ending May 23, 2014.  The average 30 year mortgage rate available from the nation’s largest bank mortgage lenders is almost 15 basis points cheaper than where they were at the start of May and a full 50 basis points or ½ of a percent lower than where they were at the start of 2014.  One basis point is equivalent to 1/100th of a percent.

30 year jumbo mortgage rates were are also down by about 15 basis points for the month and 43 basis points for the year.  The average 30 year jumbo mortgage rate coming from the mortgage lenders in the survey dropped this past week to 4.074%. 

FHA rates have lagged slightly behind the other two major 30 year mortgage loan products.  For the week ending May 23rd, FHA mortgage rates actually climbed slightly higher.  The average 30 year FHA loan rate moved up by 1.3 basis points to a rate of 3.963%.  For the month of May, 30 year FHA rates are down by 6.2 basis points and down by 38 basis points year to date.

15 year home loan rates displayed a slightly larger rate reduction for the week and matched the 30 year conforming loan for arte reductions for the month and year.  The average 15 year mortgage rate has slid to 3.331% for the third week of May.  The 15 year is roughly 16 basis points cheaper on the month and 47 basis points for the year.

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated May 23, 2014 please see the following mortgage rate tables: all mortgage rates, 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.

Mortgage Rates Little Changed Going into May

Mortgage rates for new home loan borrowers continue to hover at the low points for the year.  The mortgage bond market and Treasury market have been moving in a favorable direction for new home loan borrowers throughout most of the year even while the economy appears to be moving forward.  With rates on new home loans holding at 2014 lows, the business chatter regarding slow home sales and home affordability would seem very suspect with regards to mortgage rates being the culprit, as opposed to housing prices or income changes. 

While the economy shows signs of strength, with the occasional release of some disappointing economic results such as the first quarter GDP release, the bond market has just not budged.  Now, current mortgage rates are above the best levels that were seen in mid 2013 when the average 30 year fixed rate mortgage was under 4.00%.  However, the average rates on a 30 year loan going into May 2014 is right at the levels the market saw in the second half of 2013 and below the rates or early 2014.

For the week ending May 2, 2014 the average 30 year mortgage rate dipped to 4.341% from an average rate of 4.396% in the prior week.  The average 30 year mortgage rate displayed is based on a survey of the top ten largest bank mortgage lenders including the rates from Chase, Wells Fargo, Citibank, and US Bank.  These banks originate well over 50% of all home loans across the country.  The survey for the last week of 2013 had the average 30 year mortgage rates from the same lenders at 4.704%.

30 year FHA mortgage rates were close behind the conforming rates with the average government insured loan dropping to 4.025% from 4.088% in the week earlier.  30 year jumbo mortgage rates showed a slightly larger decline, falling to 4.225% from 4.238% in the previous survey.           

Shorter term mortgage rates were lower on the week as well with rate reductions on the ten to 20 year term loans dropping by approximately five basis points or .05%.  Ten years loan rates ended the week at 3.113%, 15 year mortgage rates came in at 3.489%, and the average 20 year home loan rate in this week’s survey was 4.066%.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending May 2, 2014. 

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated May 2, 2014 please see the following mortgage rate tables: all mortgage rates, 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.

Last Week of April 2014 and Mortgage Money Remains Dirt Cheap

As April comes to a close, the stock market is headed higher with the occasional blip along the way, the economy and employment market are expanding at a healthier pace, and mortgage rates are still hanging in there at extremely low levels.  Sure, mortgage rates are higher than they were at this time last year, but mortgage rates now are hovering at the levels experienced at the end of 2013.

Results from the most recent survey of bank mortgage rates conducted on the close of business April 25, 2014 shows the average 30 year mortgage rate at the nation’s largest mortgage lenders dipping slightly to 4.396%.  Over the course of the week, the popular 30 year home loan rate dropped by just over six basis points or .064%. 

Included in the current bank mortgage rate survey are the mortgage rates from Wells Fargo, Chase Bank, Citibank, US Bank, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank, as well as other top bank mortgage lenders across the nation. 

The average 30 year fixed rate home loans closed out the week at 4.396% from 4.460% in the week earlier.  30 year FHA mortgage rates and jumbo mortgage rates week also lower on the week.  FHA loan rates dipped 2.5 basis points to 4.088% while jumbo home loan rates moved lower by 4.5 basis points to 4.238%.

Short term rates displayed a little more vigor in their move to the downside.  The average 20 year mortgage rate slipped by a hair over ten basis points to 4.109%.  15 year mortgage rates were down by just under five basis points pushing the average rate to 3.537%.  Ten year loan rates split the difference and dropped by over six basis points to 3.160%.

With inflation expected to heat up soon, the Fed cutting back on monetary easing, and employment making steady gains, leveraging these rates may be an opportunity that will not last much longer.  Although….the Fed is not forecasting an increase in long term rates any time soon and a slow upturn in rates may take quite some time.  How’s that for worthless advice.

 The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending April 25, 2014. 

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated April 25, 2014 please see the following mortgage rate tables: all mortgage rates, 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.

First Full Week of February 2014 and Mortgage Rates Hold

Although a fairly rotten monthly jobs report was released on Friday, mortgage rates barely budged for the week ending February 7, 2104.  In general, a poor employment report is good news for mortgage rates.  When job creations are weaker than expected, economic conditions are considered soft which leads to less demand for goods and services.  With low demand, prices will generally hold keeping a lid on inflation, a key component to nominal interest rates, and demand for loans will usually stay at depressed levels.  All of these factors lead to lower interest rates and borrowing costs.  This time, the poor data in the jobs report had only a minor impact on mortgage rates at the end of the week and on average, mortgage rates bumped just ever so slightly higher.

The popular 30 year fixed rate mortgage climbed by a very small, 2/1000ths of a percent compared to the average rate available in the previous week.  The average 30 year fixed rate mortgage increased to 4.398 percent from 4.396 percent in the previous week. 

FHA and jumbo mortgage rates followed suit with a little more vigor, climbing on average by three basis points or 0.03 percent.  The average rate on the 30 year jumbo home loan inched up to 4.262 percent from 4.237 percent in the week earlier and the average 30 year FHA mortgage rate crawled just past the 4.00 percent mark and ended the week at 4.013 percent after closing at 3.978 percent in the preceding week.         

The shorter term home loan rates were a bit of a mixed bag.  The average rate on the 20 year term mortgages moved higher while the 15 year term conforming loan rate moved lower.  15 year mortgage rates were cheaper by just 6/1000ths of a percent moving the average rate to 3.503 percent from 3.509 percent in the week earlier.  The 20 year home loan gained 2/1000ths of a percent to 4.163 percent and the ten year mortgage moved up by 4/1000ths of a percent to 3.187 percent.

All in all, very few changes in the average rates offered by the nation’s largest mortgage lenders for the week ending Feb 7, 2014.  And, although the jobs report did not push rates lower as one might expect, 2014 has been a good year thus far for new home loan borrowers with rates moving measurably lower since the start of the year. 

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending February 7, 2014.  Included in the current bank mortgage rate survey are the mortgage rates of Wells Fargo, Chase Bank, Citibank, US Bank, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank, as well as other top bank mortgage lenders across the nation. 

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

Cheaper Mortgage Rates Across the Board Going into February 2014

Mortgage rates dipped across the board as the last week of January 2014 came to a close.  Once again defying expectations for higher interest rates and borrowing costs in 2014, mortgage rates moved lower to push down to the levels seen well before the Fed decided to reduce their bond buying purchase program in December of last year.

Continued selling in the stock market coupled with market uncertainty in emerging markets has brought more buyers into the safety of US government backed fixed income securities.  The increased buying has pushed mortgage bond and Treasury bond prices higher.  Rates on these instruments are inversely impacted, as the prices of the bonds are driven higher with increased buying the interest rates tied to the bonds move lower.

The stock market has dropped rather measurably in 2014 with debate lingering over whether the market move lower is a simple pause after the sharp increases in equity prices last year or a more significant reaction to the problems developing in some emerging markets which may in turn cause slower economic growth in the US.

For the week ending January 31, the average rate on the 30 year fixed rate mortgage promoted by the nation’s top mortgage lenders was reduced by eight basis points.  One basis point is equal to 1/100th of a percent.  The average 30 year mortgage rate closed the month of January at 4.396% after starting the week at 4.476% and starting the month at 4.704%.  Rates on other mortgage loan products matched the changes found on the popular, 30 year conforming fixed rate loan.

30 year FHA mortgage rates experienced the largest rate drop this past week.  The average rate on FHA loans dropped by 11 basis points.  Rates on FHA mortgages crossed below the 4.00% barrier for the first time this year with the rate for new purchases falling to 3.978% from 4.088% in the week earlier and the average rate of 4.350% from the beginning of the year.   

Jumbo loans with a 30 year term were lower by just over eight basis points, week over week.  30 year jumbo mortgage rates ended the week at 4.237% from 4.323% in the week earlier.  Jumbo mortgage rates have given up slightly less than 27 basis points this year with rates starting out 2014 at 4.505%.

15 year term conforming home loan rates mirrored the rate changes of the longer term, 30 year home loans and dropped eight basis points to close the final week of January.  The average rate on a 15 year mortgage ended at 3.509% from 3.589% in the prior week and down from 3.799% at the start of the year.    

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending January 31, 2013.  Included in the current bank mortgage rate survey are the mortgage rates of Wells Fargo, Chase Bank, Citibank, US Bank, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank, as well as other top bank mortgage lenders across the nation. 

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated January 31, 2014 please see the following mortgage rate tables: all mortgage rates, 30 year mortgage rates, 15 year mortgage rates, 20 year mortgage rates, 10 year mortgage rates, FHA mortgage rates and jumbo mortgage rates.

Mortgage Rates Trickle Lower Defying Market Expectations

Mortgage rates have continued to improve through the first month of the year counter to the market expectation that called for higher interest rates and borrowing costs in 2014.  Rates have drifted rather measurably lower since the release of the disappointing jobs numbers on January 10th.  The weaker than expected employment report coupled with less than stellar retail sales figures have helped to keep money flowing into mortgage and Treasury bonds which puts downward pressure and interest rates.

The low rate trend however, may be short lived.  The biggest catalyst for lower mortgage rates was the monthly jobs report and while most leading economists could not fully explain the surprising low results, the implication is that the numbers will be revised substantially higher in the coming months.  Supporting this theory is the continually strong weekly figures on unemployment insurance claims which are hovering around 325,000 per week, a general sign of an improving labor market.

The rise in mortgage rates in the latter half of 2013 was triggered by the expectations and then the announcement that the Fed will reduce the amount of bonds they buy and thus put in place the long awaited tapering to this key monetary easing program.  Unfortunately for future home loan borrowers, one poor monthly employment report is not likely to force the Fed into changing course.  The Fed is expected to continue to make announcements over further reductions in their bond buying program, putting upside pressure on Treasury rates and mortgage rates.

For the week ending January 17, 2014 mortgage rates dipped lower across the board with all major home loan products ending the week on a down note.  The average 30 year conforming mortgage rate moved lower by almost six basis points to end the week at 4.532 %.  One basis point is equal to 1/100th of a percent.  30 year FHA mortgage rates were cut back by just under five basis points to 4.138%.  In the jumbo loan market, 30 year jumbo mortgage rates slipped by juts over six basis points to close the week with an average cost of 4.363%.

Shorter term, fixed rate mortgages were down as well but showed a little more variation among the different terms.  15 year fixed rate mortgages were off by just 1.5 basis points putting the average rate at 3.648%.  One the other end of the short term spectrum, 20 year mortgage rates were down by almost ten basis points to 4.281%.  Ten year mortgage rates split the difference and slid by approximately five basis points, ending the week with an average rate of 3.297%.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending January 17, 2013.  Included in the current bank mortgage rate survey are the mortgage rates of Wells Fargo, Chase Bank, Citibank, US Bank, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank, as well as other top bank mortgage lenders across the nation. 

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

Mortgage Rates Jump to End 2013

Mortgage rates ended 2013 just a hair off of the highest levels that were seen in the fourth quarter of the year.  The Fed’s decision in mid December to reduce its bond purchase program starting January 2014 put significant pressure on long term rates and pushed mortgage rates higher.  Better than expected news on unemployment claims, consumer spending and the gross domestic product helped to push mortgage rates higher and hold rates elevated with only slight occasional pull backs.

Volatility and trading activity in the mortgage bond market was light as many traders and investors are out of the market due to the holidays.  Normal trading activity is not likely to commence until the first full week of January with New Years interrupting the first few business days of January, leading to continued low trading volume.  Once the market moves ahead full steam, greater volatility is likely to ensue but the overall trend of slow but steady rising rates is likely to hold for some time.

As the last full week of December came to a close, all fixed rate mortgage products edged higher.  The 30 year conforming mortgage rate jumped up to 4.704%.   30 year jumbo mortgage rates moved up with a little less vigor and ended the week at 4.505%.  Fixed rate FHA mortgage loans with a 30 year term climbed to 4.350%.

Shorter term, fixed rate mortgages were also bumped up on the week.  The most popular short term mortgage, the 15 year loan, closed out the week with an average rate of 3.799%.  20 year mortgages followed suit and increased to 4.513% and the ten year term home loan ended with an average cost of 3.514%.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending December 27, 2013.  Included in the current bank mortgage rate survey are the mortgage rates of Wells Fargo, Chase Bank, Citibank, US Bank, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank, as well as other top bank mortgage lenders across the nation. 

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated December 27, 2013 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.

Mortgage Rates More Costly after Turkey Day

Mortgage rates increased modestly during the Thanksgiving holiday shortened week.  The average 30 year mortgage rate was lifted by 2.8 basis points on average over the span of the week.  One basis point is equal to 1/10th of a percent.  The average rate on the 30 year conforming loan from the top bank mortgage lenders in the most recent bank mortgage rate survey closed the week at 4.446 percent after reaching 4.418 percent in the previous week.

Stronger economic reports and numbers had put some pressure on bank rates as better economic data elevates the likelihood that the Fed will soon start the long awaited tapering on their current monetary stimulus program.  Fed tapering is not expected to start until the beginning of 2014 and just how much the reduction in the bond buying program will push long term rates including mortgage rates is hotly contested.

Most mortgage products followed the lead of the popular 30 year conforming loan and moved modestly higher over the week.  The one exception to the increased mortgage costs was the jumbo 30 year mortgage loans which experienced a very minor rate cut.  The average rate on a 30 year jumbo loan was reduced by just under one basis point, an almost imperceptible amount for most home loan borrowers.  Jumbo rates dipped on the week to 4.210 percent from 4.219 percent in the prior week. 

30 year FHA rates surpassed the increase found in the 30 year conforming loans.  The average rate on a new FHA mortgage with a 30 year term climbed by almost five basis points to 4.173 percent from 4.125 percent in the preceding week.

Short term mortgage rates were somewhat of a mixed bag with rate increases of 1.50 basis points on up to five basis points.  The 15 year term loans saw the largest rate change.  The average 15 year mortgage rate moved up to 3.553 percent from 3.504 percent.  10 year mortgage rates were not far behind the 15’s.  The average 10 year mortgage rate ended the week at 3.309 percent after starting out at 3.269 percent.  20 year mortgage rates ticked up just over one basis point to 4.313 percent from 4.299 percent found in the bank mortgage rate survey conducted in the week earlier.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending November 29, 2013.  Included in the current bank mortgage rate survey are the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank rates, SunTrust Bank loan rates, BB&T Bank mortgage rates as well as other top bank mortgage lenders across the nation. 

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

Mortgage Rates Pullback Week Ending November 15, 2013

The average 30 year mortgage rate was lower by an average of six basis points for the week ending November 15, 2013 based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com.  The average 30 year mortgage rates is a composite measure of the rates offered by the top bank mortgage lenders for 30 year fixed rate conforming loans, 30 year fixed rate FHA loans, and 30 year fixed rate jumbo mortgage loans.  30 year conforming loans were largely unchanged on the week with more significant rate reduction found on the FHA and jumbo loan products.  One basis point is the equivalent of 1/100th of a percent.

The average rate on the 30 year conforming loan was lower by just over two basis points this past week.  The 30 year conforming rates dipped down to 4.456 percent from 4.478 percent in the previous week.    

30 year jumbo mortgage rates were more active, dropping by 6.5 basis points on average.  The average rate for the non-conforming, jumbo loans slid to 4.253 percent after rising to 4.313 percent in the week earlier.

FHA rates experienced the largest rate drop, declining by almost ten basis points this week.  The average 30 year FHA mortgage rate ended the week at 4.075 percent after starting out with an average cost of 4.170 percent.    

As for the shorter term home loans, 15 year fixed rate mortgages, gave up almost three basis points falling to an average cost of 3.525 percent from 3.553 percent in the preceding week. 

Improvements seen in mortgage rates were based on a very little data.  Financial news and economic releases were in short supply during the week hence the credit markets and mortgage bond prices held in a very tight range.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending November 15, 2013. 

The mortgage rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated November 15, 2013 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.

Sizeable Jump in Mortgage Rates After Release of Monthly Jobs Report

Fixed mortgage rates pushed higher once again after more positive economic news was released last week.  While most of the economic news over the past few weeks hasn’t been stellar, the monthly jobs report turned out to be a real catalyst for higher mortgage rates.  The impact on mortgage rates was greater than the increase found on comparable term Treasury bond rates.

The October figures for new job formations released on November 8th beat the market consensus forecast by a considerable margin.  Total nonfarm payroll employment rose by 204,000 in October with revisions to August that added an additional 45,000 jobs and a revision to July that added 15,000 more jobs than originally reported.  Good news for the economy and employment is generally bad news for the interest rates market or more specifically the mortgage and lending side of the market.

The most recent survey of mortgage rates conducted by SelectCDrates.com shows the 30 year fixed rate mortgage averaging a rate of 4.478 percent for the week ending November 8, up from last week’s average rate of 4.286 percent.

30 fixed rate jumbo loans had average interest rate of 4.313 percent, a rise of almost 19 basis points from the previous week’s average rate of 4.125 percent.  One basis point is equal to 1/100th of a percent or .01 percent.

The average rate on a 30 year FHA loan was up by an almost equal sum, rising 17.5 basis points for the week.  The average rate on an FHA mortgage is now over the 4.00 percent threshold at 4.170 percent from 3.955 percent in the prior week.

Short term mortgage rates increased by comparable figures relative to their duration.  The 20 year term mortgage rate increased the most displaying a rise of 18 basis points to 4.292 percent.  The 15 year term home loans were elevated by 11 basis points which pushed the average cost for new home loan borrowers up to 3.553 percent.  And the 10 year term mortgages climbed higher by 12 basis points to an average rate of 3.320 percent.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending November 8, 2013.  The rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates in the survey may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated November 8, 2013 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.

Mortgage Rates Up Modestly Going into November

Mortgage rates were mostly flat for the last week of October with a minor uptick taking place on as the week came to a close and the month of November kicked off.  On the last day of the week, the first day of November, mortgage rates moved slightly higher as some economic reports were released that indicated that the economy was picking up steam.

Economic reports and the Fed are the key to the direction of mortgage rates.  In fact, these two components are now completely intertwined.  Strong economic reports, those that show measurable economic growth, have always been a catalyst for higher rates.  Strong growth in the economy leads to greater loan demand pushing interest rates higher as well as pushing inflation rates higher as more money enters the economy and resource prices are bid up. 

While this may be expected outcome during any economic cycle, this time we have the Fed’s bond buying program to enter into the interest rate equation.  As soon as the Fed sees that economic activity has increased sufficiently and inflation has started to bump up, the stimulus programs in place is going to be cut.  As these programs are curtailed interest rates will rise.  The prospect that the Fed will taper their bond buying program has already led to a moderate increase in mortgage rates.  Once it is clear that the beginning of the end to this program is here, based on economic reports showing sustained growth, interest rates are sure to go much higher.

For now, mortgage rates are holding in very tight range.  Based on the most recent bank mortgage rate survey conducted on November 1, 2013 by SelectCDrates.com, the average 30 year conforming mortgage rate was seven basis points or 0.07% higher than the previous week.  The 30 year fixed rate mortgage ticked up to 4.286%, from a rate of 4.213% in the previous weekly mortgage rate survey.

30 year FHA mortgage rates and 30 year jumbo mortgage rates were even less active over the course of the week.  The 30 year FHA loan rate was pushed up by just under five basis points and the 30 year jumbo mortgage rate was lower by an almost insignificant amount, 0.002%.   The average 30 year jumbo mortgage rate ended the week at 4.125 % while the 30 year FHA mortgage rate closed out the week with an interest rate at 3.955%.

15 year fixed rate mortgages tacked on almost five basis points this past week.  The average rate on a 15 year term home loan moved up to 3.443% from 3.396% in the prior week.  Ten year mortgage rates were higher by almost identical amount, rising to 3.195% from 3.144% in the week earlier.  The 20 year mortgages followed right along with a rise of just under five basis points which put the average at 4.111% from 4.065% in the preceding week.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending November 1, 2013.  The rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.  The current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

Home Mortgage Rates Slide with Fed Taking the Spotlight

With a number of manmade obstacles behind us, Congress and the executive branch, the focus for mortgage rates returns to the Fed and a slow growth economic recovery.  Focus back to the slow economy is solidifying the market’s position that there really is no possibility of the Fed changing key short-term interest rates this week or tapering from their current bond buying program.

Effects of the government shutdown and the controversy over employment implications with the Affordable Care Act cannot be reasonably quantified and this is going to cause consternation with the Fed as they try to taper the stimulus program without a great deal of reliable data.  With that in mind, the short term outlook will be lower bank rates and mortgage rates until conclusive data shows the economy has finally broken through.

Based on the most recent bank mortgage rate survey conducted on October 25, 2013 by SelectCDrates.com the average 30 year conforming mortgage rate available at the nation’s largest bank mortgage lenders moved lower by just under ten basis points or 0.10%.  The standard 30 year home mortgage has now fallen to 4.213%, from 4.308% during the previous week.

30 year fixed rate jumbo mortgage rates lagged the conforming loan amounts and were down by nearly five basis points.  The average 30 year jumbo mortgage rate came in at 4.127% for this week’s survey compared to 4.176% in the previous week.

FHA mortgage rates with a 30 year term pulled further away from the 4.00% level after the average rate was cut by a hair less than nine basis points on the week.  30 year FHA loan rates are now available at 3.908%, off of last week’s average rate of 3.993%.

As for the shorter, 15 year fixed rate mortgage, the current mortgage rate dipped to 3.396%, which is 5.4 basis points lower than the prior week’s rate of 3.450%.  The ten year mortgage rate was down by over six basis points slipping to 3.144% while the 20 year mortgage rate was trimmed by almost seven basis points to 4.065%.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated October 25, 2013 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

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending October 25, 2013.  The actual mortgage interest rates for a specific property and borrower will depend on a number of factors including but not limited to, the loan type, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.

Mortgage Rates Drop with Focus on the Fed after Government Ends Shutdown

Mortgage rates moved lower following the temporary budget deal signed in by the President on Thursday morning last week.  With that move, long term progress for the US economy has once again been kicked down the road and all eyes focus back on the Fed and continued quantitative easing.  The theme for the credit markets and mortgage bond markets once a temporary deal was put together was more quantitative easing, more easy money, and a continued low interest rate environment.

Based on the most recent bank mortgage rate survey conducted on October 18, 2013 the average 30 year conforming mortgage rate available at the nation’s largest bank mortgage lenders slipped by just under 11 basis points from the previous week.  With that drop down, 30 year mortgage rates have now dipped back down to 4.308 percent from 4.415 percent in the week earlier.  One basis point is equal to 1/100th of a percent. 

Jumbo mortgage rates with a 30 year term were scaled back by exactly ten basis points for the week.  A ten bp drop on the 30 year jumbo rate moved the average to 4.176 percent from 4.267 percent in the prior week.

FHA mortgage rates with a 30 year loan term felt the same impact as the other 30 year term loans and closed out the week almost 11 basis points cheaper.  The average 30 year FHA loan rate ended at 3.993 percent after climbing in the previous week to 4.100 percent.    

The 15 year term mortgages, 20 year mortgages and ten year mortgages roughly followed suit with the rest of the mortgage products and were less costly by week’s end.  20 year mortgage rates have the closest terms to the 30 year products and dropped by an amount similar to those products.  The average 20 year home loan rate was cut down to 4.133 percent from 4.225 percent last week.  15 year mortgage rates ended at 3.450 percent after settling at 3.494 percent in eth week before.  Ten year mortgages rates were down by just under six basis points moving to 3.210 percent from 3.278 percent.    

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending October 18, 2013.  The rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.

The actual mortgage interest rates for a specific property and borrower will depend on a number of factors including but not limited to, the loan type, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.  Note that the current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

Mortgage Rates End Higher as Congress Continued to Duke it Out

Mortgage rates from the nation’s largest bank mortgage lenders moved towards the upside for the week ending October 11, 2013 based on the most recent survey of mortgage rates conducted by SelectCDrates.com.  The government shut down by and large has had very little impact on mortgage rates since the fight in Congress started.  Rates have moved up and down as the battle over the debt limit chugged along, but the range of movement in either direction has been fairly tame.

For the week ending October 11, the average 30 year conforming mortgage rate moved higher by almost eight basis points from the previous week leaving the average long term home loan rate at 4.415 percent.  One basis point is equal to 1/100th of a percent.  At the end of September, the average 30 year mortgage rate came in at 4.343 percent or roughly seven basis points from where they ended this past week.

30 year jumbo mortgage rates and FHA mortgage rates were not quite as active during the week.  Jumbo loan rates and FHA loan rates each rose, on average, by just over two basis points.  The average 30 year jumbo rate closed the week at 4.267 percent while the average FHA rate ended the week at 4.100 percent.

Shorter term home loans split the difference and displayed an average rate increase somewhere in between the 30 year conforming loan rate and the FHAs and jumbos.  The rate on the most popular short term home loan product, the 15 year mortgage, edged up a little more than two basis points to 3.494 percent by week’s end.  20 year mortgage rates picked up the pace and became more costly by over five basis points to an average rate of 4.225 percent.  Then ten year mortgages popped up a little under five basis points pulling the average rate up to 3.278 percent.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending October 11, 2013.  The rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.

The actual mortgage interest rates for a specific property and borrower will depend on a number of factors including but not limited to, the loan type, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.  Note that the current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated October 11, 2013 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.

Long Term Mortgage Rates Slide an Itsy Bit Lower

With the government shut down on and the do nothing Congress doing nothing, a moderate flow of funds into the safety of mortgage bonds has pushed mortgage rates modestly lower.  To start off the month of October, 30 year mortgage rates on the three most popular loan programs dipped, on average, by 2.8 basis points.  One basis point is the equivalent of 1/100th of a percent.

Mortgage rates had remained in a very narrow range throughout the week with only minor blips up and down as the financial markets tried to decipher the impact of the gridlock coming out of Washington.  Not only were the 30 year term mortgage rates little changed but when added with the minor increases in the short term maturities, mortgage rates overall, were relatively unchanged for the week.

The average 30 year conventional mortgage rate made available at the nation’s top ten bank mortgage lenders surveyed this week experienced a rate decrease of less than one basis point.  Based on the current survey, the average 30 year mortgage rate slipped to 4.336 percent from 4.343 percent in the week earlier.

30 year FHA mortgage rates dropped by a bit more than the conventional rates and are now hovering just above the 4.00 percent barrier.  The average rate on a 30 year FHA loan moved down by 1.2 basis points to 4.078 percent after dropping to 4.090 percent last week.

The 30 year jumbo loans showed a little more volatility and worked their way down 6.5 basis points over the course of the week.  The average 30 year jumbo mortgage rate ended the week at 4.245 percent after starting out with an average cost of 4.310 percent.

Short term home loans did not participate in the costs cutting for new borrowers and moved marginally higher for the week. The 15 year term home loans, ten year term and 20 year mortgage rates were all higher for the week.  15 year mortgage rates were up by almost two basis points at end the week closing at 3.472 percent.  The fickle, 20 year mortgage rates jumped over six basis points to an average of 4.171 percent.  Ten year mortgage rates climbed by precisely one basis point leaving the average cost for these short term home loans at 3.229 percent.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending October 4, 2013.  The rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.

The actual mortgage interest rates for a specific property and borrower will depend on a number of factors including but not limited to, the loan type, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.  Note that the current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

Mortgage Rates Keep On Moving Lower

Mortgage rates continue to be driven down a week after the Fed announced there will be no slow down in the current rate of stimulus through the purchase of mortgage and Treasury bonds.  This past week, mortgage rates were cheaper for borrowers once again but not quite at the level seen during the week the Fed announced no change in the existing quantitative easing program.  30 year term mortgages including the FHA 30 year, jumbo 30 and conforming 30 year loan, were cheaper by about 14 basis points this past week which compares to a drop of 19 basis points during the week of the Fed announcement. One basis point is equal to 1/100th of a percent.

Based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com, interest rates on a 30 year conforming fixed rate mortgage decreased by just over 15 basis points.  The average 30 year mortgage rate available at the nation’s top ten bank mortgage lenders in the survey dropped to 4.343 percent from 4.497 percent in the prior week.

The average rate on a 30 year jumbo mortgage was not far off and tumbled by just over 13 basis points.  30 year jumbo mortgage rates closed out the week costing new borrowers 4.310 percent as compared to 4.443 percent in the week earlier. 

The 30 year term FHA mortgage rates stayed in the thick of it and shed just under 16 basis points for the week.  An average FHA mortgage loan now has a rate of 4.090 percent; last week’s average rate for FHA loans was 4.248 percent.

A 15 year term home loan saw a rate reduction of approximately 13 basis points which pushed the cost for this popular short term mortgage loan to 3.453 percent from 3.589 percent in the previous week.

Rounding the short and intermediate term home loans, the 20 year mortgage rate dropped by 16 basis points to an average of 4.234 percent and the ten year mortgage was cut back by almost 14 basis points to 3.219 percent.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending September 27, 2013.  The rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.

The actual mortgage interest rates will depend on a number of factors including but not limited to the loan type, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.  Note that the current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated September 27, 2013 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.

No Taper Puts an End to the Rise in Mortgage Rates

Lower mortgage interest rates are on the menu as the Fed delivers the announcement that there will be no end to the stimulus program.  Rates were quite stable leading up to the Fed announcement on Wednesday with both, Treasury rates and mortgage rates, holding in a tight range.  As soon the Fed released the minutes of their meeting indicating that there would be no slow down or tapering of the bond buying program that has been credited with pushing interest rates lower, especially mortgage rates, bonds sold off and interest rates dropped.  Prior to this meeting, investors had assumed that the Fed would soon taper its current round of stimulus or QE3 this month.

Interest rates for 30 year fixed mortgages dipped by 17.5 basis points or 0.175% on the week.  The average 30 year mortgage rate available at the nation’s top ten bank mortgage lenders surveyed by SelectCDrates.com ended the week at 4.497 percent after closing at 4.672 percent in the previous week.

30 year jumbo mortgage rates were pushed down by 20.5 basis points which held the average 30 year jumbo rates below that of the 30 year conforming rate for yet another week.  The average 30 year jumbo mortgage rate in the survey came in at 4.443 percent from 4.648 percent in the week earlier. 

FHA mortgage rates followed right along and slid down 19 basis points.  FHA rates in this week’s survey closed out at 4.248 percent after dipping to 4.438 percent the week before.

15 year mortgage rates became less costly for new borrowers in line with the longer term home loan rates.  The 15 year home loan rate was cut back by 19 basis points which brought the average rate down to 3.589 percent from 3.789 percent in the preceding week.

The midterm, 20 year mortgage rates, dropped by 21.4 basis points over the course of the week.  The rate drop for this term loan moved the average cost to 4.399 percent from 4.613 percent last week.      

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders for the week ending September 20, 2013.  The rate information obtained in the mortgage survey assumes the purpose of the mortgage loan is to purchase a property, an existing single family home to be used as a primary residence with a loan amount of $250,000 and an estimated property value of $325,000.

The actual mortgage interest rates will depend on a number of factors including but not limited to the loan type, the borrower’s credit profile, the property type, appraised value, occupancy, and loan amount.  Note that the current mortgage interest rates may vary without prior notice from the mortgage lenders and are subject to change based on location, geography and other terms and conditions.

Mortgage Rates Slide in Mid September

Mortgage rates retreated this past week, with the average 30 year fixed rate loan falling back below the 4.75 percent mark.  Based on the most recent survey of bank mortgage rates conducted by SelectCDrates.com, the 30 year conforming loan rate dropped by just over nine basis points to 4.672 percent.  One basis point is equal to 1/100th of a percent. The most recent mortgage arte survey reflects mortgage rates at the nation; top bank mortgage lenders for the week ending September 13, 2013.

Similar declines in rates were reported on the 30 year FHA mortgages and 30 year jumbo mortgages.  The average FHA mortgage rate was lower by 7.5 basis points which pushed the average cost on these government insured home loans to 4.438 percent.  30 year jumbo mortgage rates were off by almost the same amount as the 30 year conforming loans with the average rate dipping by just over nine basis points to 4.648 percent.

Midterm mortgage rates were a little more scattered with the 20 year home loan rate falling more dramatically while the ten and 15 year rates moving more in line with one another and with their relative position to the longer term loans.  20 year mortgage rates dipped down by just under 12 basis points to an average cost of 4.613 percent.  15 year mortgage rates were less costly by just 3.4 basis points, leaving the average rate on these loans at 3.789 percent and the ten year mortgage rate ended the week at 3.624 percent or 1.1 basis points lower than the previous week.

The reduction in mortgage rates for the week was a reaction to the reduced tension over the Syrian chemical weapon crisis and the market settling in on the increased probability for a slow schedule on reduced Fed stimulus over the coming year.  The market has been much more volatile in past weeks and months as it waits for news from the Fed on whether it will cut back on the bond buying stimulus program and if it does cut back, how much will it start cutting back or tapering on the current multi-billion dollar monthly program. 

Market participants, including mortgage bond buyers, seem to be settling on a number of about an approximate 10 billion dollar reduction in bond purchases by the Fed and that figure has led to the 30 year mortgage rate hovering around 4.75% area and the ten year Treasury bond to a lingering at just under 3.00%.  Should the market get a surprise on Wednesday the 18th by the Fed calling for significantly more or less stimulus changes, the market reaction in the bond market and mortgage rates is likely to be severe.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders.  Included in the current bank mortgage rate survey for the week ending September 13, 2013 are the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank rates, SunTrust Bank loan rates, BB&T Bank mortgage rates as well as other top bank mortgage lenders across the nation.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated September 13, 2013 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.

Mortgage Rates Bounce Higher to Start September

Mortgage rates spiked higher for the first week of September even with a less than spectacular monthly jobs report released on Friday.  Mortgage rates ticked higher everyday of the week with the exception of Friday when the employment report was released and mortgage rates settle down slightly.  Even with the weaker than expected jobs report, the average cost for a 30 year mortgage went up by 15 basis points or 0.15 percent this past week with jumbo rates rising the least, FHA rates rising the most and the 30 year fixed rate conforming loan falling somewhere in between.

There was some positive economic news that propelled mortgage rate upwards early in the week, including the most recent ISM manufacturing and non-manufacturing index and U.S. auto sales.  Both economic reports came in very strong.  These data points helped to push rates higher however, the prospect that the Fed has set a course to begin cutting back on the amount of stimulus they are  providing to the economy by tapering back on the mortgage and Treasury bonds they are purchasing each month is the clear underlying catalyst behind the continued rise in mortgage rates.

Based on the most recent bank mortgage rate survey conducted on September 6th, the average rate found on the 30 year fixed rate mortgage climbed 13.3 basis points moving up to 4.765 percent from 4.632 percent in the previous week.

The average rate on a 30 year FHA mortgage was lifted by 20 basis points, closing the week with an interest rate of 4.513 percent after settling at 4.313 percent in the prior week.

30 year jumbo mortgage rates were bumped up by just over 11 basis points.  The 11 basis points increase put the average 30 year jumbo loan rate at 4.740 percent from 4.624 percent in the week earlier. 

Shorter term home loan rates rose by between eight and 17 basis points on the week.  The 15 year term mortgages increased by eight basis points by week’s end to 3.823 percent from 3.740 percent in the week before. 

The ten year mortgage rate climbed 13 basis points to an average cost of 3.639 percent.  20 year mortgages experienced an average rate increase of 17 basis points, pushing the average interest rate up to 4.730 percent.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders.  Included in the current bank mortgage rate survey for the week ending September 6, 2013 are the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank rates, SunTrust Bank loan rates, BB&T Bank mortgage rates as well as other top bank mortgage lenders across the nation.

Mortgage Rates Dip as August Ends

Mixed economic news and a flight safety over instability in the Middle East pushed mortgage rates lower for the last week of August. 

A poor durable goods report and a weak new home sales figure countered the continued strong employment data that has been delivered in the lower weekly unemployment claims.  The mixed data is leading to mixed signals regarding when the Fed my taper or reduce their bond buying program.  The bond buying program was expected to be curtailed during a September Fed meeting but the growing uncertainty in the market is leading many market observers to believe the date may be pushed off later in the year.

The crisis in Syria over the use of chemical weapons but the Syrian government and the possibility of an impending punishing missile strike by the U.S. has brought a new round in a flight to quality in which investors move to buy U.S. Treasury bonds and mortgage backed securities due to their inherent safety and liquidity.

The conflicting economic data and flight to safety moved mortgage bond prices higher and interest rates lower.  30 year mortgage rates in the weekly SelectCDrates.com bank mortgage rate survey conducted on August 30, 2013  slid by just under seven basis points to an average rate of 4.632%.

30 year FHA mortgage rates dropped by almost twice as much as the conventional loans, falling just over 11 basis points.  30 year FHA loan rates in the most recent bank mortgage rate survey came in at 4.313%, down from last week’s average rate of 4.425%. 

The 30 year jumbo rates slide was closer to that of the conventional loans as compared to the more precipitous drop found in the government backed loans.  The average 30 year jumbo mortgage rate closed the week at 4.624% compared to 4.677% available in the previous week.

Short and midterm mortgage rates were lower by amounts that fell in between the conventional loans and FHA loan rate changes.  15 year mortgage rates were off by 6.2 basis points to an average rate of 3.740% for the week.  The average 20 year mortgage rate decreased 10.6 basis points to 4.558% and the 10 year term mortgage loan lost 9.5 basis points to close the week at 3.507%.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders. Included in the current bank mortgage rate survey for the week ending August 30, 2013 are the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank rates, SunTrust Bank loan rates, BB&T Bank mortgage rates as well as other top bank mortgage lenders across the nation. 

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated August 30, 2013 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.

Mortgage Rates Holding after Jumping Higher in Early August

Mortgage rates were little changed to start the week of the August 26th.  Mortgage market news has covered rising rates with so much attention given to the recent jump in borrowing costs that many prospective borrowers have been led to believe that mortgage rates have jumped higher once again.  The truth is that most mortgage surveys run a week or more behind the market and are therefore covering the previous week’s changes in the mortgage market.

No doubt, mortgage rates are higher, but the most recent bank rate data for the week ending August 23rd shows only minor changes to the average mortgage rate, week over week.  This is not to say that the mortgage rates for the month of August are not measurable higher than the prior month.  In fact, mortgage rates are now at their highest level of the past two years but the increase did not occur last week when a slew of economic news and data hit the market, the rise in borrowing costs or mortgage rates happened predominantly during the first and second of August.

This past week, mortgage rates did start out by continuing to march higher.  The release of the Fed minutes on Wednesday helped move rates up even though the Fed release provided no news on the direction of Fed policy especially with regards to when the Fed will start cutting back on the current stimulus program.  On Thursday, a strong jobless claims report helped to put fuel on the fire that was boosting interest rates.  By Friday, slower new home sales and slow retail sales reports pushed mortgage rates in the opposite direction and mortgage rates ended the week only marginally higher form where they started off the week.

The average 30 year mortgage rate available at the top ten bank mortgage lenders was lifted by just 0.004% to an average interest rate of 4.701%. For the week ending August 19, the average 30 year mortgage rate was 4.697%. 

The average 30 year FHA mortgage rate became slightly less costly for new borrowers, falling 3.8 basis points or 0.038%.  30 year FHA loan rates in the most recent bank mortgage rate survey were at 4.425% compared to 4.463% in the previous week. 

30 year jumbo mortgage loans were the most volatile home loan products and experienced a 6.9 basis point increase for the week.  The average 30 year jumbo mortgage rate was pushed up to 4.677% from 4.608% in the week earlier.

15 year mortgage rates were elevated by a relative modest sum, rising 3.8 basis points.  The average 15 year mortgage rate ended the week at 3.802 after started out with an average rate of 3.764%.  20 year term home loans jumped up five basis points to 4.664% and the ten year mortgage rate was boosted by just 1.1 basis points to average cost of 3.602%.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders. Included in the current bank mortgage rate survey for the week ending August 23, 2013 are the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank rates, SunTrust Bank loan rates, BB&T Bank mortgage rates as well as other top bank mortgage lenders across the nation.

Mortgage Rates Jump in Mid August

Mortgage rates jumped measurably higher for the week ending August 16, 2013.  The rate increase pushed mortgage rates on the most popular home loan products to levels not seen in over two years.  The impetus for the rise in mortgage rates this week was mostly due to the release of the weekly employment insurance claims report.  

The strong showing in the weekly claims report released on Thursday drove mortgage rates much higher.  The strong report triggered a selloff in Treasury bonds and mortgage bonds as investors took the data as a signal that the Fed will begin reducing the pace of their asset purchases sooner rather than later and thereby push interest rates higher.

Uncertainty over exactly when and by how much the Fed will start to taper the bond buying program that has been one of the biggest monetary stimulus programs ever undertaken by the Federal Reserve has brought a great deal of volatility in the interest rates markets and has generally moved mortgage rates upward.  The uncertainty started in May when the Federal Reserve Chairmen first indicated the Fed was eyeing the growth in the economy and the labor market as a sign to start reducing the monetary easing or the bond buying program. 

The strong showing in the clams report seems to indicate that the job market is continuing to improve and the Fed is likely to curtail monetary easing as early as next month.  The reduction in bond buying leaves a large supply of bonds on the market with the largest buyer, the Fed, not participating or helping to prop up prices.  Fewer buyers will certainly lead to falling bond prices which in turn leads to rising interest rates.

Based on the most recent bank mortgage rate survey conducted by SelectCDrates.com for the week ending August 16, 2013 the average 30 year mortgage rate available at the top ten bank mortgage lenders jumped this week up to an average of 4.697%.  30 year FHA mortgage rates shot up to 4.463%.  The average rate on 30 year jumbo mortgage loans were a little more subdued and advanced to just 4.608%.

Midterm and short term mortgage rates were not spared from the carnage but with slightly lower average durations, these home loans did not experienced the massive rate increases found in the 30 year loan terms.  15 year mortgage rates moved up to 3.764% by week’s end.  The 20 year term mortgage closed out the week at 4.614% while the ten year mortgage moved up to 3.591%.

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders. Included in the current bank mortgage rate survey for the week ending August 16, 2013 are the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank rates, SunTrust Bank loan rates, BB&T Bank mortgage rates as well as other top bank mortgage lenders across the nation. 

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated August 16, 2013 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.

Mortgage Rates Make Modest Retreat in Mid July 2013

Mortgage rates retreated slightly during the second week of July erasing roughly 60 percent of the increase seen during the first week of the month.  The markets position or indecision on how and when the Fed starts tapering or scaling back their massive bond purchase program is pretty much the entire driving force behind the interest rates movements in the mortgage market. 

Mortgage rates are not being driven by market demand for home loans or changing economic output or even the expectations for rising or falling rates of inflation.  The market perception over when and how much Fed bond buying will change in the near future is the sole catalyst for mortgage rates thus far in July.  Mortgage rates shot up when the Fed announced in June that the monetary easing program that had been initiated by the purchase of Treasury bonds and mortgage bonds would be scaled back before the end of 2013 and likely come to an end in mid 2014, drove mortgage prices down and mortgage rates higher.  Further Fed comments during the first week of July reiterating that position sent another jolt into the bond markets and rates ratcheted higher yet again. 

Last week, the Fed made some soothing comments to the market regarding how long monetary easing may or may not continue.  For the most part, the comments only clarified the Fed’s position that bond buying will be scaled back if and when employment figures improve.  This was enough for the bond market to rally, pushing prices higher and mortgage rates lower. 

At week’s end, the conventional 30 year fixed rate mortgage gave back almost 19 basis points or .19 percent after rising by just short of 32 basis points in the previous week.  Based on the most recent bank mortgage rate survey conducted by SelectCDrates.com for the week ending July 12, 2013 the average 30 year mortgage rate coming from the nation’s top ten largest bank mortgage lenders slipped to 4.569 percent from 4.758 percent in the previous weekly survey.

30 year FHA mortgage rates were cut back by 25 basis points over the course of the week after jumping by 42 basis points in the week earlier.  The reduction in rates placed the average 30 year FHA mortgage rate at 4.363 percent after closing at 4.613 percent in the week earlier.

30 year jumbo mortgage rates were up by the least amount for the first week of July and dipped by the least amount during the current mortgage rate survey.  Jumbo mortgage rates dropped by just shy of 15 basis points putting the average jumbo mortgage rate at 4.529 percent, down from 4.675 percent last week.

The shorter term home loan products had lower borrowing costs of between 20 and 30 basis points on the week with the 20 year fixed rate loan showing the largest rate drop and the ten year loan displaying the smallest rate reduction.

The popular 15 year mortgage dropped to 3.642 percent from 3.855 percent, 20 year mortgage rates slipped to 4.450 percent from 4.748 percent and the least popular of the short term loans product, the 10 year mortgage rate, was pushed down to 3.434 percent from 3.643 percent in the prior week.   

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders. Included in the current bank mortgage rate survey for the week ending July 12, 2013 are the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank rates, SunTrust Bank loan rates, BB&T Bank mortgage rates as well as other top bank mortgage lenders across the nation.

Mortgage Rates Jump Again to Start the Month of July, 2013

After the June jobs report was released by the Bureau of Labor Statistics at the end of the first week of July, mortgage rates made a major pop higher.  The selloff in the fixed income markets due to the better than expected numbers for new jobs created in June was swift and strong with almost all popular mortgage loan products displaying the largest one day interest rate increase this year.

The employment data released was not earth shattering but it was stronger than expected and the release not only showed the June job creations number were stronger than the market expected,  but the previous two months data points were revised higher. 

While the bond market selloff and the subsequent mortgage rate increased may seem like a bit of overreaction to just slightly better data, the Fed made comments during the month of June that clearly showed the Fed was looking for improving and stable data from the labor market before they would start cutting back on the recent stimulus bond buying program that has been fueling low interest rates. 

Better economic data is now very likely to cause the Federal Reserve to taper the bond buying or stimulus program sooner rather than later and the market reacted to that conclusion with spiking mortgage rates.

The conventional 30 year fixed rate mortgage moved convincingly higher on the week, jumping by just over 31 basis points or 0.31 percent.  The average 30 year fixed rate mortgage available at the top ten bank mortgage lenders in the nation rose to 4.758 percent from 4.446 percent in the previous week.

FHA mortgage rates with a 30 year term popped even higher than the 30 year conventional loans, rising by over 42 basis points on the week.  30 year FHA loan rates ended the first week of July at 4.613 percent from 4.190 percent in the week earlier.

Jumbo mortgage rates were the laggards of the big three 30 year mortgage loans.  The average rate on a 30 year jumbo home loan was bumped up to 4.675 percent or 27 basis points above the previous week’s average rate of 4.405 percent.

The most popular shorter term home loan, the 15 year mortgage, moved higher by just under 30 basis points.  The average rate found on the 15 year mortgage from the nation’s top bank mortgage lenders came in at 3.855 percent, up from 3.556 percent last week.

The 10 year and 20 year mortgages were not unscathed.  The 10 year mortgage rate vaulted higher by a hair over 30 basis points to 3.643 percent and the 20 year montage rate was jolted up by 43 basis points to an average cost of 4.748 percent. 

The most recent SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders. Included in the current bank mortgage rate survey for the week ending July 5th, 2013 are the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank rates, SunTrust Bank loan rates, BB&T Bank mortgage rates as well as other top bank mortgage lenders across the nation. 

The most recent survey is based on mortgage rates obtained from the participating mortgage lenders on July 5, 2013.

Big Spike in Mortgage Rates Hit Mid June 2013

Mortgage rates hit the roof last week after the Federal Reserve Chairman, Ben Bernanke, laid out the Fed’s plan to wind down or taper monetary easing in the coming months.  Technically, every aspect of the above sentence is accurate however; the Fed’s plan to end or taper monetary easing was far from clear.  The Fed hopes to start the wind down by the end of this year.  That is just the start of the wind down phase, the Fed may be buying Treasury bonds and mortgage bonds well into 2014 and even that is open ended based on economic conditions in the coming months.

While the market was looking for signs of tapering in the Fed bond buying program, apparently some of the information caught the market off guard.  The rise in interest rates may simply be putting the market at a better equilibrium with regards to real rates, inflation and economic growth; however rates shot up so abruptly immediately following the Fed speech it is hard to fathom how the market was not caught off guard by the Fed statements.

With that information behind us, Bernanke did try to make it clear in the press conference that the tapering would only occur if the Fed’s economic forecasts remain in place and that quantitative easing will be fluid, changing as the data comes in on economic figures such as output, inflation and unemployment.

The reason for the rise in interest rates this time may not be terribly important; it may be due to a number of factors that were hyper accelerated by the Fed comments.  The three important points for new home loan borrowers that are absorbing higher mortgage costs are (1) the increase in mortgage rates and interest rates is not likely to change course (2) from a historical perspective, mortgage rates are still very low and between low rates, tax advantages applied to mortgage debt payments and rising asset prices or housing prices the real cost of a home loan is quite low (3rd) mortgage rates are what they are, you can’t escape free market actions.

Based on the most recent mortgage rate survey conducted by SelectCDrates.com, the average 30 year mortgage rate shot up by almost 52 basis points driving the 30 year rate to 4.518 percent from 4.001 percent found in the prior week’s mortgage rate survey.

30 year FHA mortgage rates moved higher by a larger magnitude on the week, climbing almost 61 basis points.  The rise in rates for these government insured loans pushed the average rate on a 30 year FHA mortgage to 4.325 percent from 3.718 percent in the previous week.

30 year jumbo loan rates fared slightly better with rise of just under 42 basis points.  The average 30 year jumbo mortgage rate ended the week at 4.428 percent after closing at 4.012 percent in the preceding week.
 
15 year mortgage rates and 10 year mortgage rates were elevated by roughly the same amount.  The average 15 year mortgage rate climbed to 3.589 percent from 3.150 percent while the average 10 year loan rate rose to 3.464 percent from 2.989 percent.

The 20 year home loan was little bit more volatile, experiencing a rate increase of 61.5 basis points.  20 year mortgage rates available at the nation’s top bank mortgage lenders averaged 4.443 percent in the current survey from 3.828 percent in the prior survey.

The SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders including the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank as well as other top bank mortgage lenders.  The most recent survey is based on mortgage rates obtained from the participating mortgage lenders on June 21, 2013.

Mortgage Rates Dip Slightly June17, 2013

Mortgage rates moved slightly lower for most mortgage loan products with some fairly sizeable variations among the top home loan products available to consumers.  30 year fixed rate loans made a modest retreat over the week while FHA mortgage rates became less costly by a more considerable sum.  Other loan terms including jumbo mortgage rates and 15 year mortgage rates fell somewhere in between the conventional 30 year loans and the government backed FHA 30 year loans.

Prior to this relatively modest pull back, mortgage rates have been trending quite a bit higher as the market has been digesting comments and economic data that indicate the Fed will start to cut back on its quantitative easing by buying fewer mortgage bonds and Treasury bonds.  When and how much the Fed will start tapering back on bond purchases has been the big debate among investors for the past several weeks with no real consensus being reached on when the program will experience some sort of tapering and what the quantity of the tapering will be.

The Fed’s bond buying program is the major driving factor behind low bank rates and mortgage rates.  Once this programs ends, higher interest rates from savings rates to mortgage rates are generally expected to hit the market.  However, as of today there is no timeline established for the Fed to reduce the bond buying or by how much they will reduce the bond buying.

Based on the most recent mortgage rate survey conducted by SelectCDrates.com, 30 year mortgage rates were lower by 4.7 basis points or 0.047 percent from the previous week.  The average 30 year mortgage rate in the survey, which covers the nation’s top ten biggest bank mortgage lenders, came in at 4.001 percent compared to 4.048 percent in the previous week.

30 year FHA mortgage rates dropped by significantly more than the conventional loans with the average FHA mortgage rate dropping by 13.5 basis points.  FHA loan rates dropped down to 3.718 percent from 3.853 percent in the week earlier.

Jumbo mortgage rates were bit stickier for the week.  The average 30 year jumbo mortgage rate declined to 4.012 percent from 4.037 percent in the previous survey or just 2.5 basis points.

15 year mortgage were cheaper by 6.7 basis points for the second week of June.  The average 15 year home loan rate was knocked down to 3.150 percent from 3.217 percent that was found in the survey conducted for the week ending June 7th.

20 year and 10 year mortgage rates dipped by near identical amounts.  The 20 year home loan gave up ten basis points pushing the average rate to 3.828 percent while the 10 year term mortgage loans were cut by 9.3 basis points, bringing the average rate on this term loan to 2.989 percent.

The SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders including the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank as well as other top bank mortgage lenders.  The most recent survey is based on mortgage rates obtained from the participating mortgage lenders on June 14, 2013.

A Calm Rise for Mortgage Rates for the First Full Week in June

After shooting higher at end of the month of May, mortgage rates were relatively calm for the first full week in June.  Mortgage rates just barely bumped up higher for the week ending June 7th, 2013 based in the most recent survey of the top bank mortgage lenders conducted by SelectCDrates.com.

Expectations that the Federal Reserve will begin to slowdown the current monetary stimulus programs that includes massive purchases of mortgage backed securities and Treasury bonds is driving long term interest rates higher.  Without the Fed’s huge bond buying program, mortgage rates and Treasury rates are sure to rise as the supply of bonds will remain relatively stable and the biggest buyer, the Fed, will have exited the market leaving a greater imbalance between supply and demand.  The oversized supply and lower demand should lead to higher interest rates in the market.

The most recent monthly employment report helped to allay the market’s fears that the Fed would ease off of the pedal sooner, rather than later.  While the jobs report showed an increase of 175,000 new jobs, this number is seen as too low to convince the Fed that the economy is growing with enough strength and consistency to throttle back on the monthly bond purchases.

As a result of the market reactions this past week, the popular, 30 year fixed rate mortgage increased by just 2.9 basis points this past week or 0.029 percent.  The average rate on the 30 year mortgage coming from the nation’s largest bank mortgage lenders moved up to 4.048 percent from 4.019 percent in the week before.

30 year jumbo mortgage rates increased by an even slimmer margin that that of the conventional 30 year home loans.  The 30 year jumbo mortgage rate was elevated by just 1.3 basis points which pushed the average rate up to 4.037 percent from 4.024 percent in the week earlier.

FHA loan rates moved against the rising tide of rates and displayed a modest rate decrease week over week.  30 year FHA mortgage rates dipped by 1.5 basis points which tugged the costs of these home loans down to 3.853 percent from 3.868 percent that as found in last week’s survey.

15 year mortgage rates and 20 year mortgage rates displayed the greatest rate changes this week.  The 15 year mortgage rate jumped by 5.6 basis points to 3.217 percent from 3.161 percent while the average 20 year mortgage rate climbed by 5.3 basis points to 3.928 percent from 3.875 percent.

Short term, 10 year mortgage rates, were up by almost as much as the 30 year conventional rates.  The most current bank mortgage rate survey showed the 10 year mortgage rate rising by 2.3 basis points to 3.082 percent from 3.059 percent in the previous week.

The SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders including the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank as well as other top bank mortgage lenders.  The most recent survey is based on mortgage rates obtained from the participating mortgage lenders on June 7, 2013.

30 Year Mortgage Rates Down April 29, 2013

Borrowing costs for new home purchases and refinances dipped lower again going into the final days of April.  Mortgage rates dropped for almost all home loan products with the exception of jumbo mortgage loans for the week ending April 26, 2013.

Mortgage rates have refused to take any direction from the stock market or the supply of bonds hitting the market.  Weaker than expected economic numbers have been applying pressure on mortgage rates throughout the month of April. 

Last week, the first quarter GDP figures were released and although they were not terrible at 2.5 percent growth, the number was quite a bit off of expectations for 2.8 percent to 3.2 percent growth.  Weaker sales figures and lower revenue number from many businesses are also making investors nervous and that nervousness tends to push investors into safe and secure fixed income securities such as Treasury bonds and mortgage bonds.  Mortgage bond prices and mortgage rates have also benefited from weak economic news overseas including poor numbers in Europe and China.

Some conflicting economic data and good news for home loan borrowers was the monthly existing home sales report.  The report did not meet expectation which was where most economists focused their attention but the sales figures were strong and the inventory numbers were low. 

Total existing home sales in March declined 0.6 percent to a seasonally adjusted annual rate of 4.92 million.  The February numbers were also revised lower to 4.95 million units.  The current rate of existing home sales however, is 10.3 percent higher than the 4.46 million-unit pace in March 2012 and monthly sales and the home prices have increased above the prior year’s numbers every month for more than 12 consecutive months.

30 year fixed mortgage rates eased slightly this week, with the bank mortgage lenders in the SelectCDrates.com survey offering 30 year home loans at an average interest rate of 3.421 percent, down from 3.487percent last week.

The interest rate for a 30 year fixed rate FHA mortgage dipped to 3.358 percent this week from an average rate of 3.370 percent in the prior week.

Rounding out the 30 year term home loans, jumbo mortgage rates showed no change in the average rate offered by the nation’s largest lenders in the current survey.  The average 30 year jumbo mortgage rate held at 3.680 percent.

Short term mortgage rates were also down on the week with rate reductions ranging from 1.9 basis points to 3.6 basis points.  One basis point is equal to 1/100th of a percent. 

15 year mortgage loans became less costly by 3.6 basis points with the average 15 year mortgage rate dropping to 2.675 percent from 2.711 percent last week.  The 20 year mortgage rates slipped to 3.390 percent from 3.409 percent in the week earlier.  The ten year term home loan rates ended the week at 2.551 percent after closing with an average rate of 2.578 percent in the preceding week.

The SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders including the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank and others.

Mortgage Rates Tip Toe Lower April 22, 2013

Mortgage rates moved lower on all of the most popular mortgage loan products measured in the weekly SelectCDrates.com bank mortgage rate survey.  Weaker economic news pushed mortgage rates down for the 30 year fixed rate mortgages, jumbo mortgages, FHA mortgages and the shorter term home loans including the 15 year and 10 year mortgages.

There are now four factors pushing and holding mortgage interests down.  Poor economic reports on U.S. economic activity counts as the combined number one issue holding rates down which has included recent reports on low jobs growth, anemic retail sales and slowing manufacturing activity.  Contained inflation news also continues to support low interest rates with the CPI and PPI narrowly climbing higher.  Continued uncertainty over economic growth worldwide has an impact on bond buying and lower interest rates, especially new concerns over Europe and possibly China having slower growth, if any at all as is the situation in Europe.  And the final issue supporting bond prices and lower mortgage rates is the Feds continued bond buying program to support the economy.

These factors have pushed mortgage rates right back to where they were at the start of the year.  The average 30 year mortgage rate in the survey that ended this last Friday, April 19, indicated that the nation’s largest bank mortgage lenders have reduced the rate on this loan product by 2.5 basis points or 0.025 percent.  The retreat in interest rates on the 30 year home loan has brought the average rate down to 3.487 percent from 3.512 percent in the previous week.

30 year FHA mortgage rates and 30 year jumbo mortgage rates moved in unison.  Both of these loan products saw a mild rate drop of 1.3 basis points.  The average 30 year FHA mortgage rate tumbled down to 3.370 percent from 3.383 percent in the prior week while the 30 year jumbo mortgage rates went down to 3.680 percent from 3.693 percent in the week earlier.

The midterm, 15 year mortgage rates, gave up four basis points over the week.  The average rate offered on the 15 year mortgage from the top bank mortgage lenders ended the week at 2.711 percent after opening the week with an average rate of 2.751 percent.

Ten year mortgages and twenty year mortgages showed some fairly sizeable variations in the rates offered by the largest mortgage lenders.  Pricing on these loans has been highly variable throughout the year with less than robust consumer interest in these loan types.  The average 20 year mortgage rate moved lower by just under three basis points to 3.409 percent and the average 10 year mortgage rate dropped a little over six basis points to 2.578 percent.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated April 19, 2013 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

The SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders including the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank and others.

Mortgage Rates Hold Firm for the Second Week of April

Average mortgage rates at the nation’s largest banks were stable for the second week in April.  Economic data released for the week indicated that growth in the U.S isn’t terribly robust.  The lack of solid and consistent growth in the economy is and has been keeping a lid on bank rates and mortgage rates for a few reasons. 

Without economic growth there is very little increase in bank loan demand.  Strong loan demand would put upward pressure on interest rates based on the basic premise of supply and demand for money.  The lack of demand for loans keeps the pressure off of rising interest rates.  Increased economic activity not only increases demand for loans but increases demand for goods and services which normally leads to higher inflation, the largest component of bank rates. 

The last and most significant force coming down on bank rates and mortgage rates due to limping economic activity is the Feds current monetary easing policy.  The current growth figures are falling short of the Feds outline to ease off the bond buying throttle which is wide open at this point.  The Feds current position is to let off the bond buying throttle once the unemployment rate heads lower.  Low growth will have little impact on the unemployment rate and hence there is no sign the Fed will stop buying bonds in the immediate future. 

Lame economic news held mortgage rates close to where they ended the previous week based on the data coming from the most recent bank mortgage survey conducted by SelectCDrates.com.  For the week ending April 12, 2013 the average 30 year mortgage made a modest tick higher of 1.2 basis points or 0.012 percent.  The average 30 year mortgage rate increased to 3.512 percent from 3.500 percent in the previous week.

Average 30 year FHA mortgage rates climbed by an almost identical amount as was found in the 30 year conforming loan rates.  FHA rates rose by 1.3 basis points moving up to 3.383 percent from 3.370 percent in the prior week.

Jumbo mortgage rates failed to move in conjunction with the conforming loan amount rates and FHA rates and dipped by a slim margin this past week.  30 year jumbo mortgage rates were lower by 1.2 basis points by week’s end, leaving the average 30 year jumbo mortgage rate at 3.693 percent after starting the week at 3.705 percent.

The midterm, 15 year mortgage loans were almost unaltered over the course of the week.  The average 15 year mortgage rate ended the week at 3.693 percent from 3.705 percent in the preceding week, an increase of less than one basis point.

Ten year mortgage rates and twenty year mortgage rates closed up slightly.  The average rate on the twenty year term loan came in at 3.438 percent in the most recent survey while the 10 year mortgage rate came in at 2.645 percent.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated April 12, 2013 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

The SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders including the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank and others.

Mortgage Rates Measurably Lower for the First Week of April

Economic woes have just driven mortgage rates lower.  After quietly tip toeing lower for the past three weeks, mortgage rates made a big step down to open the month of April.  The key catalyst this past week pushing mortgage rates to the downside was the lousy jobs report released on Friday.

The markets were clearly jolted when the less than expected job creation figure for March, 88,000 new jobs, was released on April 5th.  On that Friday, fixed income bonds moved higher and interest rates moved lower.  Treasury rates moved down by six basis points, .06 percent, which was almost equally matched by the downward movement of mortgage rates. 

Prior to the poor jobs report, the market had been sliding modestly lower with the new jobs number not the only economic figure worrying the market.  The new round of news in Europe indicating that the European economy is not moving and unemployment there is almost five percent higher than the U.S. brought concern about the prospects or lack of prospects for world economic growth.  In addition, conflicting news from China regarding overbuilding, bad banking debts and the need for stimulus action has brought some consternation to those investors that thought China was on the path to higher growth.

As the week came to end, all mortgage products in the SelectCDrates.com weekly bank mortgage rate survey were lower than the week earlier.  30 year mortgage rates tumbled 15 basis points on the week, the average 30 year mortgage rate in the survey dropped to 3.500 percent from 3.650 percent in the previous week.

30 year FHA mortgage rates tumbled by a slightly lower amount relative to the 30 year conforming loans.  The average 30 year FHA mortgage rate declined 9.5 basis points, pushing the average rate to 3.370 percent from 3.465 percent in the week before.

Jumbo mortgage rates followed the FHA rates and descended by just under ten basis points.  The rate drop on the jumbo mortgage rates put the average rate at 3.705 percent from 3.803 percent in the prior week.

15 year term mortgage loans were trimmed by eight basis points in the most recent survey.  15 year mortgage rates on average, came in with a rate of 2.745 percent after dipping to 2.825 percent in the preceding week.

Ten year mortgage loans and 20 year mortgage rates were also lower on the week.  The average rate found on the twenty year home loan ended the week at 3.352 percent while the average rate on the short term, 10 year mortgage rates slipped to 2.607 percent.

The SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders including the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank and others.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated April 5, 2013 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.

Mortgage Rates and Mortgage Loans Get Cheaper Again April 1, 2013

Mortgage rates showed marginally improvements to close out the last week of March.  The reduction in home loan rates and loan costs was relatively mild but was seen on all major loan products in the SelectCDrates.com weekly bank mortgage rate survey.  The weekly trading session for mortgage bond and Treasury bonds was shortened due to the Good Friday holiday.

There were a few factors impacting the price of mortgage bonds and the mortgage rates tied to the bonds, over the week.  Mortgage bonds or mortgage backed security prices affect mortgage rates which move in the opposite direction, if mortgage bond prices rise, mortgages rates move lower and vice versa.  The three factors influencing rates are the fear about banking problems in Cyprus and whether that problem will remain contained, the lack of economic growth in Europe and questionable growth in China and finally the continued monetary easing policy put in place by the Fed. 

While the trouble in Cyprus has become one of the most severe banking problems that have arisen out of the world wide recession, it is not likely that the problem will spread beyond Cyprus and Cyprus itself is sooooo small that its issues will not cause a calamity.  One very odd question, unrelated to bond rates and prices, is who is going to get hurt the most based on the current EU solution to the Cyprus banking problem.  At the current time, the solution calls for all deposits over 100,000 Euros to get a haircut with a percentage kept on account and a percentage converted into bank stock.  Perhaps not the end of the world unless you have a few hundred thousand Euros in the bank.

Slow world growth is hard to measure.  Europe is more important to the US than China, regardless of what the media thinks.  The economic numbers regarding trade and production are not even close.  However, the US economy survived while the economy in Japan went into hibernation for several years perhaps we will survive while Europe simply muddles along.  The big question in world growth is how China is progressing. 

The numbers out of China are suspect, unreliable, pretty much worthless.  And most managed economies get hurt at some point.  Trying to direct the activities of a billion people and several trillion dollars in production is near impossible without some hick ups.  China is not a free economy with extensive regulations on capital, investments, production and wide spread corruption.  If the Chinese economy starts moving in the wrong direction, all bets are off on where interest rates are headed.  Even though, slow growth generally favors low rates.

As the end of March faded away, the 30 year fixed rate mortgage slipped lower by 3.1 basis points for the four days ending March 28, 2013.  One basis point is equal to 1/100th of a percent.  The average 30 year mortgage rate in the weekly bank mortgage rate survey closed the week at 3.650 percent after drifting down to 3.681 percent in the prior week.

FHA mortgage rates were down by a like amount, falling by 3.5 basis points for the week.  The average rate found on the 30 year FHA mortgage rate reached 3.465 percent after closing at 3.500 percent in the previous two weeks.

30 year jumbo mortgage rates displayed a slightly more aggressive downside move, tumbling 5.0 basis points for the week.  The average rate found on the 30 year jumbo mortgage dropped to 3.803 percent after closing at 3.853 percent in the week earlier.

The ten tear mortgage rate, 20 year mortgage rate and 15 year mortgage rate were all down on the week with the smallest decline coming from the 10 year home loan with a drop of less than one basis point and the greatest drop coming from the 20 year term home loans which were cheaper in the week by 6.8 basis points.

 To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated March 29, 2013 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

The SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders including the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank and others.

Mortgage Rates Down Again March 25, 2013

Mortgage interest rates dropped for the second consecutive week over concerns of banking issues in Europe.  Economic data released throughout the week was mostly ignored as the bond market cued in on the budget and banking problems issues facing Cyprus.  While most investors and financial pundits don’t expect the banking problems in Cyprus to spread, the severity of the problems in the tiny island, nation has scared the bond market while the stock market sat and played the fiddle.

Interest rates for the fixed rate 30 year mortgage dropped by eight basis points on the week, an acceleration from the previous week’s mild downside movement.  One basis point is .01 percent or 1/100th of a percent.  The average 30 year mortgage rate in the SelectCDrates.com bank mortgage rate survey ended the week at 3.681 percent, down from last week’s average rate of 3.762 percent.  At the close of 2012, the 30 year fixed rate mortgage was at 3.433 percent. 

Jumbo mortgage rates were also down by eight basis points.  The average jumbo mortgage rate in the survey dropped down to 3.853 percent from 3.936 percent in the week earlier.  The average jumbo mortgage rate in the weekly survey was 3.740 percent on December 31, 2012.

FHA mortgage rates, which were relatively stable during the rapid rise in mortgage rates that occurred during the start of 2013, remained contained for the second week.  FHA rates did not move over the week holding at 3.500 percent which is only slightly above the rate at the end of 2012 or 3.383 percent.

The 15 year mortgage rate was lower by about half as much as the 30 year term home loans.  The average 15 year mortgage rate in the survey was off by 3.4 basis points which nudged the FHA loan rate down to 2.838 percent from 2.872 percent in the previous week.  The 15 year home loan rate at the close of 2012 rested at 2.733 percent.

The change in the ten year Treasury rate during the week of the survey showed a reduction of eight basis points, identical to the move in the 30 year conventional mortgage rates and 30 year jumbo mortgage rates, and crossed below 2.00 percent once again.  The ten year Treasury yield closed Friday at 1.93 percent after starting the week at 2.01 percent.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated March 22, 2013 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

The SelectCDrates.com weekly bank mortgage rate survey calculates the average rate offered on a variety of home loan products from the nations’ largest bank mortgage lenders including the mortgage rates of Wells Fargo Bank, Chase Bank mortgage rates, Citibank home loan rates, US Bank rates, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank and others.

Mortgage Rates Drop Across the Board March 18, 2013

Mortgage rates finally gave new home loan borrowers a reprieve and moved lower on both purchases and refinances.  The most recent survey of bank mortgage lenders performed by SelectCDrates.com showed lower mortgage rates and costs on all home loan products for the week ending March 15, 2013.

Mortgage rates were moving mostly in a sideways pattern throughout the week and then dipped lower on Friday over concerns of financial troubles in Europe.  At week’s end, all of the fixed rate mortgage loans measured in the weekly survey were less costly than the week earlier however, the drop in mortgage rates was not as strong as the drop in long term Treasury rates which may mean more rate reductions in the coming days.

Financial problems in Europe have been put on the back burner or simply ignored through the year thus far as interest rates in the U.S. have risen, but while our economy is growing slowly and the recession has now passed, many euro based countries are not nearly as far along in their recovery and can become unsettled easily with any number of financial shocks.  The problems creeping up in Cyprus has the potential to be one of those shocks.  Based on this rickety foundation, fixed income securities saw measurable price gains last week leading to lower interest rates once the cracks in the Cyprus financial markets started to crumble.

Prior to the news in Cyprus, the economic figures coming out of the U.S were all positive.  Retail sales were stronger than expected and Industrial Production beat expectations.  Additional positive news was also good for mortgage rates; the Consumer Price Index (CPI) was up by just 0.2 percent for the month of February, excluding food and energy.  The CPI is the most widely watched measure of inflation and with low monthly increases it appears inflation has remained in check which helps keep mortgage rates from popping higher. 

Based on the data in the survey, the 30 year fixed rate mortgage dropped by just over four basis points or .04 percent.  The average 30 year fixed rate mortgage ended at the week at 3.762 percent after closing at 3.804 percent in the previous week.

The 30 year FHA mortgage rate was down by seven basis points to end the week at 3.500 percent from 3.570 percent in the week earlier.

Jumbo mortgage rates with a 30 year term were reduced by slightly less than four basis points.  The average 30 year jumbo mortgage rate slid to 3.936 percent from 3.973 percent in the preceding week.

The shorter term home loan products were slightly more volatile with interest rate reductions between five and 11 basis points for the ten, 15 and 20 year term loans.  The ten year mortgage rate dropped by 11 basis points to 2.731 percent, the 15 year mortgage rate gave up five basis points and dipped to 2.872 percent and the 20 year mortgage rate was off eight basis points to end the week at 3.623 percent.

The ten year Treasury rate was off by ten basis points on the week falling to 1.96 percent from 2.06 percent.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated March 15, 2013 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.

Mortgage Rates Up after Jobs Report March 11, 2013

Better economic news has pushed mortgage rates higher going into the second week of March.  The most recent monthly jobs report released on Friday was better than expected and the news helped propel the stock market and put a damper on the bond market.  As mortgage bonds sold off mortgage rates moved higher.

Mortgage rates have been fluctuating modestly over the past few weeks with a overall bias to the upside.  Investor sentiment and economic news has indicated that the U.S. economy was improving and the global economy was stabilizing which has put pressure under bank rates.   The better than expected jobs number confirmed the feeling that the US economy is on the rise with a solid foundation in an improving employment market and housing sector.  The improving economic picture put greater pressure on the bond market and rates ticked up measurably on Friday.

As of yet, the U.S. economy has not seen a measurable pick up in either employment or the housing market while other aspects of the economy have shown improvement.  These two sectors are the key to long term, sustained growth.  The positive jobs report gave a big boost to the economic puzzle piece and had a definite impact on changing investor sentiment.  The investment community seems to have firmly grasped the view that the worst of the economic slowdown is behind us and the economy is firmly on the upswing.

The weekly bank mortgage rate survey for the week ending March 8th conducted by SelectCDrates.com indicated that the 30 year fixed rate mortgage climbed by over 23 basis points or 0.23 percent.  The average 30 year mortgage rate in the survey rose to 3.804 percent from 3.568 percent in the week earlier.

The weekly bank mortgage rate survey calculates the average rate for a variety of home loan products form the nations’ largest bank mortgage lenders including Wells Fargo Bank, Chase Bank, Citibank, US Bank, HSBC Bank, Fifth Third Bank, SunTrust Bank, BB&T Bank and others.

Jumbo mortgage rates climbed by a slightly smaller margin compared to the conforming loan limit mortgages.  30 year jumbo mortgage rates increased by just under 19 basis points, rising to 3.973 percent from 3.789 percent in the previous week.

FHA mortgage rates were up by almost 14 basis points.  The average FHA loan rate closed the week at 3.570 percent up from 3.428 percent in the prior week.

The 15 year term mortgages were higher by 13 basis points o n the week.  The average 15 year mortgage rate in the survey now stands at 2.924 percent compared to 2.792 percent in the week earlier.

The 10 and 20 year home loans moved higher by approximately 20 basis points on the 20 year and 10 basis points for the 10 year over the course of the week.  The average rate on these two home loan products is now at 2.850 percent for the 10 year term loan and 3.704 percent for the 20 year mortgage loan.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated March 8, 2013 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

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Mortgage Rates at the Largest Banks Fall March 4, 2013

Mortgage rates among the nation’s largest bank mortgage lenders dropped this past week to their lowest point since the beginning of the year.  Mortgage costs have be on a slow and steady rise since the fourth quarter of 2012 with this past week showing the first significant rate drop in 2013.  Based on the most recent bank mortgage rate survey of the top bank mortgage lenders conducted by SelectCDrates.com, all mortgage loan products closed with lower rates including the popular 30 year fixed rate loan on up to the jumbo home loans.

Mortgage rates reacted to a mix of international news and domestic news.  Internationally, weakness in Europe and Japan has resurfaced with particular trouble brewing in Italy over the sate of their austerity commitment.  The most recent release on fourth quarter GDP in the euro zone fell short of expectations.  And unlike the brouhaha over the debt trouble in Greece that took center stage last year, Italy has a much larger economy and far more public debt outstanding that needs to go through the refinancing mechanics. 

Domestically, U.S. retail sales are causing some trouble with smaller than expected gains in monthly retail sales and more consternation possibly on the way as the sequester budget cuts have not been felt yet nor, is it believed, that the increase in payroll taxes that started at the onset of the years have been fully accounted for in household budgets.  Lower than expected retail sales may continue to materialize in the coming months.

All in all, economic growth continues on a precarious path which tends to persuade investors to keep their funds in the safety and security of fixed income bonds and mortgage backed securities.  Of course, the Fed is still fueling the market with approximately 85 billion dollars in mortgage bond and Treasury bond purchases to help keep bank rates depressed. 

Week over week, the average 30 year mortgage rate slid down by 12 basis points or 0.12 percent.  The average 30 year fixed rate loan ended the week at 3.568 percent after closing at 3.688 percent in the previous week.

The 30 year jumbo mortgage rate dropped by 9.6 basis points to 3.789 percent from 3.885 percent in the week earlier.  FHA rates were down by an amount similar to the jumbos, slipping 9.7 basis points to 3.428 percent from 3.525 percent in the prior week.

Ten year mortgage rates, 15 year mortgage rates and 20 year mortgage rates were lower with a rather consistent progression.  The ten year mortgage was down by 5.8 basis points this past week, the 15 year mortgage rate came in 7.5 basis points lower and the 20 year term home loan was reduced by 8.5 basis points.  The average rate for the intermediate term loans ended the week at 2.745 percent for the ten year, 2.792 percent for the 15 year mortgage and 3.505 percent on the 20 year home loan.

To review the latest mortgage rates and loan costs from the top bank mortgage lenders in this week’s bank mortgage rate survey dated March 1, 2013 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.

Mortgage Rates Rise Show Very Little Change February 25, 2013

Mortgage rates were mostly unchanged from the previous week with some home loan financing products inching marginally higher and others inching lower.  The SelectCDrates.com bank mortgage rate survey measures the current rates and costs for six mortgage loan products weekly, among these six products three loan products ended the week more costly and three were cheaper.  For the overall holiday-shortened week, mortgage interest rates moved very little.

The market forces pushing and pulling mortgage rates and the stock market are generally seen as the weaker than anticipated economic news combined with stable inflation data and very aggressive action by the Federal Reserve.  The Fed’s quantitative easing program is keeping interest rates low and fueling the stock market. Spikes in interest rates and dips in the equity markets are generally coinciding with concerns over the strength of the economy and inflation. 

While mortgage rates may normally rise when the economy is picking up steam, the stock market should also rise.  In the current environment, the market is especially tuned into signs of growth and rising inflation since these signals may force the Fed’s hand to lay off the throttle and curtail the monetary easing.  The end of monetary easing is expected to lead to higher interest rates and cause concern for the stock market as much of its fuel will be taken away.

Fed comments, inflation reports and signs of continued economic strength have and will most likely continue to spark concerns that the central bank could slow or stop buying bonds sooner than the equities market have expected.

As t week ending February 22 came to a close, the mortgage moved higher and then retreated to end with little change.  The average 30 year mortgage rate in the current bank mortgage rate survey barely moved, rising by less than one basis point to 3.688 percent from 3.679 percent in the week earlier.  One basis point is equal to .01 percent.

The shorter term 15 year, conventional loan was higher by an almost identical amount.  The average 15 year mortgage rate made a slight uptick to 2.867 percent from 2.860 percent in the previous week.

The ten year mortgage rate was unchanged on the week with the average rate holding at 2.803 percent.  20 year term mortgages decreased on the week.  The average 20 year mortgage dropped to 3.590 percent from 3.611 percent in the week before.

FHA mortgage rates and jumbo mortgage rates also moved modestly lower week over week.  The 30 year FHA rate ended the week at 3.525 percent after closing the previous week at 3.538 percent.  Jumbo mortgage rates slipped down to 3.885 percent from 3.912 percent in the prior weekly survey.

To review the latest mortgage rates and loan costs form the top bank mortgage lenders in this week’s bank mortgage rate survey dated February 22, 2013 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.

Mortgage Rates Rise Sideways to Slighter Higher February 11, 2013

Mortgages moved mostly higher again this past week but as with the week before, the rise in mortgage rates and loan costs were rather moderate.  Fixed mortgage rates edged up slightly this past week with long term loan rates moving modestly higher and shorter term home loans pulling back ever so slightly.  Increased activity in the stock market and the prospects for an improved economy is continuing to keep, at least, mild pressure on mortgage rates. 

The outlook for the US economy remains problematic.  The recent Federal Reserve release regarding their last meeting seemed to prove this point as the Fed indicated no plans to stop or slow the current monetary easing programs.  The biggest positive factors in the economy may just be the absence of any unfavorable political actions and lack of recent negative economic developments.  Not good news, but without any tangible positive economic reports to bite into, investors are perfectly content with politics stepping aside and economic calamities remaining in the dark.  This has brought greater optimism into the stock market at the expense of bonds which have traded lower leading to higher interest rates.

The most recent survey of bank mortgage rates conduct one February 8, 2013 found the average interest rate for the 30 year fixed rate mortgage increased to 3.675 percent from 3.630 percent in the previous week. 

30 year fixed rate jumbo mortgages or those loans that generally exceed $417,000.00, depending on the region, increased to 3.937 percent from 3.912 percent last week.  30 year FHA mortgage rates were also bumped higher, climbing to 3.525 percent from 3.463 percent in the prior week.

15 year fixed rate home loans were not impacted by the change ion the long end of the curve.  The average 15 year fixed rate mortgage retreated from the previous week’s levels, dropping to 2.846 percent from 2.880 percent in the week earlier.

After rising to 2.788 percent last week, the interest rate on the 10 year fixed rate mortgage dipped back down to 2.771 percent.

20 year mortgage rates sat right in the middle of the upward action found in long term rates and downward motion of the shorter term mortgage rates and almost did not move week over week.  The average 20 year mortgage rate climbed by juts 5/1000ths of a percent to 3.595 percent from an average rate of 3.590 percent in the previous week’s survey.

To review the latest mortgage rates and loan costs form the top bank mortgage lenders in this week’s bank mortgage rate survey dated February 8, 2013 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.

Mortgage Rates Rise Again February 4, 2013

While home loans rates are still hovering at historically low levels, most mortgage loan products marched higher again as January came to a close and the month of February began.  The average cost for a 30 year fixed rate mortgages in the weekly SelectCDrates.com bank mortgage rate was lifted by a hair over four basis points or 4/100ths of a percent. 

The relatively mild increase in the 30 year mortgage brought the average rate up to 3.630 percent from 3.587 percent in the previous week.  The 30 year mortgage loan is still just shy of a ¼ percent higher than it was at the close of the year; the average 30 year mortgage rate on December 31, 2012 was 3.433 percent. 

The average cost for the 15 year fixed rate mortgage climbed by just under four basis points, rising to 2.880 percent from 2.842 percent in the prior week.  At the end of 2012, the average rate for the 15 year term home loan was roughly 15 basis points lower at 2.733 percent.

FHA mortgage rates this past week were unchanged at 3.463 percent.  FHA loan rates have held amazingly stable so far in 2013 even as long term rates have moved higher.  The current FHA rate is only slightly above the end of year average rate of 3.383 percent.

Jumbo mortgage rates experienced the greatest rate increase of the month though it was still less than a five basis point increase.  The increase in the jumbo rates has this loan programs approaching 4.00 percent for the first time since the end of September, 2012.  The average 30 year jumbo mortgage rates now sits at 3.912 percent compare to 3.863 percent in the week earlier.

Mixed economic signals continue to push and pull long term interest rates and in turn, mortgage rates and costs.  Long term rates reached their high point of the year during the last week of January with the 10 year Treasury bond, a good but not exact indicator of mortgage rate movement, crossing the 2.00 percent mark for the first time since April of 2012.  Since the Federal Reserve remains committed to their bond buying program until the economy starts showing signs of growing faster and creating more jobs, long-term mortgage rates continue to hold near historic lows even as other long term rates advance slightly higher.

With this past week’s surprising GDP report indicating that the economy had contracted in the last three months of 2012 and unemployment claims showing a modest rise, any expected revisions to the Feds bond buying program are on hold at least until the economic news gets brighter with more consistent positive indicators.  Keep an eye on the weekly unemployment claims and the monthly employment report scheduled for release on March 1st.

To review the latest mortgage rates and loan costs form the top bank mortgage lenders in this week’s bank mortgage rate survey dated February 1, 2013 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.

A Rise in Mortgage Rates January 28, 2013

Mortgage rates continued to move higher for the week ending January 25, 2013.  The rise in mortgage interest rates has not been devastating to new borrowers, as of yet, but the concerns over continued rising interest rates is worrying the market.  In the meantime, mortgage applications are on the rise with purchase activity increasing and refinance applications continuing to hold very strong.

The economy continues to show signs of strength with unemployment claims falling again this past week, the stock market pushing up to multi year highs and the global economy stabilizing in the weaker sectors such as Europe and expanding in the hotter regions of Asia.  These factors are putting pressure on interest rates and most market prognosticators are calling for rising interest rates in the near future.  Meanwhile, the Fed holds some key cards in the game with a monetary easing program that involves the purchase of mortgage backed bonds and Treasury bonds at rather sizeable levels. 

Whether economic conditions will improve further remains uncertain however, an expanding housing market is now filling in a major week spot in economic growth that had been present over the past three years and if the world economies hold and show some growth combined with our economy getting assistance from a better housing market, mortgage rates are surely going to rise.  How much will mortgage rates rise?  Banks are awash in reserves and cash for now and the Fed has not even let up on the throttle of monetary stimulus yet, let alone put on the brakes.  Not much help with that one. 

To start the week of January 28, the current bank mortgage rate survey conducted by SelectCDrates.com showed the 30 year fixed rate mortgage averaged 3.587 percent, up from 3.515 percent last week.

The 30 year jumbo mortgage rate moved higher, but by a slightly lower magnitude than was experienced on the 30 year conventional loan.  Jumbo mortgage rates averaged 3.863 percent in the current survey as compared to 3.824 percent in the week earlier.

FHA mortgage rates increased closer to the levels of the jumbo loans as opposed to the rise found in the conventional rates.  The average 30 year FHA mortgage rate ratcheted up to 3.463 percent from 3.430 percent in the previous week.

The most popular short term mortgage loans, the 15 year term loans, were driven higher by just under six basis points.  One basis point is equal to 1/100th of a percent.  The average 15 year fixed rate loan came in at 2.842 percent, ahead of last week’s average rate of 2.783 percent.

Ten and 20 year mortgage rates were lifted by amount similar to the 15 year term home loans.  The rate on the 20 year mortgages moved up to 2.842 percent from 2.783 while the average rate on the 10 year mortgage was boosted up to 2.723 percent from 2.679 percent in the week prior week.

Mortgage application data coming from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey showed that mortgage applications had jumped by 7.0 percent from the preceding week.  Purchase applications increased but the refinance share of mortgage application remained quite strong with 82 percent of all mortgage applications logged in as refinance requests.  The most recent Mortgage Bankers Association’s data is for the week ending January 18, 2013.  

To review a current list of the top bank mortgage lenders and mortgage rates for the January 25, 2013 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.

Mortgage Rates Flat January 21, 2013

Mortgage rates were mostly flat to end the third week in January.  Based on the most recent survey of bank mortgage rates conducted by Selectcdrates.com, the week ended of January 18 with all home loan products in the survey displaying a less than two basis points change in the average mortgage rate from the previous week.  Some rates were slightly lower while others were slightly higher but no mortgage loan products showed a discernible rate change by week’s end.  One basis point is equal to 1/100th of a percent or 0.01 percent.

Mortgage rates did gyrate during the week with some rather measurable changes taking place early in the week and again on Thursday.  But, when the week came to a close, mortgage rates were almost exactly where they were at the start of the week.  The Treasury market matched this performance with U.S. Treasury bills, notes and bonds showing very little change from the start of the week. 

The week was relatively quiet as far as economic news was reported.  The biggest piece of news released that should have hurt the mortgage bond market and pushed interest rates higher was a much better than expected weekly unemployment claims report.  Stronger housing starts were reported as well, which is a good sign of stronger activity in the housing market and should have sent rates higher although this is a monthly figure that can often swing wildly month to month.

Fed intervention is the underlying action that is hard to evaluate relative to the impact it si having on mortgage rates.  With the strong economic news failing to push mortgage rates higher it would appear that the continue Fed bond purchase program is holding interest rates within a relatively tight trading range and preventing any significant push higher.

The weekly mortgage rate survey results indicated that the average 30 year mortgage rate coming from the nation’s largest bank mortgage lenders slid lower by one basis point.  The rate drop put the 30 year fixed rate loan at 3.515 percent from an average rate of 3.525 percent last week.

The interest rate offered on the 30 year jumbo loan product moved in the opposite direction of the conforming loan limit mortgages.  30 year jumbo mortgage rates climbed by 1.2 basis points, pushing the average rate up to 3.824 percent from 3.812 percent in the previous week.

FHA loan rates went back the other way and dropped by 1.3 basis points on the week.  Survey results for the 30 year FHA mortgage loan showed the average rate moving down to 3.430 percent from 3.443 percent in the week earlier survey.

15 year term loans and ten year term mortgage loans were altered by less than one basis point this past week.  The average rate on the 15 year mortgage loan was down by 6/1000ths of a percent, less than one basis point, to 2.783 percent.  The 10 year home loan rate was up by 5/1000ths of a percent to an average rate of 2.679 percent.

20 year mortgage rates made a modest uptick.  Rising by 1.3 basis points week over week, the average 20 year mortgage rates came in at 3.447 percent after closing at 3.433 percent in the prior week.

To review a current list of the top bank mortgage lenders and mortgage rates for the January 18, 2013 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.

Mortgage Rates Move Back Down this Week January 14, 2013

Mortgage rates have retreated by a modest sum for the second week of January.  Mortgage rates have been on a continued albeit, very slow decline for just over a week.  The recent mortgage rate improvements were fairly tame but have pushed the average rate for most home loan products down to their low point for the year.

Mortgage rates had moved measurably higher in a rather short period of time just after the New Year.  The rate increases followed the Fiscal Cliff deal which was followed quickly by Federal Reserve grumblings that monetary stimulus may end quicker than the market originally believed and then a better than expected employment report for the month of December surfaced.  All of these factors are bad news for bank rates and mortgage rates and they subsequently caused a quick shift in mortgage rates higher in the first few days of 2013.  The market has now back pedaled slightly but, mortgage rates and costs are still higher for new home loan borrowers than they were at the close of 2012.

To put all of this recent market action and interest rate volatility in perspective, the average 30 year mortgage rate in the month December was 3.419 percent based on the data captured in the weekly bank mortgage rate surveys performed by Selectcdrates.com.  The most recent survey, which gathered mortgage rates for the week ending January 11, 2013, showed the average 30 year mortgage rate is now sitting at 3.525 percent or 10.6 basis points above the December average.  At this point in time, the mortgage rate increases are far less than many new borrowers may have been led to believe based on media report of higher mortgage rates and fewer refinance applications with the nations mortgage lenders.

For the most current survey, the weekly mortgage rate report for the 30 year mortgage rates showed an average rate of 3.525 percent which is just under six basis points lower than the previous week’s figure of 3.584 percent.

The 30 year jumbo mortgage rates were down by a near identical amount, dropping by just a hair over six basis points.  30 year jumbo mortgage rates this week slid down to 3.812 percent from 3.874 percent in the week earlier.

30 year FHA rates moved in the opposite direction and were pushed higher ever so slightly.  The average for the 30 year fixed FHA mortgage rates increased to 3.443 percent from 3.430 percent in the prior week, a rise of 1.3 basis points.

The midterm home loan rates were all lower on the week with the degree of the rate change varying greatly among the 10 year, 15 year and 20 year term mortgages.  20 year mortgage rates dipped by ten basis points, moving to 3.433 percent from 3.536 percent in the preceding week.  

15 year mortgage rates were reduced by just over one basis point to 2.789 percent from 2.803 percent and the ten year term mortgage dropped by close to two basis points which pushed the average rate down to 2.674 percent from 2.690 percent in the prior week.

Mortgage Rates Jump Higher January 7, 2013

Mortgage rates jumped higher across the board for the first week of January 2013, with the rate changes among the top mortgage lenders displaying a great deal of variability.  Long term Treasury bond prices and mortgage bond prices dropped significantly during the week and then started to recover slightly at the very tail end of the week leading to some of the rate variability between the top mortgage lenders.  As bond prices fall, the mortgage rates based on those prices rise.

The view among big money investors is that the economy will pick up steam in 2013 has led to the conclusion that the Fed will lighten up on monetary stimulus and that inflation and interest rates will rise through the year.  There are certainly some indicators that this forecast may pan out. 

The Fed members have made some very recent comments about the possibility of cutting back on monetary intervention if the unemployment figures improve.  The unemployment rate at the end of the year has remained high but the drag of government job losses is going to subside soon, the Federal government and state governments will not be cutting jobs forever, and the number of claims for unemployment is falling which should reflect higher employment levels.  Note, the unemployment claims move somewhat erratically, but it is showing a slight downtrend.
 
With unemployment improving, housing improving and the Fed intentionally leaking comments about the possibility that monetary policy will change directions, there are some definite signs that mortgage rates will rise in the coming months.

To start off the year, all mortgage products surveyed in the weekly bank mortgage rate survey conducted by Selectcdrates.com displayed higher interest rates.  The 30 year fixed rate mortgage was lifted by 15 basis points for the week ending January 4, 2013 with one basis point equal to 1/100th of a percent.  The average 30 year mortgage rate this week shot up to 3.584 percent from 3.433 percent in the previous week.

30 year jumbo mortgage rates were up by almost as much, rising by 13 basis points for the week.  The average interest rate on the jumbo loans was elevated to 3.874 percent from an average rate of 3.740 percent found in the prior weekly survey.

The 30 year FHA mortgage rates were not nearly as disturbed by the bond market.  FHA loan rates were up by just under five basis points by the end of the week.  The average FHA mortgage rate in the survey came in at 3.430 percent, which compares to a rate 3.383 percent for the last week of 2012.

15 year term loans became more expensive for new borrowers by about half as much as the 30 year term loans or about seven basis points.  The average 15 year mortgage rate was bumped up to 2.803 percent after closing at 2.733 percent in the week earlier.

The 10 year mortgage rates followed along the line of reasoning that long term rates generally rise by more than short term rates and these term loan products moved up by approximately five basis points.  The average rate on a 20 year mortgage in the survey was 2.690 percent up from 2.634 percent in the preceding week.

20 year mortgage rates skyrocketed this past week.  The 20 year term home loan is a far less popular home loan product and can occasionally display far more volatility and variability than the other more popular loan programs.  This week, the 20 year mortgage rate climbed to 3.536 percent from 3.321 percent last week.

To review a current list of the top bank mortgage lenders and mortgage rates for the January 4, 2013 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.

Mortgage Rates Little Changed at End of Year

Mortgage rates moved sideways during the final business week of 2012.  The holiday shortened week cut back the trading activity and volume in mortgage bonds and mortgage rates were mostly held to a very tight trading range with longer term mortgage rates stepping down slightly and shorter term mortgage rate getting a modest lift higher.

The stalemate in Washington had a big impact on the stock market but had little effect on mortgage bonds or Treasury bonds.  As stocks sold off during the week, the ten year Treasury rate moved lower by only four basis points to end the week at 1.73 percent roughly the average rate for the month of December.  One basis is equal to 1/100th of a percent. 

Estimates on how the budget and tax battle will impact the US economy over the long term are varied but the consensus is that growth gets constrained by some magnitude.  Low growth is good for mortgage rates as is the Fed bond buying programs.  Perhaps these are the reasons the mortgage and bond markets have not gone crazy over the end of year government shenanigans while the stock market clearly has.

For now, mortgage rates are showing only a slight upside bias as bond prices lost some ground in the month of December yet even this mild price change had little effect on consumer mortgage rates at the close of the month.  The average 30 year mortgage rate in the weekly Selectcdrates.com bank mortgage rate survey closed down by 1.8 basis points.  The rate haircut brought the average 30 year mortgage rate to 3.433 percent from an average rate of 3.451 percent in the previous weekly rate survey.

The 30 year FHA mortgage rates and jumbo mortgage rates were also a little lower for the week.  FHA rates were cheaper by 1.2 basis points and the jumbo mortgage rates dipped by not quite one basis point, .90 bps.  Theses mortgage rates ended the week at 3.383 percent for the FHA loans and 3.740 percent for the jumbo home loans.

20 year mortgage rates and 15 year mortgage rates were pushed up marginally higher on the week with neither home loan changing by as much as one basis point.  The 15 year term mortgage loan was elevated by .8 basis points to average rate of 2.733 percent.  20 year mortgage rates moved higher by only .1 basis points to 3.321 percent. 

The 10 year term home loans did not follow the other shorter term rates and ended the week a little less costly for new borrowers.  The average 10 year mortgage rate moved down by 1.1 basis points which brought the average 10 year rate to 2.634 percent from 2.645 percent in the prior week.

To review a current list of the top bank mortgage lenders and mortgage rates for the December 29, 2012 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.

Mixed Mortgage Rates Running up to the Holidays December 24, 2012

Mortgage rates finished the week before the Christmas holiday festivities began on a fairly mixed note.  Fiscal cliff news was the key driver for mortgage rates this past week.  When news was released late in the week that there was not only no deal on averting the fiscal cliff but the two sides were apparently not even close to reaching a compromise, stocks sold off sharply and bond yields and rates including mortgage rates backed down from their highs reached earlier in the week.

The bounce back on mortgage rates that occurred on Friday, as well as most of Thursday, made the weekly mortgage rate changes rather uneventful with long term mortgage products displaying only slightly higher rates, short term loan products ending with slightly lower mortgage rates and yet other mortgage loan products not doing much of anything.

Economic news continued to be mixed but is most definitely more positive than negative which should put pressure on mortgage rates to move higher.  Positive economic news included lower unemployment claims, stringer existing home sales and increased industrial production.  The Fed continues to buy mortgage bonds and long term Treasury bonds helping to support prices and low interest rates.  But, the uncertainty in the Federal government over taxes and spending, the fiscal cliff, is keeping a whole lot of money in bonds which is the prevailing factor keeping interest rates and mortgage rates low.

Just before the Christmas holidays started on Monday, the average 30 year mortgage rate moved up by a modest 2.3 basis points or .023 percent compared to the previous week.  The 30 year mortgage rate coming from the nation’s largest bank mortgage lenders had an average rate of 3.451 percent, up from last week’s average 30 year mortgage rate of 3.428 percent.

The rate on 30 year jumbo mortgages jumped up a bit more week over week.  The average 30 year jumbo mortgage rate closed at 3.749 percent after inching higher by a similar amount in the previous week to 3.703 percent.

FHA mortgages with a 30 year term bounced around in a very tight range with most of the lenders altering the points charged on these loans by fractions and leaving the interest rate alone.  The week ended with the 30 year FHA loan rate holding at 3.395 percent, unchanged from the previous week.

The shorter term home loan rates were all lower on the week with the more popular, 15 year mortgage, just barely dipping lower.  The 15 year mortgage rate dropped to 2.725 percent, a less than one basis point rate reduction, from 2.730 percent in the week earlier.

Twenty year term mortgages showed the largest drop, falling 5.4 basis points.  The interest rate offered on the average 20 year mortgage on this week’s survey was 3.320 percent compared to 3.374 percent in the previous week.

10 year mortgage rates slipped by 3.6 basis points pushing the average rate down to 2.645 percent from 2.681 percent in the week earlier.

To review a current list of the top bank mortgage lenders and mortgage rates for the December 21, 2012 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.

Mortgage Rates Start to Climb December 17, 2012

Mortgage rates experienced a noteworthy spike on Thursday, following the Fed announcement regarding their position on future monetary policy and the state of the economy.  Fortunately, mortgage rates pulled back somewhat on Friday and most mortgage programs had interest rates at the end of the week that were only modestly higher that where they were at the onset of the week. 

Before jumping into the mortgage rate analysis it is important to look at two significant events taking place that may have big impacts on the markets.  The two big factors weighing on the market are the bizarre negotiations over the fiscal cliff and the steepening yield curve.  By now, everyone is familiar with the give and take or lack thereof regarding the fiscal cliff in Washington as our elected idiots (oops, politicians) hammer out a deal on how much taxes should go up and spending should be reduced.   As we all should know, the end deal will be far less than satisfactory.  Some taxes have to go up, as a supply sider I would like to see a smaller tax increases but an increase none the less, and spending will probably not be cut nearly enough to bring long term stability to our over indebted in Federal government. 

For heaven sakes, feed the poor and help the less fortunate but too much government spending is hard to unwind, leads to greater intervention in all aspects of the economy by the government and is the down fall of numerous governments, cuts have to be made.  Ok, too much caffeine.  

After the issues revolving the fiscal cliff and the questionable impact this will have on interest rates and mortgage rates is settled or at least taken into consideration, the substantial change in the slope of the yield curve that took place last week is the next biggest factor that will influence mortgage rates.  A steepening yield curve is generally an indicator of greater economic output and demand.  The stronger economy that comes with the elevated demand and output will in turn push inflation higher and long term interest rates, mortgage rates, higher.

Uncertainly hanging over the markets has been the theme for most of this year and it is ending on a note of added uncertainty for the bond markets with the fiscal cliff and a changing yield curve.

On the positive side for mortgage rates, the Fed continues to purchase mortgage backed securities to the tune of $40 billion per month which provides great support for mortgage bind prices.  And while the trend to higher rates appears to be starting, the Fed announcement on Thursday actually called for more monetary stimulus with the Fed announcing they will buy $45 billion in long term Treasury securities, in addition to its existing policy of buying $40 billion in mortgage backed securities each month.  Leaving all other factors aside, the expansion of Treasury purchases should have pushed long term interest rates lower.

Analysis schmanalysis, the average 30 year mortgage rate ended the week higher by almost four basis points or .04 percent.  The 30 year mortgages in the Selectcdrates.com weekly bank mortgage rate survey had an average rate of 3.428 percent, up from 3.391 percent in the previous week.

30 year jumbo mortgage rates advanced by almost the same amount as the 30 year conventional rates.  Survey results showed the average 30 year jumbo mortgage rates increased by 3.8 basis points, rising to 3.703 percent from 3.665 percent in the week earlier.

30 year FHA mortgage rates were unchanged for the second consecutive week, a fairly uncommon result in the survey.  The average 30 year FHA mortgage rate at the nation’s top bank mortgage lenders remained at 3.395 percent.

The 20 year mortgage rates were more sluggish, rising by just under three basis points.  Twenty year mortgages rates closed out the week at 3.374 percent or just above last week’ average rate of 3.346 percent.

The 15 year term mortgage and 10 year term mortgages followed the sloping yield curve and dropped slightly this week.  The average rate on the 15 year mortgages dipped by 4.8 basis points while the rate on the ten year home loans were down by 2.7 basis points.  At week’s end, the average rate for these shorter home loans ending at 2.730 percent for the 15 year and 2.681 percent for the ten year loan.

To review a current list of the top bank mortgage lenders and mortgage rates for the December 14, 2012 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.

Current Rate Survey Shows Little Action in Mortgage Rates December 10, 2012

Mortgage rates made a little spike higher on Friday after the release of the better than expected employment report but that bop higher was not enough to make any significant change in mortgage rates week over week.  Up until Wednesday of last week, mortgage rates had moved measurably lower, Thursday held steady and the bump on Friday simply erased most of those rate improvements that took place in the start of the week.

The latest comments and stories about the fiscal cliff negotiations has held the market in a state of suspended animation.  Even while the stock market jumps around, mostly higher this past week, the mortgage bond market has held steady with little volatility in prices and mortgage rates.  As a reminder, the Fed program to make monthly purchases of mortgage bonds is still on and this action provides a fairly sizeable floor to prices which keeps rate relatively stable for the time being.

A better than expected increase in the monthly jobs report that was released on Friday had an impact on mortgage rates but nearly the magnitude that one might expect.  The jobs report has been a major market mover throughout the year especially when the number surprise the market whether it is to the upside or downside.  This month’s report was definite positive surprises with more jobs created than forecast with 176,000 new jobs in November.  The numbers are getting diluted, however, with revisions to prior months arising for more than one period and are now often revised by 10 to 25 percent.  Clearly, the credibility of the monthly jobs report is eroding.  To be fair, many market watchers have pointed out that the jobs report should be ignored due to the irregular adjustments.

Even with the questionable jobs report on Friday, the mortgage market did react by pushing rates higher that day.  The outcome for the week however was mixed.  At the close of the week, the 30 year mortgage rate coming from the nation’s largest bank mortgage lenders in the Selectcdrates.com mortgage rate survey was lower by 1/1000ths of a percent.  The average 30 year mortgage rate moved down to 3.391 percent from 3.392 percent in the week earlier. 

The 30 year jumbo mortgage rates scraped out a small rate reduction of just over one basis points or 1/100th of a percent.  With a rate cut of 1.3 basis points, the average 30 year jumbo mortgage rate dipped to 3.665 percent from 3.678 percent in the previous week.

FHA mortgage rates didn’t even budge this week.  The average 30 year FHA mortgage remained at 3.395 percent.

Short and midterm mortgage rates showed the greatest variability for the week.  Mild to modest rate changes in these term home loans can often be explained by the greater variations between mortgage lenders.  Since the 30 year conventional loan and now the 30 year FHA mortgage loan are the vast majority of loans granted by mortgage lenders, the competition and competitive pricing on these products is the greatest.  The heightened competition leads to smaller interest rate spreads between mortgage lenders and with less demand for the shorter term loans, the pricing difference or mortgage rate spreads is often wider.

The 15 year mortgage rate was slightly more expensive on the week with an increase of 2.5 basis points.  15 year rates closed the week at 2.778 percent rising from 2.753 percent in the prior week.

20 year mortgage rates were up by three basis points, closing out at 3.346 percent from 3.316 percent in the week earlier survey.

The ten year term mortgage loan had an average rate of 2.698 percent which is 2.1 basis points above last week’s average rate of 2.677 percent.

To review a current list of the top bank mortgage lenders and mortgage rates for the December 7, 2012 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.

Another Drop in Mortgage Rates December 3rd, 2012

U.S. mortgage rates dipped lower to end the last week of November falling to just a hair off of the low points of the month approaching all time record low levels once again.  Based on the most recent survey of the largest bank mortgage lenders in the nation conducted by Selectcdrates.com,  mortgage rates moved reasonably lower for all mortgage loan programs for the week ending November 30, 2012,. 

The rate decrease was across the board but was not remarkably intense.  The average mortgage rate reduction for all home loan products from the 10 year term loans to jumbo loans and FHA loans was just 5.1 basis points.  One basis point is the equivalent of 1/100th of a percent.

With this week’s rate reduction, the average 30 year fixed rate loan was down by almost six basis points.  The six basis point drop put the 30 year mortgage rate at 3.392 percent from 3.451 percent in the previous week.  Using the mortgage payment calculator, the weekly rate change on the 30 year fixed rate home loan for a $200,000.00, 30 year loan resulted in a monthly payment decrease of $6.55.

The 30 year FHA mortgage rate showed a near identical decline in the average rate.  FHA mortgage rates dipped just over six basis points, falling to 3.395 percent from 3.458 percent in the prior week.  With the help of the FHA mortgage calculator, the monthly mortgage payment change for an FHA loan based on this week’s rate changes comes to a $7.00 payment savings.

30 year jumbo mortgage rates experienced a more powerful push downwards over the course of the week.  The average jumbo mortgage rate was cut down by ten basis points bringing the jumbo rate to 3.678 percent from 3.778 percent in the week earlier.

The 15 year term mortgage, 20 year mortgage and 10 year mortgage were less costly by half a much as the 30 year term home loans.  The 20 year mortgage rate slipped lower by just over three basis points while the 15 year mortgage and 10 year mortgages were down by just under three basis points.  At the close of the week, the 15 year mortgage rate closed at 2.753 percent, the 20 year ended at 3.316 percent and the 10 year home loan rate came in at 2.677 percent.

The change in mortgage rates was almost entirely the result of the government stalemate over taxes and spending or the fiscal cliff.  The lack of a compromise on this issue leaves in question the effect this may have on the economy.  With the economy already sitting in a fragile state, a government tax and spending crisis is the last thing the economy needs to spur growth.  No growth leads generally holds interest rates down.

Unfortunately, it is unlikely a good resolution can be brought about by the nitwits in government.  A combination of deep spending cuts and taxes is needed and neither side sees the others view point.  The simple solution is to utilize the smartest federal employee on the subject of economics and business cycles, Fed Chairman Ben Bernanke.  After all, the President, the Speaker of the House and the Senate leader do not have doctorates in economics.  They are elected by the Kardashian generation which has half of their brain cells siphoned off by electronic media.  This problem is far too difficult for any of these elected morons.

To review a current list of the top bank mortgage lenders and mortgage rates for the November 30, 2012 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.

Mortgage Rates Marginally Higher Again This Week November 26, 2012

Mortgage rates moved marginally higher for the holiday shortened week ending November 23, 2012.  The rate increase was fairly contained with the average rate increase across all mortgage products in the Selectcdrates.com bank mortgage rate survey rising just 1.8 basis points.  One basis point is equal to 1/100th of a percent, 0.01 percent.

New home loan borrowers need not fret over borrowing costs just yet.  After two consecutive weekly mortgage rate increases, mortgage bond prices and home loan rates are still standing near their record best levels.

The rise in rates appears to be brought on by the risk on trade.  Investors are once again putting some money back into the stock market and pulling some funds out of fixed income investments such as mortgage bonds and Treasury bonds.  Part of the justification for the risk on trade is the improving economic numbers in the economy.  Yes, the economy is not off to the races but we are showing slow improvements in retail sales, manufacturing and home sales. 

If the fiscal cliff issue and more importantly, the underlying trouble with excessive government spending gets resolved, the economy will most likely pick up more speed in the coming months.  A strong economy is no friend of the mortgage market for new borrowers.  Good for existing homeowners with increasing prices but not so good for mortgage loan borrowers since increase economic activity leads to increased loan demand and potential inflation and both of these factors lead to higher interest rates.  Offsetting this possibility is the continued efforts of the Federal Reserve to boost housing and keep short term rates low for…ever.

The numbers for the week were nothing terribly worrisome.  The average 30 year fixed rate mortgage showed an increase of 4.6 basis points on the week.  The average 30 year mortgage rate available from the top ten bank mortgage lenders in the weekly survey rose to 3.451 percent from 3.405 percent in the previous week.

30 year FHA mortgage rates experienced a slightly greater rate uptick.  The average interest rate on the 30 year FHA loan moved up by 6.3 basis points, pushing the average rate to 3.458 percent from 3.395 percent found in the prior week’s survey.

The 30 year jumbo mortgage loan did move in tandem with other more popular 30 year home loan products.  Jumbo mortgage rates this past week dipped lower by 3.7 basis points.  The average jumbo mortgage rate in the survey is now sitting at 3.778 percent compared to 3.815 percent in the week earlier.

Jumbo mortgage rates have been experienced tighter spreads with the conforming 30 year rates going on several weeks now.  When the mortgage crisis first hit the fan, the spread between conforming rates and jumbo rates skyrocketed.  The wider spread was the result of no government backed, unified secondary market for securitized jumbo mortgages as there is for conforming loans and FHA with FNMA, FHLMC and GNMA.  Jumbo loans are sold off or held by large funds and portfolio lenders not securitized or sold to government backed entities. 

The 15 year mortgage rate, 20 year mortgage rate and ten year mortgage rate hardly budged on the week.  The ten year mortgage rate actually moved lower by a very modest sum while the 15 year and 20 year term loans advanced by an average of less than two basis points.  At the end of the week the 10 year slipped to 2.705 percent, the 20 year moved up to 3.350 percent and the 15 year crawled higher to 2.775 percent.

To review a current list of the top bank mortgage lenders and mortgage rates for the November 23, 2012 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.

Small Uptick in Mortgage Rates November 19, 2012

Bank mortgage rates edged up just slightly higher over this past week.  The rise in mortgage rates was relatively contained leaving current mortgage rates still near record lows.  The average rate increase across all mortgage products in the latest bank mortgage rate survey bumped up by just 1.7 basis points or 0.017 percent. 

Uncertainty is the current theme in the mortgage market which continues to apply pressure on rates holding mortgage rates down even when the market is making some attempt at a move to the upside.  With uncertainty trapping the markets, interest rates generally stay low as investors fear making large scale investments in more volatile or risky assets such as stocks and commodities.  As investors funds remain in more safe and secure securities like mortgage bonds and Treasury bonds, bond prices remain elevated and the interest rates tied to these bonds stay low.

The uncertainty in the market comes on a number of different fronts.  The debt troubles and slow economic growth in Europe is far from going away making investors skittish about that market.  The impending fiscal cliff and prolonged budget problems with the US government is a worrisome factor.  Along with these two significant issues we can add the question growth figures in China and whether the US economy is continuing to grow stronger or fading slightly.  On top of these concerns, the Fed is still buying mortgage bonds each and every month providing supports to those prices and keeping mortgage rates in line.

The current mortgage rate survey showed all mortgage loan products experiencing higher interest rates with the exception of the short term, ten year mortgage rate.  The average 30 year mortgage rate coming from the nation’s top ten largest bank mortgage lenders in the survey showed an increase to 3.405 percent from 3.388 percent in the prior week, a very small increase.

30 year jumbo mortgage rates moved a little higher than the 30 year conventional rates.  Jumbo mortgage rates were up by 2.5 basis points or 0.025 percent.  The average 30 year jumbo mortgage rate closed the week at 3.815 percent after dipping lower in the previous week to 3.790 percent

FHA mortgage rates were laggards among the 30 year term loans.  The 30 year FHA mortgage rate ticked up by just 1.2 basis points week over week.  The average 30 year FHA mortgage rate ended the week at 3.395 percent after closing at 3.383 percent in the week earlier.

The 15 year term mortgage rates were down as much as the 30 year jumbos or 2.5 basis points.  The small rate drop placed the average 15 year home loan rate at 2.763 percent, just above last week’s average rate of 2.738 percent.

The average 20 year term mortgage showed almost no change on the week with an increase of just 6/1000ths of percent, not even one basis point.  The average twenty year mortgage rate came in at 3.323 percent from 3.317 percent in the preceding week.

The ten year loan moved in the opposite direction and was slightly lower on the week.  The average ten year mortgage rate ended down 1.8 basis points putting the average rate at 2.708 percent from 2.726 percent in the previous week’s survey.

To review a current list of the top bank mortgage lenders and mortgage rates for the November 16, 2012 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.

Post Election, Mortgage Rates Tumble November 12, 2012

Mortgage bond market improvements immediately following the election on Tuesday has pushed mortgage rates measurably lower.  Average interest rates for five out of the six mortgage loan programs surveyed in the Selectcdrates.com bank mortgage rate survey dropped on a weekly basis.  Mortgage rates have moved within a few basis points of all-time lows after the stock market experienced a fairly sizeable sell off and funds came flooding back into safe and secure bond market investments which included Treasury bonds and mortgage backed bonds.

Market uncertainty in the US equity markets following the Obama victory along with concerns over the future path of the economy helped drive money out of the stock market into the bond market.  Two other factors continuing to provide support to domestic borrowing rates is the trouble in Europe which scares investors out of those markets and the continued bond buying program set up by the Federal Reserve which creates a steady demand for mortgage bonds and keeps a floor on the prices which inversely keeps a cap on bond rates or mortgage rates.

According to the most recent mortgage rate survey for the week ending November 9, 2012, average rates for the 30 year fixed rate mortgage on loans with balances of $417,500 or less, fell to 3.388 percent after averaging 3.507 percent the previous week.  The survey results for the 30 year FHA mortgage rate showed the average rate for this product dipping to 3.383 percent from 3.470 percent during the prior week.  In addition, jumbo 30 year fixed rate mortgages or those home loans with balances greater than $417,500 averaged 3.790 percent after averaging 3.887 percent one week earlier.

Average rates for the shorter term home loans were almost equally impacted.  The 15 year fixed mortgage fell by 6.5 basis points or 0.065 percent for the week.  The rate drop in the 15 year brought the average rate down to 2.738 percent from 2.803 percent in the prior survey.

The 20 year term home loan dropped by slightly more than the 15 year, moving down by 8.1 basis points week over week.  The average 20 year mortgage rate in the current survey came in at 3.317 percent as compared to 3.398 percent last week.

Ten year mortgage rates bucked the trend and moved higher over the course of the week.  With less consumer demand for this loan product, some bank mortgage lenders are not quote as aggressive with the pricing structure and the midterm interest rates overall were not down quite as much as long term rates putting a bit of a floor on the rate for this mortgage term.  For the week, the ten year mortgage rate was boosted up a modest two basis points to 2.726 percent from 2.706 percent.

To review a current list of the top bank mortgage lenders and mortgage rates for the November 9, 2012 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.

Mortgage Rates Fall Again Even After Good Jobs Report November 5, 2012

Mortgage rates starting sliding back down again over the past week, continuing a trend of oscillating within a very tight range since the fourth quarter kicked off.  Perhaps the market is waiting to make a sustained move in one direction or another until after the Tuesday election. 

Congress and the current administration have certainly shown no ability to lead the U.S. economy prior to the election.  Maybe once the outcome is decided we can move forward with debt and tax policy, the fiscal cliff and a little help spurring jobs growth creating a sustainable and comprehensible path over the direction of the economy at which time the direction of interest rates will be become clear.  Unfortunately, it appears as though either of the two giant pandas at the National Zoo, Mei Xiang and Tian Tian, could do a better job of steering our economy than any of the current politicians can.  In the meantime, vote for one on the pandas or vote for Ben Bernanke, Chairman of the Federal Reserve, it’s his works that is keeping the economy afloat and mortgage rates for new borrowers at or near record lows. 

The Fed is at least part of the explanation to the range bound position that mortgage rates have held for the past two months.  The Fed’s policy of low interest rates and mortgage bond buying that was announced mid September has certainly proven effective and is holding mortgage rates down.  Maybe the mortgage rate trend is clear, low rates are here to stay. 

Prior to the Fed action announcing the mortgage bond buying program in mid September, the average 30 year mortgage rate was in the mid 3.70’s.  In August the 30 year mortgage rate hovered closer to 3.80 percent.  Since the Fed bond buying program, mortgage rates have dipped by about 25 basis points, one basis point is equal to 1/100th of a percent.  Starting with the weekly bank mortgage rate surveys on September 17, the 30 year mortgage rate has not reached as high as 3.70 percent and has clung much closer to 3.50 percent. 

Based on the results from the most recent bank mortgage rate survey, the average 30 year mortgage rate has now slipped down to 3.507 percent. 

Not only is this a startling low figure, but it comes in during a week in which the monthly employment report was released with results that were better than expected.  Better than expected employment figures generally drives interest rates higher not lower and yet this week, almost all mortgage products displayed lower rates as compared to the week earlier.

Along with the 30 year conventional mortgage, 30 year jumbo mortgages showed a decline in rate this past week.  The average rate on the 30 year jumbo home loan was cheaper by just over six basis points bringing the rate down to 3.887 percent from 3.950 percent in the week earlier.

The 30 year FHA mortgage rate was not as kind to new borrowers and failed to move on either direction.  The average interest rate on the 30 year FHA home loan stayed put at 3.470 percent.

The shorter term conventional loans were slightly more active than the longer term product.  The average rate on a 20 year mortgage was lower by four basis points, dropping to 3.398 percent from 3.438 percent in the prior week.  The 15 year mortgage rate experienced a rate decrease of six basis points which pushed the average rate to 2.803 percent from 2.863 percent in the week before.  Ten year home loans showed the greatest rate reduction over the week, falling just over eight basis points to 2.706 percent from 2.789 percent in the previous week.

To review a current list of the top bank mortgage lenders and mortgage rates for the November 2, 2012 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

Average rate on the 30 year mortgage just before the Fed bond buying program and after:

September 3, 2012 – 3.705 percent
September 10, 2012 – 3.712 percent
September 17, 2012 – 3.623 percent (the weekly survey after the bond buying announcement)
September 24, 2012 – 3.527 percent
October 1, 2012 – 3.451 percent
October 8, 2012 – 3.532 percent
October 15, 2012 – 3.529 percent
October 22, 2012 – 3.612 percent
October 29, 2012 – 3.522 percent

Home Mortgage Rates Advance Over the Week October 22, 2012

It was rough week for new mortgage loan borrowers.  Mortgage rates made a decent push higher for the week ending October 19, 2012 making home loans a bit more costly.  Except for some moderate price improvements on mortgage backed bonds Friday, each day of the week was a down day for bond prices resulting in an increase for mortgage rates.  Fortunately, this is the first significant upside change in mortgage interest rates since mid September.

When interest rates bounce up and down along the bottom as they have for the past few weeks, it’s difficult to discern whether the interest rate changes are long lasting changes to the overall direction of interest rates or are just a minor rebound along a longer term development of historically low borrowing rates.  This may seem like a fluff statement, but there are definitely times when interest rate changes are secular trend changes brought on by a slowing economy or lower inflation rates or, the inverse of that, with a rapidly expanding economy and price spikes. 

The key data produced recently showed a lack of any concrete statists indicating a change in the economic climate.  The past week turned out very little tangible evidence of a strengthening economy.  Improving housing data and some near-term optimism about solutions in Europe is far from compelling evidence of sustainable economic growth and the Fed has yet to give any signal that will be letting on monetary easing.

Mortgage rates could easily move higher or lower over the coming weeks, but given their proximity to all time record low rates, there’s generally a greater risk of slightly higher rates in the near term.

Based on the current mortgage rate data in the Selectcdrates.com mortgage rate survey, the average 30 year fixed mortgage rate was more costly by just over eight basis points or .08 percent.  The average 30 year mortgage rate in the current survey of the top ten bank mortgage lenders ended the week at 3.612 percent.

The 30 year jumbo mortgage loans and FHA mortgages loans did move quite as aggressively as the 30 year conventional loan.  Jumbo mortgage rates moved up by 4.8 basis points this week pushing the average rate up to 3.983 percent.  While the FHA mortgage rates advanced by 5.8 basis points on average to a rate of 3.458 percent.

Some of the shorter term mortgage loans displayed greater rate changes than that of the 30 year loan.  The 15 year mortgage rate increased by almost as much as the 30 year, rising 7.7 basis points to 2.890 percent.  The 10 year jumped by almost ten basis points to reach 2.801 percent and the 20 year was up by slightly more than ten basis points to close the week at 3.491 percent.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on October 19, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 October 19, 2012 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

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Mortgage Rates Down by a Tad October 15, 2012

The average fixed mortgage rate based on the weekly bank mortgage rate survey conducted by Selectcdrates.com made a very modest retreat for the week ending October 12, 2012.  Bank mortgages rates ratcheted down this past week taking back some of the upside movement experienced in the week earlier which was the first increase in rates seen over the last three weeks.

The continued economic upheaval and uncertainty in the US and worldwide is helping to prevent mortgage rates from rising by any significant amount.  The current economic issues are not the only factor putting a barrier on rate increases, the 500 pound gorilla in the room or the Federal Reserve is also holding mortgage rates low with their monthly $40 billion mortgage bond purchase plan. 

The recent decline in mortgage rates that has taken place after the Federal Reserve said it would make the large monthly purchases of mortgage debt has spurred a surge in refinance activity and to a lesser extent, an increase in purchase activity giving a much needed shot in the arm to the housing market.

How long mortgage rates will stay low now that the housing market is showing small signs of new life is questionable.  The US economy is growing at a slow pace unfortunately, much of the potential growth is being held back by the troubling economies of Europe and the recent slower pace of growth in China.  Weakening conditions in Europe and the question mark in China also leads to weaker currencies for these countries which impairs US exports. 

Without the global economic troubles, the US economy would almost certainly be improving at a greater pace and bank rates along with mortgage rate would most certainly rise.  However, the global conditions are not likely to change soon and this should lead to mortgage rates bouncing around near the bottom, give or take a .25 to .50 percent.

The results of the weekly survey showed fixed rates on the conforming 30 year mortgages were down by just one basis point to 3.529 percent.  One basis point is equal to 1/100th of a percent.  The average 15 year mortgage rate was down by about the same amount, falling by just over one basis point to 2.813 percent.

The 30 year jumbo mortgage rate in the survey gave up almost three basis points to an average rate of 3.935 percent.  The average 30 year FHA mortgage rate was the one home loan product that did not display a rate reduction this week.  The 30 year FHA mortgage rates inched higher by less than two basis points to 3.400 percent.

20 year fixed rate mortgages showed the largest rate drop.  20 year mortgage rates made available by the nation’s largest bank mortgage lenders dipped by almost five basis points to 3.386 percent.

The shortest term mortgage loan product in the survey, the ten year fixed rate loan, was cheaper for new borrowers by just under two basis points putting the average rate at 2.702 percent.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on October 12, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 October 12, 2012 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

Additional bank mortgage rate data can be found 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 mortgage rate tables: Illinois mortgage rates, Massachusetts mortgage rates, Ohio mortgage rates, Missouri mortgage rates and more.

Mortgage Rates Display Minor Blip Higher After Big Fall October 8, 2012

Mortgage rates finally hit the brakes on their recent freefall, reversed direction and pushed modestly higher.  After the powerful move to the downside over the past three weeks this week’s rate increase was quite restrained.  The average 30 year mortgage rate available at the nation’s largest bank mortgage lenders was higher by eight basis points or .08 percent for the week.  Based on the most recent mortgage rate survey conducted by Selectcdrates.com, the 30 year fixed rate mortgage increased to 3.532 percent from 3.451 percent in the week earlier.

The increase in mortgage rates took place almost immediately after the monthly Employment Situation Report was released on Friday.  The report indicated that the labor market was improving with greater than expected job growth.  To recap the mortgage rate relationship to the jobs report: a strong jobs report leads to a growing economy which leads to increased rates of inflation, increased loan demand and increased interest rates. 

There are certainly significant factors continuing to keep a lid on mortgage rates which countered the strong jobs report.  The number one barrier to rising rates is the Feds mortgage bond buying program which continues each and every month until the Fed announces a change in the program.  The number two factor is the warning signs from China and Europe showing their economies might be faltering or losing steam.  A third factor is the employment report itself which was stronger than expected but not yet at a level that would lead to GDP growth of 2.5 percent or better.

Jumbo mortgage rates in this week’s survey were higher but managed stay below 4.00 percent.  The larger than average loan size mortgage rates rose by four basis points.  Jumbo mortgage rates at the top mortgage lenders this week are at an average rate of 3.963 percent which compares to an average rate of 3.924 percent available in the previous week.

The rate on government backed FHA loans moved up by about as much as the jumbo loans.  FHA mortgage rates increased by just under four basis points which gave the average rate a mild shove up to 3.388 percent after dipping to 3.350 percent in the prior week.

The midterm home loan rates, 15 year mortgage rates, crept up by a very small amount.  The midterm loans experienced a rate increase of just three basis points.  The average 15 year mortgage rate at the top bank mortgage lenders came in at 2.828 percent or just slightly above last week’s average rate of 2.796 percent.

Ten year mortgages displayed the smallest rate change, which is generally the case, with a rise of just 2.5 basis points.  The mini rate boost put the average ten year mortgage rate at 2.720 percent from 2.695 percent found in the previous week’s survey.

The average 20 year term mortgage rate moved higher by an in between sum relative to the 30 year and 10 year loan, rising 4.3 basis points.  20 year mortgage rates settled this week at 3.435 percent, just above last week’s rate of 3.392 percent.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on October 5, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 October 5, 2012 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.

Mortgage Rates Nose Dive Lower October 1, 2012

Home loan borrowing costs and mortgage rates continue to shift lower.  Almost three weeks after the Fed announcement to continue monetary easing by buying mortgage bonds, mortgage rates have ratcheted lower with very little interruptions or hiccups to the upside.  With the exception of two days of modestly higher mortgage rates, the past 10 business days have showed mortgage rates sliding down or moving sideways.  The 30 year mortgage rate has now crossed below the 3 and ½ percent mark.

The mortgage rate nose-dive the market is seeing was triggered by the Fed speech on September 13 that called for the FOMC to purchase $40 billion in mortgage backed bonds each month going forward.  The momentum continued with the trouble in the Euro zone heating up, since their troubles with excessive bank debt and government deficits has never been solved.  The Euro crisis keeps funds moving into US fixed income bonds including Treasuries and mortgage bonds and the Fed purchase program adds a significant amount of buying power or demand on mortgage bonds.  The increased demand from these two forces bids prices higher and pushes the interest rates on the bonds lower. 

In the most recent survey of bank mortgage rates conducted by Selectcdrates.com, the average 30 year mortgage rate slipped by almost eight basis points, one basis is equal to 1/100th of a percent.  The 30 year rate in the survey for the week ending September 28, 2012 moved down to 3.451 percent from 3.527 percent reached in the previous week.

15 year mortgages rates were less costly for new borrowers by about half as much as the 30 year term mortgages.  With a rate reduction of almost four basis points, the average 15 year mortgage rate dipped down to 2.796 percent after falling by roughly the same amount in the previous week which placed the average 15 year rate at 2.833 percent. 

FHA mortgage rates were forced down along with all mortgage products for the week.  30 year FHA home loans offered by the top bank mortgage lenders across the nation delivered the loan with an average rate of 3.350 percent.  This week’s results are six basis points below last week’s average rate of 3.413 percent.

A rate drop of almost ten basis points in the long term jumbo loans has driven the average mortgage rate below 4.00 percent.  The 30 year jumbo mortgage rate now stands at 3.924 percent, off of the average rate found in the prior weekly survey of 4.013 percent.

20 year term mortgage loans were cut down by a bit less than five basis points for the week.  20 year mortgage rates dropped down to 3.392 percent from 3.438 percent last week.

The shortest term mortgage in the survey, 10 year mortgages, showed the greatest rate change week over week.  The 10 year mortgage rate plunged 12 basis points.  20 year mortgages are now available with an average rate of 2.695 percent compared to an average rate of 2.819 percent available in the previous week.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on September 28, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 September 28, 2012 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.

Mortgage Rates Simply Incredible after Fed Action September 24, 2012

Mortgage rates have plunged to record lows again to start this week.  Mortgage rates have been going lower ever since the Fed made the announcement regarding QE3 or quantitative easing 3.  The Fed announcement on September 13 highlighted their plan to make monthly purchases of mortgage bonds in the amount of $45 billion dollars.  As soon as the announcement was made bond prices were off to the races, running higher while the mortgage rates attached to those bonds dropped lower.

While it is no surprise that mortgage rates dropped after the announcement, the longevity and resilience of the action is rather startling.  Mortgage rates have moved lower almost every business day since the bond buying program proclamation was made. 

With ultra low mortgage rates, buyers beware.  The abrupt drop in mortgage rates does bring about some stickiness with individual mortgage lender rates which should make consumers more diligent about shopping and comparing mortgage rates and terns before committing to a new loan. 

When mortgage rates move measurably lower, mortgage lenders have to contend with more customers backing out of their mortgage applications to request better terms or let those borrowers apply at another lender with a better rates.  The renegotiation and loss of potential mortgage loans in process leads to added costs for the mortgage lender.

In addition to the problems associated with customers in the pipeline demanding better mortgage rates, some mortgage lenders see a healthily rise in new applications and have to manage the influx of business by increasing rates to slow the new application volume down or possibly decrease rates in times of market lulls.  And, while mortgage run off or the loss of customers through refinances is a part of the lending business, when mortgage interest rates drop abruptly that run off increases.  Unfortunately for mortgage lenders, the cost of originating a new mortgage loan is generally not covered in the first few months of mortgage payments and the lender absorbs a loss on those quick refinances.

Even with some mortgage lenders offering slightly sticky mortgage rates, mortgage rates overall were noticeably lower on the week.  The 30 year fixed rate mortgage in the Selectcdrates.com weekly mortgage rate survey was lower by almost ten basis points or .10 percent.  The average 30 year fixed rate mortgage in the survey had an interest rate of 3.527 percent compared to an average rate of 3.623 percent in the prior week.

The free online mortgage calculator provided, mortgage payment calculator, shows that the mortgage rate change from last week to the current week leads to a monthly mortgage payment reduction of  $13.47 or a payment of $1,126.38 for a 30 year mortgage on a loan amount of $250,000.00.  

Mortgage lenders were not quite as generous with their rate reductions on FHA loans.  30 year FHA mortgage rates slipped by 6.5 basis points week over week.  The rate drop put the average 30 year FHA mortgage rate down to 3.413 percent from 3.478 percent in the previous week.

Jumbo mortgage rates dropped by almost half as much as the 30 year conforming loan.  At 4.013 percent, the average 30 year jumbo mortgage rate is five basis points lower than it was last week.

The 15 year mortgages matched the action of the long term jumbos and popped down by just over five basis points.  The rate drop put the 15 year loan rate at 2.833 percent this week; last week’s average rate was 2.890 percent.

The 20 year home loans were just a hair off the 15 year loans and dipped by four basis points.  The fall of .04 percent pushed the rate from 3.438 percent in the previous week to 3.400 for the current weekly survey.

10 year term mortgages were just fractionally lower this week.  The 10 year mortgage rate this week is off by just 1.3 basis points.  The 10 year home loan now has an average interest rate of 2.819 percent, down from the week earlier when the average rate was at 2.832 percent. 

The current survey of bank mortgage rates was conducted by Selectcdrates.com on September 21, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 September 21, 2012 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

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Fed Pushed Mortgage Rates Under 3.75 Percent September 17, 2012

Mortgage rates dropped below 3.75 percent for the most popular home loan program, the fixed rate 30 year mortgage loan.  Mortgage rates tumbled last week in reaction to the Federal Reserve announcement on Thursday that another of easing would be undertaken or what is now referred to as QE3 (quantitative easing three).

Fed easing generally pushes interest rates lower however; this round of easing had a bigger impact on mortgage rates over the rest of the interest rate market since it is specifically targeted towards mortgage bonds.  The press release provided by the Federal Reserve stated, “…the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month.”

Basic supply and demand states that as demand increases the price of the good rises, assuming the supply remains fixed.  With the Fed stepping in to the mortgage bond market to buy more bonds, the demand is clearly rising which pushed the bond prices higher.  Bond prices and bond rates are inversely related so an increase in the price of mortgage bonds leads to a decrease in the mortgage rates associated with those bonds.  And this is exactly what the market displayed on Thursday. 

One caveat about rising bond prices and lower mortgage rates is the flow through to retail mortgage rates.  Mortgage lenders and banks price their mortgages based on several factors including the mortgage rates in the mortgage bond market in addition to the general level of competition in their market, the flow of business in their existing mortgage business and significance of mortgage originations in their business.  The bottom line is that not all mortgage lenders will decrease their mortgage rates at the same level or magnitude or conversely increase their mortgage rates when the market changes at the same pace. 

The 30 year fixed rate mortgage at the nation’s top ten largest bank mortgage lenders became cheaper for borrowers this past week by approximately seven basis points or 7/100ths of a percent.  The average 30 year fixed rate loan ended the week at 3.623 percent, down from the prior week’s average 30 year rate of 3.712 percent.

Using the online mortgage calculator provided at the following link, mortgage payment calculator, the rate change in the 30 year mortgage loan this week leads to a principal and interest payment reduction of $12.55 for a loan amount of $250,000.00.  

The average 30 year FHA mortgage rate moved lower by an amount similar to that of the 30 year conventional loan.  The FHA mortgage rate was also cheaper by approximately seven basis points which pushed the rate down to 3.478 percent from 3.550 percent that was found in the previous week’s mortgage rate survey.

Jumbo mortgage rates fought the downdraft and moved fractionally higher over the week.  Jumbo loans are not bundled and insured by FNMA and FHLMC and therefore are not part of the purchase program set up the current round of Fed easing.  As a result of being left out of the Fed mortgage purchase program, jumbo mortgage loans were not purchased in any greater quantity and rates were left out the action.  The average 30 year jumbo mortgage rate in this week’s survey moved up to 4.063 percent from 4.038 percent in the week earlier.

15 year mortgage rates picked up a little steam over the 30 year rate changes and moved lower by just over eight basis points.  15 year loan rates ended the week at 2.890 percent which compares to an average 15 year mortgage rate of 2.971 percent found in last week’s mortgage rate survey.

20 year mortgage rates lagged the market slightly and drifted down by a little under three basis points.  The average 20 year mortgage rate in the survey was 3.438 percent, off of last week’s rate of 3.465 percent.

10 year fixed rate mortgages hung around in the middle of the rate activity and declined by four basis points.  The four basis point drop put the average 10 year fixed rate home loan at 2.832 percent.  Last week’s average 10 year mortgage rate was 2.872 percent.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on September 14, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 September 14, 2012 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.

Mortgage Rates Mixed with Downward Bias September 10, 2012

Well, there’s a meaningless mortgage headline.  The message we are trying to get across is, mortgage rates were little changed for the week ending September 7, 2012.  The most popular mortgage loan products showed a slight rate increase while other home loan products experienced a rate decrease for the week.  The vast majority of the changes in mortgage interest rates for the week were within four basis points of the previous week’s average rates with one basis point equal to 1/100th of a percent.

A mortgage rate change of four basis points is not insignificant but that magnitude should not dent the average budget for buying a new home or deciding to refinance an existing mortgage loan.  Using the mortgage payment calculator available online, the monthly mortgage payment for a loan of $165,000.00 with a mortgage rate of 3.95 percent on a 30 year term mortgage loan would have a monthly payment of $782.99.  A mortgage rate increase of four basis points pushed the rate up to 3.99 percent which results in a monthly mortgage payment of $786.78, an increase of $3.79.

Fortunately, the most popular loan product in the mortgage market place right now, showed a change of less than four basis points over the course of the previous week.  The average rate found at the nation’s top ten bank mortgage lenders on a 30 year fixed rate loan was pushed higher by just 7/1000ths of a percent or not even one basis point.  The average 30 year fixed rate mortgage in this week’s survey ended at 3.712 percent compared to an average rate of 3.705 percent found in the prior week’s survey.

The 30 year FHA mortgage rates moved in the opposite direction of the conventional 30 year mortgage with change in rate that was only slightly more robust.  FHA mortgage rates were, on average, lower by 2.3 basis points.  The average FHA mortgage rate slipped to 3.550 percent from 3.573 percent in the previous week.

30 year jumbo mortgage rates came down on the week, getting closer to the 4.00 percent level. The average jumbo mortgage rate gave up 3.2 basis points which moved the interest rate to 4.038 percent from 4.070 percent the week earlier.

15 year mortgage rates kept the yo-yo cycle for mortgage product intact with interest rate for this loan product rising on the week.  15 year mortgage rates were elevated by 2.7 basis points.  The average 15 year term mortgage interest rate ended at 2.971 percent after sliding down last week to 2.944 percent.

The 20 year term home loan was hardly impacted by the activity of the week.  20 year mortgage rates form the nation’s largest bank mortgage lenders came in with an average interest rate of 3.465 percent.  The current 20 year mortgage rate is just 2/1000ths of a percent above last week’s 20 year rate of 3.463 percent.

The shortest term mortgage loan product included in the weekly survey, the 10 year mortgage, was a little more costly for new home loan borrowers.  The rate on the short term, 10 year fixed rate mortgage was 2.872 percent or 3.3 basis points above the preceding week’s rate of 2.839 percent.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on September 7, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 September 7, 2012 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

 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.

Mortgage Rates Slide After Fed Comments September 3, 2012

Mortgage rates drifted slightly lower for the last week of August.  The week started off with interest rates trickling down lower and then the decline accelerated on the last day of the week after a speech made by Fed Chairman Ben Bernanke in Jackson Hole, Wyoming.

The Fed Chairman spoke briefly on Friday, included in his comments was an outline on the costs and benefits of Fed intervention that has been employed up to this time.  The Chairman then discussed the prolonged weakness in the jobs market and that the lackluster jobs figures have the Fed ready to provide additional support to the economy if it is needed.  Since most Fed watchers believe that the economy still needs more stimulus, the next logical conclusion is that the Fed will provide that stimulus with more bond buying in the future.  Based on that assumption, interest rates on Treasury bonds and mortgage bonds dropped as prices rose in anticipation of future action by the Fed.

While the comments by the Fed did not identify another round of quantitative easing, the comments on the jobs market were rather disquieting.  The key phrase of the speech was the Chairman’s description of the current labor market which he described as of “grave concern”.   As the market digested this comment, the ten year Treasury rate reached its lowest point on Friday since the very first few days in August.

The most recent survey of the top bank mortgage lenders in the nation conducted by Selectcdrates.com indicated that the move in interest rates was felt in all corners of the mortgage market.  Mortgage interest rates moved lowered, albeit modestly lower, for all mortgage products in the survey.

The 30 year fixed rate mortgage in this week’s survey showed a drop of 4.7 basis points.  The average 30 year mortgage dipped down to 3.705 percent from 3.752 percent in the previous week.  One basis being is equivalent to 1/100th of a percent. 

The 15 year mortgage was down by almost half the amount of the 30 year, declining by 1.6 basis points.  The average 15 year mortgage rate closed the week at 2.944 percent, down from 2.960 percent in the prior week.

The 10 year mortgage rate reduction was so small that it will not be felt by most home loan borrowers.  The rate on the ten year loan trickled down by just .005 percent moving the average ten year mortgage rate to 2.839 percent from 2.844 percent the week earlier.

Twenty year mortgage rates slumped lower by about the same amount as the 15 year term loan.  The mortgage lenders in this week’s survey gave up 2.5 basis points on the 20 year mortgage rate pushing the average rate down to 3.463 percent from 3.488 percent in the preceding week.

The FHA loans are also showing very little change week over week.  The average interest rate on the 30 year FHA mortgage descended by just 0.002 percent.  The average FHA mortgage rate dribbled down to 3.573 percent from an average rate of 3.575 percent found in the prior week’s survey.

Jumbo mortgage rates were the big rate changers this week.  Bank mortgage lenders in the current survey pushed the average 30 year jumbo mortgage rate to just a hair above 4.00 percent.  The average jumbo home loan rate now stands at 4.070 percent compared to 4.155 percent last week.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on August 31, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 August 31, 2012 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.

Mortgage Rates Decidedly Higher August 20, 2012

Mortgage rates moved higher rather abruptly for the week ending August 17, 2012.  The start of the week saw the bulk of the interest rates spikes in the mortgage market which continued each day through Wednesday before some relief arrived.  Thursday and Friday the market calmed down slightly slicing off some of the rate increases, but higher mortgage rates were the theme of the week across a broad spectrum of mortgage loan products.

The rate increases were relatively strong and quick and caught the market by a bit of a surprise since the trend of lower to stable rates has been with us for quite some time.  Put in a larger perspective, the mortgage rate increases over the week were not earth shattering; the data is more disconcerting regarding the change in the trend from stable to lower mortgage rates to one of potential higher mortgage rates over a longer period of time.

There was no significant market making news for the week.  With the absence of data, the bond market took guidance from the stronger than expected US economic data that has been produced in August including the jobs report released in the beginning of the month, the weekly improving unemployment claims, the increased retail sales figures and the better than expected factory output numbers.  These numbers show more growth than expected and without the counter weight of negative commentary from Europe, mortgage interest rates and bank lending rates are moving up based on the expected domestic growth.  

Europe has recently been one of the primary long-term motivating factors for US interest rates including mortgage rates, but the lull in events over Euro troubles is reducing the flight the safety we have seen this year that has brought on a significant force pressing down on mortgage rates.

The year fixed rate mortgage reported by the top ten largest bank mortgage lenders in the weekly Selectcdrates.com bank mortgage rate survey jumped by 15.7 basis points or .157 percent.  The average 30 year mortgage rate came in at 3.870 percent after dropping to 3.713 percent in the previous week.

The 30 year FHA mortgages in the weekly survey show that these loans are now costing the average borrower 10.8 more basis points.  The average FHA mortgage rate in the survey climbed to 3.683 percent, the average FHA rate had held at 3.575 percent for two consecutive weeks.

30 year jumbo mortgage rates stepped up 11 basis points on the week.  The average 30 year jumbo mortgage loan now has an interest rate of 4.215 percent.  Jumbo mortgage rates had increased by a slim sum in the previous week to 4.105 percent

15 year mortgage rates lurched higher by 13 basis points.  A 13 basis point lift put the average 15 year home loan rate 3.100 percent, compared to 2.970 percent in the week earlier.

The 20 year mortgage rate experienced the greatest rate change, leaping up by 14.1 basis points.  The average 20 year loan rate is now 3.666 percent; the average rate last week on the 20 year term loan was 3.525 percent.

The 10 year term mortgage loan was the product laggard, to the benefit of any new short term mortgage loan borrowers.  The average 10 year mortgage rate increased by just under ten basis points which brought the average rate up to 2.931 percent from 2.836 percent in the prior week.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on August 17, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 August 17, 2012 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.

Mortgage Rates Hold Up Well This Week August 13, 2012

Mortgage rates bounced around this week and then closed out at near the same levels found at the start of the week. On average, mortgage rates from the nation’s largest bank mortgage lenders were little changed from the start of the week, but there was a slight bias towards the down side.   The conventional loans turned in a positive performance with lowering borrowing costs for consumers while jumbo rates turned slightly higher and FHA mortgage rates simply stayed still.

While mortgage rates have been showing some wide variations and increased volatility over the past few weeks, this week made it look like vacation time for mortgage pricing.  Of course, a lot is simply do to the fact that there was very little market moving economic data being released this past week and many European leaders were on vacation which keeps the trouble with their debt crisis out of the headlines.

The average 30 year fixed rate mortgage in the weekly Selectcdrates.com bank mortgage rate survey were slightly improved.  The average 30 year rate trickled down by 2.2 basis points.  One basis point equals 0.01 percent.  30 year mortgage rates ended the week at 3.713 percent after opening the week at 3.735 percent.

The conventional 15 year loans fell by 3.1 basis points or 0.031 percent, putting the average for the 15 year rate at 2.970 percent.

The 20 year term loans did not much better with an average rate reduction of just under six basis points.  The average 20 year term home loan closed out the week at 3.525 percent after making a slight bump up in the previous week to 3.584 percent.

The 10 year mortgage held onto the broader trend of modestly lower interest rates.  The average 10 year mortgage rate was lower by 3.2 basis points.  Ten year home loans ended the week at 2.836 percent which adds on to the drop that was experienced last week in the 10 year down to 2.868 percent.

Jumbo mortgage rates moved into higher territory this week.  Fortunately the rte increase in the jumbo loan market was very mild.  The average 30 year jumbo mortgage rate popped up just 1.2 basis points.  The minor rate pushed left the average jumbo mortgage rate at 4.105 percent or just above last week’s figure of 4.093 percent.

FHA mortgage rates were able to hold their ground by the end of the week.  The average 30 year FHA loan rate in the survey was unaltered at 3.575 percent.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on August 10, 2012.  Bank mortgage rate data in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 August 10, 2012 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.

Mortgage Rates Mixed with a Slight Bias Higher August 6, 2012

The employment report released on Friday pushed mortgage rates measurably higher for the day and took away any improvements in borrowing costs that had developed throughout the week.

The employment data is often the biggest economic data point released during the month that impacts mortgage rates and the jobs report released in August for July data was no different.  The jobs report gives investors a measure of economic growth and insight into the direction that the Fed may go regarding more monetary easing or expanded bond buying programs. 

A better than expected employment report generally indicates a stronger economy which should increase loans demand leading to higher interest rates and future inflation rates.  In addition, since the market has a constant eye on the monetary intervention of the Fed, a strong report leads many analysts to the conclusion that more stimulus by the Fed to keep interest rate lows is not likely to materialize.  Of course, a weaker than expected report reverses all those actions with the end result being lower interest rates and potentially greater Fed action.

Before the jobs report release arrived on Friday, mortgage rates had moved sideways to slightly lower.  With early improvements in the week, the sell off on Friday due to the better than expected jobs growth number managed to hold rising mortgage rates within a reasonable rate when measured week over week.

Based on the data found in the current Selectcdrates.com bank mortgage rate survey for the week ending August 3rd, 2012 bank mortgage rates were higher for all mortgage loan products except for the jumbo mortgage loans and the shorter term, ten year conventional mortgage loans.

Let’s start the summary of the results with the two loan programs that displayed lower mortgage rates for the week.  The average 30 year jumbo mortgage rate available at the nation’s top ten largest bank mortgage lenders moved down by five basis points for the week, one basis point is equal to 1/100th of a percent.  The average 30 year jumbo mortgage rate in the survey was reduced to 4.093 percent from 4.143 percent in the previous week.

The ten year mortgage rate had just 1.2 basis points shaved off of the average rate.  The minor cut back in costs left the average ten year mortgage rate at 2.868 percent as compared to 2.880 percent in the prior week.

The average 30 year fixed rate mortgage barely moved.  This week’s survey shows the 30 year mortgage rate at 3.735 percent which is less than one basis point above last week’s average rate of 3.733 percent. 

The 30 year FHA mortgage rate increase for the week is going to cost the average borrower less than a dollar or two on a new loan.  The 30 year FHA mortgage rate this week is at 3.575 percent, exactly one basis point above last week rate of 3.565 percent. 

20 year mortgage rates experienced a slightly larger increase in rate, moving up to 3.584 percent from 3.555 percent in the prior week.

15 year mortgage rates followed the longer term rates and edged higher by just one basis point.
The average 15 year mortgage moved up to 3.001 percent from 2.991 percent in the week earlier.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on August 3, 2012.  Bank mortgage rate data included in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 August 3, 2012 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.

Mortgage Rates Bounce Along the Bottom July 30, 2012

Mortgage rates at the nation’s leading bank mortgage lenders held rates near record lows over the past week.  After breaking through to new record low rates on Monday, mortgage rates offered by the top ten biggest bank mortgage lenders were elevated just slightly over the remaining days of the week but held in relatively tight range after the big drop at the onset of the week. 

The mortgage bond market continues to take their cues from the European market or more precisely, the European financial crisis.  At the start of the week, mortgage rates were simply continuing a long trend of sliding ever lower as comments from European leaders did little to assuage fears that Europe will suffer longer with over indebted banks and bloated sovereign government operations.

With intense uncertainty holding sway over Europe and expectations of growth in the US getting scaled back, safe-haven investments such as mortgage bond and US government bonds are experiencing lower yields and higher prices.  The occasional piece of good news on a stronger domestic economy puts some pressure on higher interest rates but with the jury still out on the direction of the US economy, good news has only placed a floor on high low mortgage rates may fall during any given week. 

The most recent Selectcdrates.com bank mortgage rate survey for the week ending July 27, 2012 showed that bank mortgage rates were cut back for all mortgage loan products offered by the top ten largest bank mortgage lenders.

The current survey results revealed that the average 30 year fixed rate mortgage had decreased to 3.733 percent.  The 30 year FHA mortgage rate moved down to 3.565 percent.  Rounding out the 30 year mortgage products covered in the weekly mortgage rate survey, the average 30 year jumbo home loan was reduced to 4.143 percent.

On the shorter end of the mortgage rate curve, the average 20 year mortgage rate came in at 3.555 percent.  The midterm, 15 year mortgage rate was lessened by a slightly less amount than was found on the conventional mortgages.  The average 15 year mortgage rate ended the week at 2.991 percent.  Ten year term mortgage loans experienced a similar rate reduction which placed the average ten year mortgage at 2.880 percent in this week’s survey. 

The current survey of bank mortgage rates was conducted by Selectcdrates.com on July 27, 2012.  Bank mortgage rate data included in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 July 27, 2012 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.

All Mortgage Rates Driven Lower on Poor Jobs Report July 9, 2012

The weaker than expected jobs report released on Friday pushed mortgage rates lower as the market digested the prospects of slower than expected economic output for the remainder of the year.  This is second consecutive monthly jobs report that missed forecasts by a substantial sum.  The stock market and bond market reacted harshly to the news on Friday with the stock market dipping lower and bond prices moving higher.  Bond prices and interest rate move in opposite directions, when bond prices rise the interest rates fall.

European debt concerns and banking woes have generally kept mortgage rates at very low levels; concerns over the domestic economy have been more transitory with a mix of both negative and positive news being released over the past three months.  While some economic growth news has been hopeful in the second quarter of 2012, the current monthly jobs report has put the cherry on the sundae of negative economic employment news. 

June’s job gains have put job growth in the second quarter at a substantially slower pace over the number reported in the first quarter.  The slower pace of job growth is not even robust enough to reduce the number of individuals already unemployed.  The economic weakness has revived speculation that the Federal Reserve will initiate another round of easing and will, at a minimum, continue to keep short term interest rates abnormally low for a prolonged period of time.

The end result for home loan borrowers is greater opportunities with lower borrowing costs.  The Selectcdrates.com mortgage rates survey for the week ending July 6, 2012 showed that bank mortgage rates were lower across all mortgage loan products offered by the top ten largest bank mortgage lenders.

The survey results showed 30 year fixed rate mortgages were down by over ten basis points or 10/100ths of a percent for the week.  30 year rates, on average, dropped to 3.763 percent from 3.872 percent in the previous week.

30 year FHA mortgage rates were cut back by a slightly less amount than was found on the conventional mortgages.  The average 30 year FHA mortgage rate in this week’s survey was down by just under nine basis points.  The rate cut placed the average FHA rate at 3.588 percent compared to 3.675 percent on for the survey ending June 29th. 

The jumbo loans turned cheaper by only half as much as the conforming loan amount mortgages.  30 year jumbo mortgage rates were cut back by five basis points this past week which pushed the average rate to 4.198 percent from 4.248 percent in the previous weekly mortgage rate survey.

15 year mortgage rates displayed the same downside action that was found in the 30 year term loans.  In general, the 15 year mortgages will move roughly half the amount of the longer term loans.  The 15 year mortgages gave up ten basis points for the week, reducing the average rate to 3.073 percent from 3.175 percent in the week earlier.

The 20 year mortgages followed right along, experiencing an average rate reduction of just over ten basis points.  The average 20 year mortgage rate slipped down to 3.523 percent from 3.631 percent in the prior week.

Ten year mortgage loans were the laggards of the week.  The average ten year term mortgage loan in the survey had the rate curtailed by just three basis points.  A three basis point drop brought the average rate down to 2.850 percent from 2.881 percent.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on July 6, 2012.  Bank mortgage rate data included in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the bank lenders in the survey.  The loan down payment amount, loan to value ratio, 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 July 6, 2012 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.

Mortgage Rates Mixed with the 30 Yr Up and FHAs Down July 2, 2012

The same old two step dance number continues to push and pull on mortgage interest rates through the end of the second quarter.  As the quarter came to end on June 29, the 30 year fixed rate conventional mortgage was boosted slightly higher for the week while the 30 year FHA mortgage rate was pushed down slightly lower.  15 year mortgage rates were also slightly elevated this past week while the ten year term loan rates were brought down by a hair.

The two step dance involves the market first moving to the beat of the European morass and then stepping in time to the latest round of U.S. economic indicators.  The problem with the old two step is that the European banking and government debt crisis goes through ups and downs as lip service regarding solutions makes a nice melody which is followed by very little action and follow through which sounds like finger nails on the chalkboard.  Then the U.S economic reports will start to pick up some tempo only to begin to fade and slow either as a result of the passing of time on the crazy government stimulus packages or due to the prolonged slowdown in European consumption.

On the positive side, the combination of these two steps and the anxiety that comes with them has been to keep mortgage interest rates unusually low.  The Selectcdrates.com mortgage rates survey for the week ending June 29, 2012 showed that bank mortgage rates were higher for four of the home loan products evaluated in the survey and lower for two of the loan products.

The average 30 year fixed rate mortgage available at the top ten bank mortgage lenders in the weekly survey ratcheted higher by 3.8 basis points or 0.038 percent.  One basis point is equal to 1/100th of a percent.  The average 30 year mortgage rate closed out the week with a rate of 3.872 percent which compares to the previous week’s average rate of 3.834 percent.

FHA mortgage rates were one of two home loan products that experienced a declining average rate on the week.  The average FHA mortgage rate was let down by 1.3 basis points.  At week’s end, the average 30 year FHA mortgage rate dropped to 3.675 percent from 3.688 percent in the prior week.

The 30 year jumbo home loan rate was nudged just a bit for the week and moved up by exactly one basis point for the week.  The average 30 year jumbo mortgage rate was raised to 4.248 percent from 4.238 percent in the week earlier.

The 15 year mortgage rate followed the longer term conforming loan rates and was lifted 3.1 basis points.  The average 15 year mortgage rate was jacked up to 3.175 percent after closing out last week with an average interest rate of 3.144 percent.

20 year mortgage rates were not quite as moved as the 30’s and 15’s and unfortunately, they did turn higher on the week.  The average 20 year mortgage rate in the survey was lifted up by 2.5 basis points.  The minor increase brought the average rate on the 20 year mortgage was 3.631 percent in the survey compared to 3.606 percent last week.

The ten year mortgage loan was the second mortgage loan product in this week’s survey to move down.  The average interest rate on the 10 year mortgage shed just .6 basis points or 6/1000ths of a percent.  The somewhat feeble rate reduction places the current average ten year mortgage rate at 2.881 percent.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on June 29, 2012.  Bank mortgage rate data included in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the lenders in the survey.  The loan down payment amount, loan to value ratio, 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 June 29, 2012 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.

Mortgage Rates Show Modest Increase June 25, 2012

Mortgage rates from the nation’s top bank mortgage lenders displayed a modest increase in the most recent mortgage rate survey.  The Selectcdrates.com mortgage rates survey for the week ending June 22, 2012 indicated that bank mortgage lenders had pushed interest rate higher on all of the home loan products included in the survey.  The rate increases showed a greater than normal degree of variability among the largest lenders as well as a slightly higher degree of variability among the various loan products.

Interest rates were generally higher during the week immediately after the FOMC announcement on Wednesday afternoon.  Prior to the Fed announcement, mortgage rates had been maintaining the current down trend which pushed loan rates to near record lows.

The Federal Reserve statement at mid week failed to mention any further mortgage purchases on new programs that involved another round of easing by the Federal Reserve.  Though the majority view point seemed to indicate that the Fed would in fact sit tight and digest more data before firing off another round of monetary easing, the bond market sold off on the announcement.  The reaction on Wednesday and Thursday was bond prices moving lower and mortgage rates moving higher.

Improvements in the mortgage sector brought rates back down again on Friday.  Uncertainty in Europe and the prospects for slow growth in world economies continued to be a major market mover for interest rates once the Fed announcement was made.

The survey results conducted at the close of business on Friday showed the average 30 year fixed rate mortgage up by 4.1 basis points, one basis point is equal to 1/100th of a percent.  The 30 year mortgage rate at the top ten bank mortgage lenders in the survey ended the week at 3.834 percent after closing at 3.793 percent in the previous week.

30 year FHA mortgage rates climbed by 3.8 basis points.  FHA mortgage rates at the nation’s top FHA mortgage lenders rose to an average of 3.688 percent after falling in the previous week to 3.650 percent.

Jumbo mortgage rates barely budged for the week.  The 30 year term jumbo mortgage loan came in higher by just .5 basis points or 5/1000ths of a percent.  The mortgage rate increase on a 30 year jumbo loan took the average rate to 4.238 percent from 4.233 percent in last week’s rate survey.

15 year term mortgage rate changes matched those of the longer term loans.  On average, the 15 year mortgage rate was elevated by 4.1 basis points.  The average 15 year mortgage rate in the survey now stands at 3.144 percent after sliding lower in the prior week to an average interest rate of 3.103 percent.

The 20 year mortgage was little more resistant to movement.  The 20 year mortgage rate was elevated by just 2.3 basis points for the week.  20 year mortgages in the weekly survey now have an average interest rate of 3.606 percent compared to 3.583 percent that was registered in the preceding weekly survey.

The shortest term mortgage loan in the bank mortgage rate survey, ten year mortgages, had a rate increase that corresponded with the 20 year term loan.  The average 10 year mortgage rate was up by 2.3 basis points.   The boost in rate places the average 10 year term loan rate at 2.887 percent, slightly above the week earlier average rate of 2.864 percent.

The current survey of bank mortgage rates was conducted by Selectcdrates.com on June 22, 2012.  Bank mortgage rate data included in the Selectcdrates.com weekly mortgage rate survey includes the mortgage interest rates, points charged and APRs from the nation’s largest bank mortgage lenders 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 percent down payment and are available for the most credit worthy borrowers from the lenders in the survey.  The loan down payment amount, loan to value ratio, 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 June 22, 2012 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.

Mortgage Rates Back Down June 18, 2012

Bank mortgage rates dipped down once again for the week ending June 15, 2012.  After experiencing a small increase in the previous week, mortgage rates moved right back down to flirt with the all time record lows seen just two weeks earlier. 

The record low mortgage rates that first surfaced during the first week of June was not terribly surprising based on the economic data that was reported in the US and the continued and now more troubling bank loan problems surfacing in Europe.  However, many economists and mortgage rate forecasters had expected the rate drop to be temporary reflecting a reflex reaction to the news of bigger troubles and Europe and weak employment numbers in the US.  This past week blasts rather substantial holes in those forecasts.  Not only did mortgage rates rise only slightly for the week ending June 8 but even that slight rise was chopped right back again in the last weekly mortgage rate survey.

Compounding the issue of forecasts mortgage rates is the anomaly found in the recent rise in the stock market.  When rates first dipped down the stock and commodity markets followed suit, reflecting lower expectation on economic activity and corporate profits.  The market gained significantly last week even while mortgage rates moved lower.

The current survey of bank mortgage rates conducted by Selectcdrates.com on June 15, 2012 indicated that all mortgage programs coming from the nation’s leading bank mortgage lenders had lower interest rates as compared to the week earlier. 

The average 30 year fixed rate mortgage available form the top ten bank mortgage lenders in the present survey had an interest rate of 3.793 percent.  The current 30 year mortgage rate is 3.7 basis points; one basis point is equal to 1/100th of a percent, off of the previous week’s average rate of 3.830 percent.

The shorter term, 15 year mortgage, was down by approximately half the amount of the 30 year fixed.  The average 15 year mortgage rate slipped to 3.103 percent from 3.119 percent in the prior week or a drop of 1.6 basis points.

The 30 year FHA mortgage rate was also not quite as aggressive on the downside as the conventional 30 year mortgage.  30 year FHA mortgage rates were cheaper this week by 1.3 basis points.  The slight rate drop put eth average 39 year FHA mortgage rates at 3.650 percent as compared to 3.663 percent found in the prior weekly mortgage rate survey.

30 year jumbo mortgage loans followed the FHAs and were down by a hair under two basis points.  The average 30 year jumbo mortgage rate fell to 4.233 percent from 4.250 percent in the week earlier survey, a drop of 1.7 basis points.

20 year mortgage loans are little less liquid or more accurately, suffer from lower demand by existing and prospective homeowners.  With less loan demand, the pricing for these home financing products can have greater variability between lenders.  Over this week that variability led to a greater rate change coming from the top ten bank lenders in the survey.  The average rate on a 20 year mortgage was down by 4.2 basis points to an interest rate of 3.583 percent.

Ten year mortgages rates did were did not experience a rate drop that was nearly as robust as the 20 year.  The average 10 year mortgage rate moved lower by 2.7 basis points.   The 10 year term loan average rate in the weekly mortgage rate survey closed at 2.864 percent from 2.891 percent in the week earlier.

The mortgage interest rate data collected in this week’s mortgage rate survey was collected on the last business day of the week or June 15, 2012. 

Mortgage data 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 percent down payment and are available for the most credit worthy borrowers from the lenders in the survey.  The loan down payment amount, loan to value ratio, 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 June 15, 2012 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.

Bank Mortgage Rates Lower June 4, 2012

Mortgage Rates fell decidedly lower over the past week, dropping to new all-time lows.  Mortgage rate improvements was rather significant since it follows several weeks of continued downward pressure on home loan interest rates from the nation’s biggest bank mortgage lenders.

The impetus for the downward push in mortgage interest rates was the less than stellar, or perhaps even horrendous, Employment Situation Report.  The jobs report is one of the most widely followed reports to gauge the strength of the U.S economy and the report for May came in far lower than expected.  Only 69,000 jobs were added in May, according to the monthly report driving the unemployment rate up to 8.2% and the previous two months job gains were revised downward. 

Bad economic news leads to lower loan demand and lower inflation expectations which are key components to the structure of long term interest rates and mortgage rates.

Based on the most recent survey of bank mortgage rates conducted by Selectcdrates.com on June 8, 2012, the average 30 year fixed rate mortgage has dropped down well under the four percent the threshold.  The average 30 year mortgage rate coming from the top ten bank mortgage lenders now stands at to 3.765 percent.

The 30 year FHA mortgage rates experienced a greater move to the downside than the conventional 30 year term home loans.  The average rate on the 30 year FHA loan in the weekly survey dropped down to 3.625 percent.

The 30 year jumbo loans were a little stickier, now quite matching the rate reductions founding in the conforming loan amount mortgage loans.  The average jumbo mortgage rate in this week’s bank mortgage arte survey slipped down to 4.175 percent.

15 year mortgage rates made a rather sizeable move on the week.  The average 15 year mortgage rate in the survey is now hovering just over three percent.  The 15 year term home loan average rate came in at 3.073 percent this week.

20 year term mortgage loans were down modestly for the week.  The 20 year term loan showed the greatest variability on the week with the spread between the highest rate offered in the survey and the low rate offered widening.  The average 20 year mortgage rate closed the week with an interest rate of 3.595 percent. 

Ten year mortgages rates followed the 20 year term loans and with a modest rate reduction and fairly substantial variability among the interest rates offered by the banks in the survey.  The ten loan ended this week with an average mortgage interest rate of 2.875 percent.

was up by a mere 1.1 basis points while the 30 year jumbo mortgage rate was up by a similar fraction, just 1.3 basis points.  The rise in the 15 year placed the average interest rate at 3.180 percent while the hiccup in the jumbo mortgage rate positioned that interest rate at 4.338 percent.

The mortgage interest rate data collected in this week’s mortgage rate survey was collected on the last business day of the week, June 8, 2012. 

Mortgage data 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 percent down payment and are available for the most credit worthy borrowers from the lenders in the survey.  The loan down payment amount, loan to value ratio, 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 June 8, 2012 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.

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.

Top Bank Mortgage Rates Down May 14, 2012

Recent changes in the 30 year mortgage rate have been going in just one direction, down.  Bank mortgage rates moved lower again over this past week keeping mortgage interest rates near their recent and all-time lows.  The mortgage rate improvements were not overly impressive but the improvement is following on several weeks of continued downward pressure on home loan interest rates.

Mortgage rates have been falling since mid March due to a number of factors that include slower global economic activity, low inflation levels and Fed intervention in the bond market.  The most recent improvements and rate activity in the mortgage market appears to be entirely fueled by political turmoil in Europe.

European turmoil has resurfaced with big headlines that are helping domestic bank lending interest rates go lower as money flows in to safe and secure US fixed income markets that includes Treasury bond an mortgage backed bonds.  As money moves in, prices rise and interest rates fall. 

The recent mortgage price gains have pushed interest rates in line with all-time lows.  Based on the most recent survey of bank mortgage rates conducted by Selectcdrates.com, the average 30 year fixed rate mortgage available at the top ten bank mortgage lenders has fallen by 5.1 basis points.  One basis point is equal to 1/100th of a percent.  30 year mortgage rates in the survey dated May 11, 2012 are now sitting at 3.898 percent compared to 3.949 percent in the previous weekly survey.

The government insured 30 year FHA mortgage rate was only marginally less costly on the week.  FHA mortgage rates inched down just 1.2 basis points.  The average 30 year FHA mortgage rate ended the week at 3.763 percent after moving down to 3.775 percent in the prior week. 

Bank mortgage lenders in this week’s survey dropped their rates on the 20 year mortgage by 2.3 basis points.  The average 20 year mortgage edged down to 3.700 percent from 3.723 percent found in the week earlier mortgage rate survey.

Ten year mortgages rates were reduced by the exact same amount as the 20 year term loans.  Ten year home loan rates became cheaper by 2.3 basis points trimming the average rate back to 2.930 percent from last week’s figure of 2.953 percent.

15 year mortgage rates and jumbo mortgage rates did not partake in the rate slide this week.  Both home loan terms experienced a mild uptick in rates.  The conventional 15 year mortgage rate was up by a mere 1.1 basis points while the 30 year jumbo mortgage rate was up by a similar fraction, just 1.3 basis points.  The rise in the 15 year placed the average interest rate at 3.180 percent while the hiccup in the jumbo mortgage rate positioned that interest rate at 4.338 percent.

The mortgage interest rate data collected in this week’s mortgage rate survey was collected on the last business day of the week, May 11, 2012. 

Mortgage data 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 percent down payment and are available for the most credit worthy borrowers from the lenders in the survey.  The loan down payment amount, loan to value ratio, 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 May 11, 2012 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.

Bank Mortgage Rates Keep Drifting Lower May 7, 2012

Mortgages rates have now dropped down to their lowest levels since the start of the year.  This past week, mortgage rates from the leading bank mortgage lenders weaved and bobbed along the bottom and then the poor jobs report popped up on Friday driving rates down further.  This week’s dip in mortgage rates make it five weeks in a row of slow but steady reductions in the average interest rate charged on the most popular home loan programs.

The two key pieces of economic data helping push rates down are slow economic news in the U.S. and political issues in Europe.  The slightly worse than expected jobs report on Friday contributed to the on and off poor economic news on the domestic front and the debt problems in Spain combined with political changes to the left in France indicating further destabilization on the recent financial issues an existing bailout in Europe.

While interest rates moved lower for all mortgage products in the SelectCDrates.com weekly mortgage rates survey, the change in rates was once again rather muted.  For the week ending May 4, 2012 the 30 year fixed rate mortgage was cheaper by barely one basis point or 1/100th of a percent.  The average 30 year mortgage rate coming from the top ten bank mortgage lenders in the survey ended the week at 3.949 percent as compared to 3.957 percent in the prior week.

The 15 year mortgage rates showed a little get up and go and slid down a hair over three basis points for the week.  The 15 year loan at the top ten bank mortgage lenders moved down to 3.169 percent from 3.200 percent in the week earlier.

FHA mortgage rates came out on top in the rate reduction race.  The 30 year FHA mortgage rate gave up 7.5 basis points this week after staying almost even in the week before.  The average rate on the 30 year FHA mortgage closed the week at 3.775 percent. 

The 30 jumbo mortgages didn’t move with the force of the 30 year FHAs.  The average 30 year jumbo mortgage loan inched down by just 1.3 basis points.  The 1.3 basis point drop brought the average rate down to 4.325 percent on these mortgage loans. 

Ten year mortgages continued to move away from the 3.00 percent level after breaking below that figure for the first time last week.  The ten year mortgage rate drifting down another 2.1 basis points this week.  The ten year rate in this week’s survey is now sitting at 2.953 percent following last week’s drop to 2.974 percent.

Twenty year mortgages were lower by 1.5 basis points this past week.  The top ten bank mortgage lenders in the survey have adjusted their twenty year mortgage down to 3.723 percent from 3.738 percent found in the previous survey.

The mortgage interest rate data collected in this week’s mortgage rate survey was collected on the last business day of the week, May 4, 2012. 

Mortgage data 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 percent down payment and are available for the most credit worthy borrowers from the lenders in the survey.  The loan down payment amount, loan to value ratio, 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 May 4, 2012 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.

Four in Row for Mortgage Rate Reductions April 30, 2012

Mortgage rates continue to push lower.  Throughout the month of April, mortgage rates registered decreases for every week right up to the end of the month.  Based on the most recent survey of the top bank mortgage rates performed by Selectcdrates.com, mortgage rates dipped lower once again for the week ending April 27, 2012.  The rate drop was evident for all mortgage terms with the the exception of FHA loans which were unchanged on the week.

While economic uncertainty over the rate of growth in the U.S is certainly a factor driving interest rates lower, resurging troubles with European government debt and bad bank loans appears to be taking center stage.  Concerns over the debt costs and debt payments for countries such as Spain are pushing fixed income funds into U.S bond instruments including Treasury bonds and mortgage bonds.  An increase demand leads to increase in prices and a corresponding drop in interest rates.

The result of the funds flow into safe and secure, for now, U.S securities pushed the 30 year fixed arte home loan down by 5.3 basis points at the top ten bank mortgage lenders in the weekly survey.  One basis point is equivalent to 1/100th of a percent or 0.01%.  The average interest rate on the 30 year mortgage moved down to 3.957 percent from 3.984 percent in the previous week.

15 year mortgage rates made a slightly more powerful move to the downside.  The average interest rate on the 15 year term loans was off by 5.3 basis points.  The 15 year fixed rate mortgage ended the week at 3.200 percent after drifting down to 3.253 percent in the prior weekly mortgage rate survey.

Ten year term home mortgages became cheaper for new borrowers by 3.3 basis points.  The modest rate reduction in the ten year mortgage was enough to push the average rate under 3.00 percent.  At week’s end, the average ten year mortgage rate came in at 2.974 percent compared to 3.007 percent in the week earlier.

Twenty year term mortgages experienced a drop of 6.7 basis points over the course of the week.  Both the ten year and twenty year loans are less common mortgage loan programs and can experience a bit more volatility in their pricing.  The twenty year mortgage rate coming from the top ten bank mortgage lenders in the survey dropped down to 3.738 percent from 3.805 percent found in last week’s results.

The 30 year FHA mortgage rate sat idly by this week.  The average rate on these increasingly popular home loans remained unchanged at 3.850 percent. 

Jumbo mortgage rates were cut back by 2.5 basis points.  Jumbo mortgage lenders in the survey are now offering this loan program with an average interest rate of 4.338 percent.  In the week earlier survey, the average jumbo mortgage rate was being offered at 4.363 percent.

The mortgage interest rate data collected in this week’s mortgage rate survey was collected on the last business day of the week, April 27, 2012. 

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 percent down payment and are available for the most credit worthy borrowers from the lenders in the survey.  The loan down payment amount, loan to value ratio, 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 April 27, 2012 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.

Mortgage Rates Drop for Third Week in a Row April 16, 2012

Mortgages Rates improved again this week making it three weeks in a row of improving borrowing costs for borrowers.  After closing out the previous two weeks with slight gains, mortgages rates from the nation’s largest bank mortgage lenders did it again with interest rate falling across all loan terms and programs measured in the Selectcdrates.com weekly mortgage rate survey.  Mortgage rates showed just a slight improvement week over week but consecutive weekly improvements eventually add up to make the current rates near the lows of the year.  

Rate improvements in the mortgage market and the Treasury market recently have been driven by the same factors that impacted interest rates for most of the past year.  Fears of another European debt crisis, concerns over a slowing or fragile US economic recovery and the possibility theta the Fed will continue to intervene in the credit market to keep interest rates low.

The Fed is probably down with significant intervention in the credit markets this year and the sovereign debt concerns of Europe are not going away, two big factors keeping bond buyers going strong and hence interest rates staying low.  Expect continued mixed economic data over the coming weeks for the US economy and this is going to be a key factor over whether rates rise with a rising economy or stay low if the economy just chugs along.

Based on the most recent survey of bank mortgage rates conducted by Selectcdrates.com for the week ending April 13, 2012 the average 30 year mortgage rate was lower by 5.6 basis points.  One basis point is equivalent to 1/100th of a percent.  The rate drop brought the average 30 year fixed rate loan back under 4.00 percent to 3.996 percent from 4.052 percent in the previous week.

The 15 year mortgage rate made just a minor dip for the week.  The average 15 year mortgage rate available from ten top ten bank mortgage lenders in the survey dropped by just 5/1000ths of a percent.  The 15 year rate now stands at 3.316 percent compared to 3.321 percent in the prior rate survey.

The shorter term ten year loans experiencing a larger rate change than either the 30 year or 15 year mortgage, dropping by 8.3 basis points.  The ten year loans came down to a hair over 3.00 percent to 3.012 percent from an average rate of 3.095 found in the previous week.

Twenty year mortgage rate changes moved closer to the nominal 15 year loan movement as opposed to the greater changes found in the tens year loans.  The average 20 year mortgage rates shifted by just 8/1000ths of a percent leaving the average 20 year mortgage rate at 3.821 percent after sliding down to 3.829 percent in the preceding rate survey.

FHA mortgages rates were down a smidgen on the week having already drifted below the key 4.00 percent level in April.  The average 30 year FHA mortgage closed the week cheaper by 2.5 basis points.  FHA home loan rates are now hovering at 3.888 percent after hitting 3.913 percent last week.

Thirty year jumbo mortgage rates turned out to be cheaper by 2.5 basis points this week.  The average 30 year jumbo mortgage rate coming from the bank mortgage lenders in the survey ended at 4.397 percent from 4.422 percent in the past survey.

The mortgage interest rate data collected in this week’s mortgage rate survey was collected on the last business day of the week, April 13, 2012. 

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, 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 April 13, 2012 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.

Mortgage Rates Down for Second Consecutive Week April 9, 2012

US mortgage rates pushed lower for the week ending April 6, 2012.  U.S. Treasury yields moved lower along with national mortgage rates as questions continue to arise over the prognosis for the U.S. recovery and whether the Fed will hold back from printing more money.

Mortgage rates tend to track the yield on the 10 year Treasury note which makes following these highly traded and well publicized figures a significant component of mortgage rate analysis.  Trepidation over the future path of the economy and a poorer economic outlook has led investors to shift money into U.S. Treasury bonds and mortgage bonds and away from stocks.  That pushes up Treasury yields and mortgage rates, which move in the opposite direction of the price.

This week’s setback in financial markets drove the stock market and interest rates down but this may not last.  The cause for the market changes in the past two weeks has been centered on a slow economy in Asia and Europe which may very well keep a cap on US production but is not likely to cause a significant damper on consumer spending growth and job growth.  Predicting the future course of mortgage rates is, without question, a difficult task.  There are many factors both within and outside of the US border that influence mortgage rates, including unemployment and inflation levels, trends in the stock and bond markets, and the federal funds rate.

Based on the most recent survey of bank mortgage rates conducted by Selectcdrates.com for the week ending April 6, 2012 the average interest rate offered for all mortgage loan programs decreased moderately. 

The average 30 year mortgage rate coming from the nation’s top ten bank mortgage lenders dipped by 8.5 basis points over the course of a week.  The average 30 year fixed rate loan dropped to 4.052 percent from 4.137 percent in the week earlier.  One basis point is equal to 1/100th of a percent. 

15 year fixed mortgage rates were off by 7.9 basis points this past week.  The average rate for this term home loan dropped to 3.321 percent from 3.400 percent in the week earlier.

Ten year mortgage rates gave up just three basis points.  The modest drop brought the average rate on the short term, ten year loan to 3.095 percent from an average rate of 3.125 percent found in the previous week.

The rate reduction in 20 year mortgages just edged out the reduction in the longer term 30 year loans.  The average rate for the twenty year home mortgage slipped by 8.8 basis points.  The survey results for the twenty year loan shows the average now at 3.829 percent as compared to 3.917 percent in the previous survey.

30 year jumbo home loans were less costly by an average of 6.6 basis points.  The 30 year jumbo mortgage rate in the weekly survey is now at 4.422 percent from 4.488 percent in the week earlier.

FHA mortgages rates were a little sticky over the week.  30 year FHA mortgages ended the week down just 3.7 basis points.  FHA home loan remains under 4.00 percent with the average rate settling at 3.913 percent this week as compared to an average rate of 3.950 percent in the prior week.

The mortgage interest rate data collected in this week’s mortgage rate survey was collected on the last business day of the week, April 6, 2012. 

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, 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 April 6, 2012 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.

Mortgage Rates Make Minor Retreat March 26, 2012

Mortgages rates finally settled back down this past week after getting a pretty solid spanking in the week before.  After the large spike in mortgage interest rates last week, the rate reduction this week is quite mild.  Rate offerings at most lenders improved slightly though some bank mortgage lenders held rates stable or simply reduced the amount of points charged to obtain the same interest rate. 

The mortgage market continues to digest a mix of stronger employment reports with a slowing world economy and statements by the Fed chief that the economy is far from out of the woods.  The economic growth picking up in the United States is countered by Asian market slow downs, significant spikes in oil prices and though some economist are shutting their eyes to the European debt issues suddenly, many countries still face headwinds.  These mixed economic signals are placing pressure on inflation and rising rates but the economic roadblocks will help keep mortgage rates from spiking too far. 

As the week came to a close all mortgage loans products were less costly for borrowers, lower interest rates, with the exception of the 30 year FHA loan rates which moved up ever so slightly.  30 year fixed rate mortgages in the current mortgage rate survey were down by almost five basis points or 5/100ths of a percent.  The Selectcdrates.com mortgage rate survey collects data on bank mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The average 30 year mortgage rate closed out the week at 4.182 percent after rising to 4.227 percent in the week earlier.

The 15 year fixed rate mortgage was down by just a fraction for the week.  The average interest rate on the 15 year term loans was down by just three basis points.  Three basis points lower put the average rate on the 15’s at 3.439 percent which compares to a rate of 3.468 percent in the previous week.

20 year mortgages were pushed lower by only two basis points.  Twenty year mortgage ended the week with an average interest rate of 3.980 percent, last week the twenty year average rate would have cost 4.00 percent even.

Ten year mortgage rates matched the movement of the 15 year term home loans and dropped by three basis points.  A three basis point drop for this term loan brought the average rate to 3.187 percent from 3.216 percent in the prior week.

The larger, 30 year jumbo home loans barely budged.  The average rate found on the 30 year jumbo mortgage slipped to 4.559 percent from 4.566 percent rate, a reduction of just under one basis point.

FHA mortgages with a 30 year term failed to follow the down draft in rates and moved up on the week.  The average interest rate on 30 year fixed rate FHA loans increased by 2.5 basis points.  FHA rates crossed the 4.00 percent mark for the week, rising to 4.013 percent from an average rate of 3.988 percent in the previous survey.

The mortgage interest rate data collected in this week’s rate survey was collected on the last business day of the week, March 23, 2012. 

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, 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 March 23, 2012 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.

Mortgage Rates Surge Higher March 19, 2012

Mortgages rates were hit pretty hard last week.  This past week’s rate changes are especially dramatic when compare to the past three month’s mortgage rate performance during which time bank mortgage rates have held in fairly tight range.  Based on the most recent survey of the top bank mortgage rates conducted by Selectcdrates.com, all of the most popular mortgage terms experienced a rate increase over that of the previous week.  FHA mortgage rates showed the smallest incremental rate increase week over week while the 30 year jumbo mortgage rates displayed the greatest rate change.

While economic news has been mostly positive regarding the U.S. economy, it was rather peculiar that mortgage rates jumped the week after the release of one of the biggest economic gauges being watched over the past year, the jobs report.  The monthly jobs report has been reporting better than expected job growth for more than a few months but the market mostly shrugged that data off when it was released on March 9th.  Instead, the bond market sells off and interest rates rise the week after the employment report.  Other than a fairly positive weekly report on unemployment claims and news regarding modest retail sales growth, this past week was devoid of significant economic news.  European debt issues have simply moved off the radar screen with some resolution to the debt in Greece but without a clear solution to the prolonged troubles of that nation as well as some bigger EU states that are soon to follow.

The Selectcdrates.com mortgage rate survey collects data on bank mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for March 16, 2012. 

The number one home financing product, 30 year fixed rate mortgages, offered by the top ten bank mortgage lenders moved ahead 15 basis points over the past week.  The average rate found on the 30 year mortgage jumped up to 4.227 percent from 4.074 percent in the previous week.

The average cost for a 15 year mortgage rate was not far behind the longer term loans, the rate on the 15 year term loan climbed 12.5 basis points for the week.  The 15 year mortgage rate now sits at 3.468 percent up from 3.343 percent in the week earlier.

The 20 year mortgage rates went up by 11 basis points.  The average 20 year mortgage rate started the week below 4.00 percent and ended the week at just over that figure at 4.010 percent.  

Ten year mortgage rates shot up a bit more than twenty year, increasing by 12 basis points.  This week’s rise put the average 20 year mortgage rate at 3.216 percent. 

30 year jumbo mortgage rates rocketed up 17.8 basis points after displaying a very little action in the prior week.  The average interest rate for a 30 year jumbo loan hit 4.566 percent at the close of the week, from a rate of 4.388 percent at the onset of the week.

The 30 FHA mortgages managed to remain fairly calm.  The average interest rate on an FHA loan rose by just 5 basis points.  The interest rate posted from the top FHA mortgage lenders this week ascended to 3.988 percent from 3.950 percent in the preceding weekly survey.

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, 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 March 16, 2012 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.

Mortgage Rates Lethargic March 12, 2012

Mortgage rates were mostly subdued last week while the market digested fairly positive news.  The average rate offered in the Selectcdrates.com weekly bank mortgage rate survey barely budged for the most popular fixed rate home loan programs.

Stable mortgage interest rates over the course of a week is not earth shattering news, but the apathetic mortgage rate activity comes during a week when the monthly jobs report was released and the European debt crisis with Greece moved measurably forward.  Neither of these news worthy events moved the market and the jobs number was once again surprisingly higher with a better than expected growth figure.  Positive news on the jobs front combined with potentially equally positive news on the Greek debt debacle would normally push interest rates higher as the prospects for normal economic expansion surface.

Week over week, mortgage rates held close to where they were at the start of the week. Based on the most recent survey of the top bank mortgage lenders, the average rate offered on the 30 year fixed rate mortgage increased by less than one basis point or 1/100th of a percent.  The rate on a 30 year fixed rate loan coming from the top ten bank mortgage lender was more costly by 6/1000ths of percent putting the average interest rate at 4.074 percent, a very modest change.

15 year mortgage rates showed about as much gusto as the 30 year and were changed by less than one basis point.   The average rate on a 15 year fixed rate home loan declined by 5/1000ths of a percent to settle down at 3.343 percent after starting the week with an average rate of 3.348 percent. 

Jumbo fixed mortgage rates took the sloth prize this week and simply refused to move at all.  The average interest rate found on the top ten FHA mortgage lenders held at 4.388 percent.

FHA mortgage rates drifted slightly lower.  The average rate on a 30 year FHA loan was off by 1.2 basis points.  The rate drop brought the average 30 year FHA mortgage rates down to 3.938 percent from an average rate of 3.950 percent in the previous week.

Twenty year term home loans ended the week a bit more costly.  The average 20 year mortgage arte rose by a rather trivial amount of just 1.3 basis points.  The increased for the week put the average 20 year mortgage rate at 3.900 percent compared to 3.877 percent available in the prior week.

Ten year mortgage rates moved by an amount similar to that of the 20 year mortgage but the rate change was in the opposite direction.  The average 10 year term home loan gave up 2.1 basis points.  The new, cheaper rate on a 10 year mortgage is now at 3.090 percent which is off of last week’s average interest rate of 3.111 percent.

The Selectcdrates.com mortgage rate survey collects data on bank mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for March 9, 2012. 

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, 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 March 9, 2012 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.

 To see how the current mortgage rates may impact your monthly mortgage payment and loans cost, use the free online mortgage payment calculator available at the following page, mortgage payment calculator.

Mortgage Rates Take a Dip March 5, 2012

Mortgages rates in the most current bank mortgage rate survey conducted by Selectcdrates.com ended the week on an upbeat note, with mortgage loans becoming cheaper and mortgage rates moving lower for most all mortgage loan products measured in the weekly rate survey.

After rising modestly at the end of the previous and starting off the most recent survey week inching higher, mortgage bond prices improved midweek and mortgage rates moved lower.   Concerns over European debt still looms on the horizon or over in the corner or perhaps right in front of us but the issues with European debt doesn’t appear to be the market mover for bank rates and mortgage rates that it had been for the past several months.  The drivers for mortgage rates now appears to be the sluggish domestic and world economies with Europe in recession and China cutting back growth forecasts combined with the Feds position to maintain liquidity and uber low short term interest rates.

Watch for signs of rising inflation and significant improvements in the employment reports as the new impetus for changing mortgage rates going forward.  Of course, even when economy starts to tick higher or inflation hiccup due to higher food and energy prices, if Bernanke refuses to let off the liquidity gas pedal, bank lending rates and mortgage rates should remain low.

30 year fixed rate mortgages offered by the top ten bank mortgage lenders in this week’s survey dropped by five basis points or 5/100ths of percent.  The average 30 year mortgage rate settled down at 4.068 percent, off of last week’s average rate of 4.115 percent. 

The average 15 year mortgage rate was reduced by six basis points.  15 year mortgage rates were knocked down to 3.348 percent from 3.410 percent in the prior weekly survey.

30 year FHA mortgage rates almost stood still displaying just a one basis point drop in the average rate.  The average 30 year fixed rate FHA mortgage loan came in at 3.950 percent after experiencing similar standoff last week with a rate of 3.963 percent.

Jumbo fixed mortgage rates were less costly by 3.5 basis points over the course of the week.  Jumbo mortgage lenders in the survey are now offering a 30 year jumbo mortgage loan with an interest rate of 4.388 percent compared to 4.475 percent in the week earlier.

Ten year and twenty year conforming mortgage rates bumped up on the week albeit, by a very small amount.  The average 20 year mortgage rate rose less than one basis point while the average 10 year mortgage rate increased by just a basis point.  Survey results showed the 20 year loan rate moving up to 3.877 percent and the average 10 year mortgage rate reaching to 3.111 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for March 2, 2012. 

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, 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 March 2, 2012 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.

Mortgage Rates See Minor Improvements February 27, 2012

The start of the week was not good to mortgage rates with mortgage bond prices tumbling and mortgage rates rising.  The impetus for the activity in mortgage rates was not clear, possible expectations of European debt agreements or the prospects of stronger economic growth in the U.S. continue to be the usual suspects.  As the week progressed however, mortgage rates started to settle back down at a measured rate and by the end of the week mortgage rates were little changed.

Weakness in the bond markets at the onset of the week was pushed back with stronger than expected new home sales coming.  However, even with the historically low mortgage rates holding for a rather prolonged period of time, the housing market has failed to show any life for more than a month at a time.  The outlook for mortgage rates will continue to remain murky with the Fed keeping a firm cap on short term rates and the housing market showing few signs of recovery even while the employment market has showed remarkable improvement over the past three months.

The average rate on the 30 year fixed mortgage was virtually unchanged this week.  The average 30 year mortgage rate in this week’s bank mortgage rate survey, which includes the rates from the nation’s largest bank mortgage lenders, came in at 4.115 percent.  That is just fractionally above the previous week’s figure of 4.112 percent.

15 year mortgage rates moved just modestly higher on the week.  15 year mortgage rates in the survey were elevated by almost five basis points or 5/100ths of a percent.  The average rate on the 15 year mortgage climbed to 3.410 percent from 3.363 percent in the prior week.

Just to add more variety to the mix, FHA mortgage rates didn’t move at all.  The average rate for the 30 year fixed rate FHA mortgage loans was unchanged from the previous week at 3.963 percent.

The average interest rate on the jumbo fixed mortgage rate loans displayed the biggest rate adjustment.  Jumbo mortgage rates made a 7.5 basis point upsurge on the week.  The average jumbo mortgage interest rate this week was 4.475 percent which compares to last week’s average rate of 4.400 percent.

Twenty year mortgage rates were slightly cheaper in this week’s survey.  The average 20 year mortgage rate was dipped down by 4.4 basis points.  The rate on the 20 year loan dropped to 3.875 percent this week from 3.919 percent.

Ten year mortgage rates followed right behind the 20 year term loan and moved down by 3.5 basis points.  The average interest rate on this shorter term, home loan was reduced to 3.090 percent from 3.125 percent in the week earlier.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for February 24, 2012. 

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, 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 February 24, 2012 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.

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Mortgage Rates Running in Place February 20, 2012

Strong economic news pushed mortgage rates gradually higher towards the tail end of last week but the last minute rate increases were not enough to offset the improvements experienced in the beginning of the week and conforming mortgage rates ended the week just a tad lower than where they started.  Not all mortgage loan products followed that path, however. 

Since jumbo mortgage rates and FHA mortgage rates did not slip as much at the onset of the week, the rise in rates in the later part of the week made these loan products more costly by the time the week came to a close.  The ten year and twenty year tern mortgage loans also moved higher on the week though the increases were much like the FHA and jumbo rate increases, very mild.

Mortgage rate changing news for the week included the release of the Consumer Price Index (CPI) which showed no signs that inflation is creeping into the economy, along with a contradictory outcome found in rising oil prices over the week which may very well lead to rising inflation and finally the release of unemployment claims on Thursday that showed a much better than expected number of unemployed claiming unemployment benefits which is a sign of strengthening economy and often leads to greater loan demand and higher interest rates.

Based on the most recent bank mortgage rate survey conducted by Selectcdrates.com for the week ending February 17, 2012 mortgage interest rates for the 30 year term loan and 15 year loan ended the week lower while the jumbo mortgage rates, FHA mortgage rates, 20 year term mortgage loan and ten year term home loan ended higher.

The average rate on the 30 year fixed rate mortgage ended the week less costly for new home loan borrowers by two basis points or 2/100ths of a percent.  This week, the 30 year mortgage rate moved closed at 4.112 percent down from the 4.132 percent average rate found in the week earlier survey.

15 year mortgage rates followed with a drop of 3.1 basis points.  The average rate on the 15 year mortgage in the survey ended the week at 3.363 percent, sliding lower from a rate of 3.394 percent in the previous week.

The average twenty year mortgage rate rose by 2.3 basis points this past week.  The small increase placed the 20 year mortgage rate at 3.919 percent from 3.896 percent found in the prior week’s survey.

Ten year mortgage rates barely moved.  The average ten year fixed rate mortgage moved higher by just under one basis point.  The average rate for this term loan coming from the top ten bank mortgage lenders in the weekly survey closed at 3.125 percent compared to 3.116 percent in the week earlier.

30 year FHA mortgage rates were up by 2.5 basis points.  A 30 year FHA home loan now has an average interest rate of 3.963 percent; the previous survey showed the average FHA mortgage rate had come in at 3.938 percent.

Jumbo mortgage rates headed up by two basis points.  The increase took the average 30 year jumbo mortgage loan up to 4.400 percent.  Jumbo mortgage interest rates had made a rather sizeable increase in the week before when the average loan rate closed at 4.380 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for February 17, 2012. 

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, 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 February 17, 2012 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.

Mortgage Rates Increase February 13, 2012

Mortgage interest rates have made their largest increase since the start the year.  Following Friday’s employment data, mortgages rates moved quickly higher and continued that trend through most of the week.  As the week came to close the increase in interest rates tapered off slightly and reversed directions by just a fraction.  Since mortgage rates had fallen to record lows in the previous week, the rate increase is less painful when viewed against the back drop of where they started the year.

While the Jobs reported that was released on February 7th seemed to get the ball rolling for elevated lending rates, the economic news for the week was only modestly bullish for the economy.  Not only was the economic data just mildly positive but, Fed Chairman Bernanke testified before Congress during the week and reiterated the Feds position that interest rates will remain low through 2014 and a key factor driving the Fed decision is the high unemployment rate.

Mortgage interest rates ended the week higher for all mortgage terms in the weekly bank mortgage rate survey conducted by Selectcdrates.com for the week ending February 10, 2012.

30 year mortgage rates jumped by eight basis points from the previous week.  One basis point is equal to 1/100th of a percent.  The average 30 year mortgage rate from the ten bank mortgage lenders in the survey was 4.132 percent compared to 4.053 percent in the week before.

The 15 year term mortgage jumped by roughly the same amount as the 30 year loan.  The rate on the 15 year fixed rate loan was higher by just over eight basis points.  The rise in rates moved the average 15 year mortgage rate to 3.394 percent from 3.313 percent found in the earlier weekly survey.

The current 30 year FHA mortgage interest rates showed a lot less activity than the conforming loans.  The average FHA mortgage rate advanced by just 1.3 basis points.  The average FHA mortgage rate in this week’s cost 3.938 percent compared to 3.925 percent in the prior survey.

The rate change on jumbo mortgage loans came close to matching that of the 30 year conforming loan, increasing by just under eight basis points.  Jumbo 30 year fixed mortgage interest rates settled at 4.380 percent after closing at 4.305 percent in preceding week. 

Ten year mortgage rates made a modest climb.  The average ten year mortgage loan had an interest rate of 3.116 percent which is 2.6 basis points higher than last week’s ten year mortgage rate of 3.090 percent.

Twenty year mortgage rates increased by four basis points for the week.  This week’s rate change pushed the average twenty year mortgage rate up to 3.896 percent from 3.859 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for February 10, 2012. 

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, 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 February 3, 2012 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.

Mortgage Rates Show Small Increase February 6, 2012

Mortgage rates posted by the nation’s largest banks were up for the week ending February 3rd, 2012 based on the most recent survey of bank mortgage rates conducted by Selectcdrtaes.com.  Mortgage rates were higher on the most popular loan products for the week but the magnitude of the rate increase compared to the previous week’s figures was quite limited. 

At mid week, mortgage rates had moved lower, reaching the low point over the past five business days and therefore, the average mortgage rates in the weekly Selectcdrates.com bank mortgage rate survey would have showed a more dramatic increase had they been compared to that low point mortgage rates reached at mid week instead of week over week at week’s end.

The impetus for the increase in mortgage interest rates fell squarely on the employment report released by the Bureau of Labor Statistics on Friday.  The monthly jobs report displayed much better than expected results.  The results reported by the government showed that total nonfarm payroll employment rose by 243,000 in January, and the unemployment rate decreased to 8.3 percent.  As soon as the data was released, stocks rallied and interest rates in the fixed income markets were elevated.  Mortgage rates moved quickly to the upside with mortgage bond prices falling and interest rates rising at a fairly rapid clip.

Week over week, the mortgage interest changes in the survey did not add up to much.  The 30 year mortgage rate was up by just over one basis point or 1/100th of a percent.  The average 30 year mortgage rate in the weekly bank mortgage rate survey settled at 4.053 percent compared to an average rate of 4.041 percent found in the prior week’s survey.  

FHA mortgages followed a similar course to the 30 year conforming loan.  The average rate on a 30 year FHA loan increased by just over one basis point as well.  FHA mortgage lenders in the weekly survey are now offering the government insured loan with an average rate of 3.925 percent or just a tad higher than last week’s average FHA loan rate of 3.913 percent.

15 year mortgage rates did not get off as lightly as the longer term loans.  15 year mortgage rates are now costing new home loan borrowers six basis points more than the previous week.  The average interest rate on a 15 year term loan is at 3.313 percent, slightly above last week’s average 15 year mortgage rates of 3.250 percent. 

20 year mortgage rates moved in step with the 15 year with the average rate moving higher by six basis points over the course of the week.  The average 20 year mortgage rate coming from the top bank mortgage lenders in the survey was 3.859 percent.  The earlier survey displayed an average 20 year rate of 3.797 percent. 

Ten year home loans split the difference between the rate changes in the 15 year term loans and 30 year term loans.  The average rate on the ten year mortgages rose by three basis points putting the average rate at 3.090 percent compared to 3.059 percent which was the average rate available last week.

Jumbo mortgage rate movements were more closely following the other 30 year term loans.  In the most current bank mortgage rate report, the average 30 year jumbo mortgage rate was off by less than one basis point which actually left the average rate displayed unchanged from the previous week.  The average interest rate on a 30 year jumbo mortgage loan remained at 4.305 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for February 3, 2012. 

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, 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 February 3, 2012 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.

 

Mortgage Rates Down to End the Month January 30, 2012

Home loan rates descended for the week ending January 27, 2012 after the Fed put out a press release on their revised position regarding interest rates.  The central bank announced that have extended the time frame in which they will hold short term rates at next to zero percent. 

The Federal Reserve’s announcement called for the Fed to keep short-term interest rates at exceptionally low levels at least through late 2014.  Previous Fed announcements called for short term rates to be maintained at the current level through mid-2013.  When that announcement was made it was a shock to the bond market, as it was this time around.

With the announcement, bond prices rallied and interest rates fell.  The market had been snoozing up to the announcement with little change in bank rates and mortgage rates and then mortgage backed securities were lifted by the Fed position and continued to move higher through Friday, leaving mortgage rates and costs operating near all time best levels at week’s end.

Results of the Selectcdrates.com mortgage rate survey indicated that all mortgage loan terms ended the week with lower interest rates.  The rate on the 30 year fixed rate home loan was down by nine basis points or 9/100ths of a percent.  The average 30 year mortgage rate form the top ten bank mortgage lenders in the weekly mortgage rates survey was 4.041 percent compared to 4.130 percent in the previous week.

The average rate on a 15 year mortgage was lower by 13 basis points.  The interest rate for the 20 year loan now stands at 3.250 percent after rising to 3.381 percent on the prior week.

The current rate for the 20 year mortgage loan based on the most recent survey is 3.797 percent.  The 20 year fixed rate loan is now costing borrowers 14 basis points less than it was the week earlier.

The short term, ten year loan made a rather sizeable rate reduction relative to the shorter term of this loan.  After a drop of 11 basis points, the average ten year fixed rate mortgage is available at 3.059 percent.  The average rate on the ten year mortgage was 3.173 percent in the previous survey.

For the FHA mortgages in the survey, the average rate declined by seven basis points.  The pricing on FHA mortgage rates continues to swing wildly with significant rate difference among the biggest bank mortgage lenders offering this home loan product.  The average 30 year term FHA mortgage rate ended the week at 3.913 percent.

Jumbo mortgage borrowers are not receiving the bulk of the benefits that the other home loan products experienced this week.  The average rate on a 30 year jumbo home loan was less expensive by just 2.56 basis points.  The jumbo home loan lenders in this week’s survey offer the product with an average rate of 4.305 percent which compares to a rate of 4.330 percent in the preceding survey.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for January 27, 2012. 

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, 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 January 27, 2012 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.

30 Year Mortgage Rates Reversed Last Week’s Drop and Pushed Higher January 23, 2012

Borrowing costs increased as mortgage rates deteriorated this week on very little economic news.  The rate increases were present on all mortgage loan products measured in the weekly mortgage rate conducted by Selectcdrates.com including the most popular home loan product, 30 year fixed rate montage.  Not wanting to be left out, jumbo mortgage rates and FHA mortgage rates also moved higher.

The interest rate increase put the average rate on the 30 year fixed rate home loan back above the 4.00 percent level.  Interest rate changes appear to be predominantly driven by the expectation that the U.S. economy will continue to get stronger in the near term.  The previously announced data on jobs and corporate earnings does support the story of continued growth, the question remains juts how robust the growth will be and whether troubles with European debt and a slowdown in China will sap our economic strength.

Settling the Greece debt debacle will certainly feed the equity bulls and most likely push interest rates higher by pulling money out of bonds, but how much higher will they go is a big question.  Remember, when all of the analysis is done, mortgage rates and costs continue to operate near all time best levels.

Over the past week, the average 30 year mortgage rate moved up to 4.130 percent.  The posted mortgage rate is based on the average rate from the top ten bank mortgage lenders on or after January 20, 2012 in the Selectcdrates.com weekly mortgage rate survey.  The interest rate increase represents a rise of 15 basis points or 15/100ths of a percent from the previous week. 

The current 30 year mortgage rate for a $250,000 home loan would result in a monthly mortgage payment of $1,212.35.  The rate change that occurred this week yielded a monthly mortgage payment increase of $21.90 on the same $250,000 loan amount from the previous week’s average rate of 3.98 percent.  To compare mortgage payment changes based on this week’s mortgage rate survey results visit the mortgage payment calculator.

15 year mortgage rates were hit a little harder on a relative basis.  Normally, the shorter term 15 year mortgage rate changes by half as much as the 30 year term.  This week, the 15 year mortgage rate was up 12 basis points or almost as much as the 30 year.  The average 15 year mortgage rate in the survey now costs 3.381 percent.  

20 year mortgage rates behaved a little more reasonably, rising 9.6 basis points.  The average 20 year mortgage rate was bumped to 3.942 percent from an average rate of 3.846 percent in the prior week.

The average ten year mortgage rate jumped ten basis points.  A ten year term loan now costs borrowers 3.173 percent based on the current survey compared to an average rate of 3.069 percent found in the prior week’s survey. 

FHA mortgage rates were little changed on the week.  The average mortgage rate for a 30 year term home loan increased by only 3.8 basis points.  The rate increase pushed the average 30 year FHA mortgage rates to 3.988 percent.

Jumbo mortgage rates changes were more closely aligned with the 30 year FHA loan rates as opposed to the conforming 30 year mortgage rate.  The average 30 year jumbo mortgage rate is costing 3.6 basis points more this week than the previous week.  The average rate on the jumbo loan settled at 4.330 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for January 20, 2012. 

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 January 20, 2012 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.

30 Year Mortgage Rates Under Four Percent Yet Again January 16, 2012

Mortgage interest rates declined across the board for the first full week of January.  The reduction in interest rates were far from earth shattering but the drop did put the average 30 year mortgage under 4.00 percent once again.  All mortgage products measured in the weekly Selectcdrates.com mortgage rate survey were lower for the week ending January 13, 2012. 

Eurozone debt worries and the sluggish US economy remain the forces keeping mortgage rates and bank rates down.  Bank profits are expected to come in lower this week, Chase Bank already showed lower profits in the fourth quarter of 2011 indicating a weak economy and lending environment.  December retails were also disappointing placing more questions on the strength of the US economy.  Of course, the present and future debt problems of Europe continue to keep money flowing into US Treasuries and mortgage backed bonds driving interest rates lower.   

Based on the results of the most recent mortgage rate survey, the average rate for a 30 year fixed rate mortgage from the top ten bank mortgage lenders dipped down to 3.978 percent.  This is a reduction of six basis points or 6/100ths of a percent from the previous week.  Punching these figures into the mortgage payment calculator, the monthly mortgage payment for a typical $250,000.00 loan on a 30 year term would be $1,190.37, a reduction of $8.94 from the prior week’s average rate.  (When you leave out real estate taxes home ownership is quite inexpensive.)

The average 15 year mortgage rate from the top mortgage lenders moved down by slightly more than the 30 year term loan, taking 7.6 basis points off the average rate.  The average 15 year mortgage rate in the survey is 3.253 percent compared to 3.329 percent in the week earlier.    

20 year mortgage rates were off by exactly four basis points.  The average mortgage rate for the 20 year term home loan closed down at 3.846 percent after rising last week to 3.886 percent.

Ten year mortgage rates were cheaper by almost ten basis points.  Based on the current survey, the average ten year mortgage rate now stands at 3.069 percent.  The ten year climbed slightly in the previous week to 3.168 percent.

FHA loan rates for a 30 year term loan remain under 4.00 percent.  This past week, the 30 year FHA rate went down by just under four basis points.  The average 30 year FHA mortgage rate in the survey sits at 3.950 percent. 

30 year term jumbo mortgage rates followed the pack and drifted lower by a bit more than five basis points.  After slipping to 4.348 percent last week, 30 year jumbo mortgage rates this week are at 4.294 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for January 13, 2012. 

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 January 13, 2012 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.

Mortgage Rates Move Higher January 9, 2012

Mortgage rates worsened slightly for the week ending January 6, 2011.  Home loan borrowing costs increased for all mortgage loan products in the Selectcdrates.com weekly mortgage rate survey with the exception of the jumbo loans.

Improving economic conditions in the U.S is at least part of the reason for higher mortgage rates.  The employment report released on Friday showed better than expected new job creations of 200,000 for the month of December.  Retail sales for the holiday season are also generally expected to be better than the initial forecasts.  The economy in the U.S. is clearly headed higher.  Unfortunately, Europe is looking weak with no signs of improvement and China is an enigma.  Expected improvements in the domestic economy will be a force pushing mortgage rates higher while the international picture will place a lid on how much movement to the upside can actually take place.

Mortgage backed securities moved in fairly tight range throughout the week leaving mortgage rates only modestly higher.  And after all was said and done, the increase in mortgage rates over the past week was very mild.  Most mortgage loan applicants and mortgage rate shoppers would see only a minor change in the average mortgage rate offered week over week.

The average 30 year mortgage rate in the weekly survey was bumped by six basis points or 6/100ths of a percent.  The small rate increase put the 30 year mortgage rate just over 4.00 percent, closing at 4.04 percent.  This rate change would add approximately $8.65 to a $250,000.00 mortgage loan based on the change from last prior week’s average 30 year rate.  For more details on monthly mortgage payment changes see the mortgage payment calculator.

15 year mortgage rates were higher by just under five basis points.  The average 15 year mortgage rate based on the survey of the top ten bank mortgage lenders came in at 3.329 percent.  The average 15 year rate in the previous week’s mortgage rate survey stood at 3.283 percent.

The 20 year term home loan experienced a rate hike of five basis points.  The average mortgage rate for the 20 year fixed rate mortgage increased from 3.835 percent to 3.886 percent.

The ten year mortgage rates stayed on the same course and moved up a hair over five basis points.  The average ten year mortgage rate ended Friday at 3.168 percent after closing at 3.115 percent in the previous week. 

The 30 year term FHA loan followed along with the other loan products and was slightly more costly on the week but remains under 4.00 percent.  The average 30 year FHA mortgage exhibited a rise of barely two basis points.  The average 30 year FHA home loan now comes with an interest rate of 3.988 percent.

Jumbo mortgage rates have really stood out over the past few months.  Jumbo mortgage rates have been consistently out performing other loan terms with greater rate reductions on average than either conforming loan products or FHA loan products.  The rates on jumbo loans had skyrocketed when the mortgage market fell apart but have now closed the gap significantly between the rate on a 30 year jumbos and a 30 year conforming loans.  This week, the average 30 jumbo mortgage rate dipped down by four basis points.  The average rate on jumbos now sits at 4.348 percent or a bit more than 30 basis points more costly than a conforming 30 year mortgage rate.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for January 6, 2012. 

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 January 6, 2012 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.

Mortgage Rates Drop to Record Lows to Start the Year January 2, 2012

Mortgage rates dropped to record lows to start the New Year.  Mortgage rates were not terribly active during most of last week but then moved noticeably lower as the week came to a close.  By the end of the week, mortgage rates and loan costs were being marketing by the top ten U.S bank mortgage lenders at or near all time record lows for all mortgage loan products in the Selectcdrates.com mortgage rate survey.

Low volume may very well have helped the bond market and mortgage rates during the week.  While volume in mortgage bonds is light due to a lack of market participation as seen during the holiday week, a small change in the number of buyers over sellers can bring about higher bond prices and lower interest rates.  When volume returns to normal in the first week of January, mortgage rates may give back some of these gains and rise slightly.

Of course, at these low levels of mortgage rates it is easier to forecast higher rates since there is not much room for more improvement.  While rates may bump up a bit, it is also not likely they will climb measurably next week.  The fragile economy and debt issues of Europe will continue to keep a cap on interest rates, in addition; the Fed has made no change to its course of maintaining low short term rates for banks.

When the year came to a close, the average 30 year mortgage rate available at the top ten bank mortgage lenders was lower by 12 basis points or 12/100ths of a percent.  This rate reduction put the 30 year fixed rate mortgage under 4.00 percent once again and it now sits at 3.980 percent.

The average 15 year mortgage rate is hovering right around the 3 ¼ percent.  15 year mortgage rates are now six basis points less costly than they were a week ago.  With this week’s rate reduction, the average 15 year mortgage rate is available at 3.283 percent.

20 year mortgage rates were reduced by the same amount as the 15’s.  The average 20 year mortgage rate dropped down by six basis points and continues to hold well under 4.00 percent.  The average 20 year term home loan from the nation’s top bank mortgage lenders in this week’s survey is at 3.835 percent.

Ten year mortgage rates are now just 12 basis points above 3.00 percent.  In fact, there are a number of mortgage lenders that offer a ten year mortgage rate under 3.00 percent for borrowers that are willing to pay just one or two origination points.  The average ten year mortgage rate in this week’s survey was lower by four basis points.  The average ten year rate came in at. 3.115 percent.

Jumbo mortgage rates showed only a minor rate change relative to other 30 year term home loans.  The average 30 year jumbo mortgage rate dipped by just four basis points on the week.  The drop in rates pushed the average jumbo mortgage rate down to 4.386 percent.

30 year FHA mortgage rates pushed below the 4.00 percent level once again.  After dropping by four basis points from the prior week’s survey, the average 30 year FHA home loan is now sitting at 3.975 percent. 

The Selectcdrates.com mortgage rate survey collects data on mortgage rates, points charged and loan APRs from the top bank mortgage lenders across the nation.  The mortgage interest rate data is collected on the last business day of the week, the most recent survey results are for December 30, 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 30, 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.

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.

Mortgage Rates Hit Record Lows December 19, 2011

Mortgage rates and mortgage costs have pushed lower once again and are now at record lows.  Debt concerns in Europe have trumped good economic news in the U.S. and the flight to quality bond markets continues to press on interest rates to the benefit of new home loan borrowers.

This past week, jobless claims in the U.S fell well below 400,000 which is generally concerned a threshold for a sustainable economic recovery, a sign of quite good economic news.  However, the debt problems in Greece, Italy and possibly other Euro nations is driving fixed income investors into the U.S. market, bidding up the prices of bonds and driving down the interest rates earned on those bonds.  The Treasury auctions during the week experienced phenomenal demand indicating just how much investors would rather hold safe and secure fixed income investments denominated in U.S. dollars.

The rush to bonds brought down interest rates in U.S Treasuries and mortgage bonds.  The drop in mortgage rates was significant simply because of how low home loan borrowing costs have become but, the absolute level of rate changes over the past week were actually quite narrow. 

The average rate for a 30 year fixed rate mortgage from the nation’s top ten largest bank mortgage lenders declined by 1.3 basis points, there are 100 basis points in one percent.  The average rate for a 30 year mortgage is now just above 4.00 percent and stands at 4.025 percent.

The average 15 year mortgage rate declined by less than one basis point week over week.  The rate on a 15 year mortgage settled at 3.304 percent at week’s end.

20 year mortgage rates were little more enthusiastic and tumbled by four basis points.  The average 20 year fixed rate mortgage ended the week at 3.870 percent after starting the week at a cost of 3.910 percent.

Ten year mortgage rates nipped at the heels of the 20 year and gave up 3.9 basis points.  The average 20 year mortgage rate is now 3.143 percent, falling from 3.182 percent in the previous week.

Jumbo mortgage rates with a 30 year term changes were similar to the conventional 30 year rate charges.  The average rate for 30 year jumbo home loan was lower by less than one basis point.  30 year jumbo mortgage rates closed this past week with an average cost of 4.369 percent.

FHA mortgage rates remained under 4.00 percent this week.  The average FHA rate was cheaper again by 2.5 basis points bringing the average rate to 3.963 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 16, 2011. 

Mortgage rates included in the Selectcdrates.com weekly mortgage rate survey include the interest rates, points and 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 by mortgage product for the December 19th 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.  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.

Mortgage Rates Reach Near Record Lows December 12, 2011

Mortgage rates from the nation’s top bank mortgage lenders improved moderately this past week.  While the drop in rates was a relatively modest decline for most mortgage loan products, the rate reduction comes on the heels of what were already near record low rates.

2011 has been a year of generally declining loan rates while the market waits for a strengthening economy to pull production and interest rates higher as well as signs of some stability in the European financial crisis.  Although this scenario can be depressing as it leads to a slack labor market with limited job opportunities, low economic output benefits borrowers with low loan rates and borrowing costs. 

As the year comes to an end, the direction of interest rates is becoming less dependent on the U.S economy and focuses more on the potential fallout from the European debt crisis.  This past week proved that point as mortgage interest rates moved lower even though there was very limited economic data available regarding the U.S. economy.  What data did pop up this past week was regarding another European meeting designed to alleviate the ongoing debt crisis among the Euro zone nations.  Treasury rates and mortgage rates moved lower to their near historically low levels due to fear surrounding the lack of progress with this meeting and its announcements.

By the time Friday rolled around, the 30 year mortgage rate was eight basis points lower than it was at the start of week.  The average 30 year mortgage rate from the top ten bank mortgage lenders in the weekly mortgage rate survey had drifted down to 4.038 percent from 4.121 percent. 

15 year mortgage rates ended down by nine basis points on the week.  The rate from the nation’s largest mortgage lenders on the 15 year was 3.310 percent, off of last week’s average rate of 3.400 percent. 

The average 20 year mortgage rate barely budged among the biggest lenders.  The average 20 year rate was down by less than one basis point, dribbling down to a rate of 3.910 percent from 3.919 percent at the onset of the week.

Ten year rates cost new home loan borrowers six basis points less this week as compared to the previous week.  The average ten year mortgage rate came in at 3.182 percent, down from the prior week’s average ten year mortgage interest rate of 3.242 percent.

Jumbo mortgage rates were cheaper by almost ten basis points.  The average 30 year jumbo mortgage rate in the survey was 4.377 percent, which compares to last week’s average jumbo loan rate of 4.475 percent. 

The FHA mortgage rates clawed their way down to below 4.00 percent this week.  While, the 4.00 percent figure is psychologically appealing, it is a just a 3.7 basis point dip from the previous week’ rate.  The average 30 year FHA mortgage loan rate closed out at 3.988 percent while last week’s FHA mortgage rate for a 30 year term was 4.025 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 9, 2011. 

Mortgage rates included in the Selectcdrates.com weekly mortgage rate survey include the interest rates, points and 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 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.  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.

Mortgage Rates Take a Light Dip December 5, 2011

Although equity markets have interpreted recent economic news particularly positive, driving stock market valuations higher, mortgage rates have moved lower.  Generally, when the stock market makes significant advances, the interest rate market fears increased demand and higher rates of inflation which pushes interest rates higher.  Based on the recent spike in the stock market, one would expect interest rates and mortgage rates to move higher yet this outcome has just not materialized.  Mortgage interest rates remain near record lows and have stayed in a fairly tight range for some weeks now.

Even the relatively strong employment report on Friday did little to lift mortgage rates.  Mortgage rates improved even a hair more for the week after the market digested the employment data.

Based on the most recent survey of bank mortgage rates performed by Selectcdrates.com on December 2, 2011 the average 30 year mortgage rate, 15 mortgage rate, 20 year mortgage rate and 10 year mortgage rate all ended lower on the week.  The average jumbo mortgage rate moved higher and the average FHA mortgage rate was unchanged.

30 year fixed rate mortgages closed the week at 4.121 percent.  This is the average 30 year rate based on interest rates from the top ten bank mortgage lenders.  The rate is just less than three basis points or 3/100’s of a percent below the average rate in the previous week’s mortgage rate survey.

The average 15 year mortgage rate ended the week at 3.400 percent.  After rising slightly to 3.417 in the previous week, this week’ average 15 year mortgage rate is only 1.7 basis points lower beneath that figure. 

20 year mortgage rates reached the middle ground between the 15 year loan and the 30 year loan and moved lower by 2.6 basis points.  The average 20 year mortgage rate dropped down to 3.919 percent from 3.945 percent in the week earlier.

Ten year mortgage rates closed lower on the week, but just barely.  The average ten year mortgage rate was cheaper by less than one basis point, sliding down to 3.242 percent from an average rate of 3.244 percent found in last week’s rate survey.

Jumbo mortgage rates missed the signal to move lower and ticked up fractionally higher.  The average 30 year jumbo mortgage rate available from the nation’s largest lenders had a rate of 4.475 percent.  This week’s jumbo mortgage rate is just 1.2 basis points above the average rate of last week’s survey of 4.463 percent.

FHA mortgage rates slept through this week’s economic news and market activity.  The average rate for a 30 year FHA mortgage loan was unchanged with an interest rate of 4.025 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 2, 2011. 

Mortgage rates included in the Selectcdrates.com weekly mortgage rate survey include the interest rates, points and 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 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.  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.

Mortgage Rates Sneak Slightly Higher November 28, 2011

Mortgage rates displayed little activity during the shortened holiday week.  Most mortgage loan products inched slightly higher on the week with some mortgage loan terms ending the week with little to no change in the average rate.  Overall, the escalation in mortgage interest rates was fairly minimal.

During the abbreviated business week due to the Thanksgiving holiday, the bond markets were closed on Thursday and had a shorter trading session on Friday.  Bank mortgage rates are priced based on the interest rates offered in bond markets and mortgage-backed securities.  With the bond markets not providing much guidance for the mortgage lenders, the result is generally greater variability among mortgage rates offered by the nation’s largest banks.

The gaps between mortgage rates among the top ten bank mortgage lenders has certainly widened this week and has been showing a trend of wider gaps between the best and worst rates between mortgage lenders throughout the month of November.

Based on the most recent survey of bank mortgage rates performed by Selectcdrates.com on November 25, 2011, the 30 year fixed rate mortgage, 15 year fixed rate loan and 30 year FHA mortgage loan experienced an increase in the average rate, the 20 year fixed rate loans and 10 year loan ended slightly cheaper while the average 30 year jumbo mortgages ended the week unchanged.

The average 30 year fixed rate mortgage ended the week five basis points or 5/100s of a percent more expensive than it was during the previous week.  The average 30 year mortgage rate coming from the nation’s top ten largest bank mortgage lenders increased to 4.149 percent from 4.099 percent from the prior week.

The 15 year mortgage increased in cost by almost as much as the 30 year term loan, rising 3.7 basis points on the week.  The average 15 year mortgage rate was pushed up to 3.417 percent from an average rate of 3.380 percent in the week earlier.

The third loan product displaying a rate increase for the week was the FHA mortgage loan.  The average 30 year term FHA home loan just blipped higher with a rise of 2.5 basis points.  The 30 year FHA mortgage had an average rate this week of 4.025 percent after dipping to 4.000 percent in the prior week; rate survey.

The 20 year term mortgage and ten year mortgage closed slightly cheaper for new home loan borrowers.  Unfortunately, both the 20 year mortgage and ten year mortgage dropped by less than one basis point, an almost imperceptible difference to the average monthly mortgage payment.  The 20 year mortgage rate closed at 3.945 percent while the average ten year mortgage rate ended at 3.244 percent. 

Jumbo mortgage loans sat the rate change game out this week and remained unaltered from the prior week.  The average 30 year jumbo mortgage rate held at 4.463 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 November 25, 2011. 

Mortgage rates included in the Selectcdrates.com weekly mortgage rate survey include the interest rates, points and 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 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.

Mortgage Rates Slip Slightly November 21, 2011

It was a rather subdued week for mortgage lenders and mortgage rate activity.  There were no wild swings regarding rates from the beginning of the week to the end, with mortgage interest rates ending the week within five basis points or 5/100’s of a percent from where they started from.  These results are certainly not bad news for home loan borrowers. 

The changes in interest rates that did occur were in fact quite moderate but the direction was favorable towards downside and these changes kept current mortgage rates near record lows.  Three out of the five bank mortgage loan products surveyed by Selectcdates.com are now at 4.00 percent or less.

Based on the most recent survey of bank mortgage rates performed by Selectcdrates.com, mortgage rates improved ever so slightly for the 30 year mortgage.  The average 30 year fixed rate mortgage from the top ten bank mortgage lenders experienced a rate reduction of 2.5 basis points.  This week’s rate drop left the 30 year loan just barely above 4.00 percent with the average rate settling at 4.099 percent.

The costs for 15 year mortgages moved only marginally lower this past week which held this term loan under 3.500 percent.  The average 15 year mortgage was off by less than one basis point falling to 3.380 percent from 3.388 percent in the previous week.

20 year mortgage rates were down buy the exact amount of the 15 year loan placing these rates at just under 4.00 percent.  Like the 15 year home loan, the 20 year was cheaper by .008 percent putting the average 20 year mortgage rate at 3.950 percent.

The 10 year mortgage moved down by bit more than one basis point over the week.  The average 10 year mortgage dropped down to 3.246 percent this week from 3.258 percent in the previous week’s survey.

Jumbo loan borrowers will see no change interest rates this week.  The average 30 year jumbo mortgage rate came in at 4.463 percent in this week’ survey, the same rate as in the prior week’ survey. 

The average 30 year FHA mortgage was less costly by 2.5 basis points this week.  The average mortgage interest rate for a 30 year FHA mortgage declined to 4.000 percent even, after holding at 4.025 percent in last week’s mortgage rate survey.

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 November 18, 2011. 

Mortgage rates included in the Selectcdrates.com weekly mortgage rate survey include the interest rates, points and 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 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.  Select bank mortgage rate data is also available at Bank of America mortgage rates, Citibank mortgage rates, Chase mortgage rates and Wells mortgage rates.

Mortgage Rates Remain Relatively Stable November 14, 2011

Mortgage rates were slightly improved over the past week.  Mortgage rates for three out of the six key loan products evaluated in the Selectcdrates.com weekly mortgage rate survey showed an interest rate decrease.  One home loan product displayed no change in the average interest rate and two loan products ended the week slightly more expensive than the prior week.

Mortgage interest rates varied by less than five basis points or 5/100’s of a percent across all home loan products.  After significant improvements in the week earlier, even this fairly minimal rate descent of the past week is rather impressive.

For the week ending November 11, 2011 the average 30 year mortgage rate from the top ten bank mortgage lenders in the weekly mortgage rate survey dipped by less than two basis points.  The 30 year fixed rate mortgage from the bank mortgage lenders had an average interest rate of 4.124 percent, off of the previous week’s average rate of 4.138 percent.

The 15 year mortgage rates moved down by a bit more than the 30 year.  The 15 year mortgage rate cut almost three basis points off the average rate.  The average 15 year mortgage had a rate of 3.388 percent which compares to 3.416 percent in the last survey.

The 20 year mortgage rate was one of the two loan product that moved higher on the week.  The average interest rate for a 20 year mortgage rate bumped up five basis points.  Even with the rate increase, the average 20 year fixed rate home loan remains under 4.00 percent with a rate of 3.958 percent.   

The 10 year mortgage rate was also higher for the week.  10 year mortgage rates ended the week just a hair more costly that where they were in the preceding week.  The 10 year mortgage rate bounced up by 1.6 basis points.  The average 10 year mortgage rate in the survey came in at 3.258 percent or just a smidgen higher than the prior week’s average rate of 3.242 percent.

The big loan borrowers received a small break on the costs of their loans this week.  30 year jumbo rates were less costly for big loan borrowers by 2.5 basis points.  The average 30 year jumbo mortgage rate closed this week at 4.463 percent following the drop last week which had brought the average rate down to 4.488 percent.

FHA mortgages rates ended the week right where they started.  The average rate for a 30 year FHA home loan remained at 4.025 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 November 11, 2011. 

Mortgage rates included in the Selectcdrates.com weekly mortgage rate survey include the interest rates, points and 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 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.

Mortgage Rates Drop Again November 7, 2011

Mortgage rates reversed all of last week’s gain and then some.  Mortgage borrowing costs for consumers ended the week significantly improved over the previous week as the European debt turmoil returned to center stage.  The European debt problems periodically send shrills through the U.S. market which often causes investors to become nervous over their more risky investment options and the end result leading to lower mortgage rates.

Employment reports and even Fed announcement appear to be less important than the Euro Zone problems when it comes to bank rates and mortgage rates.  The European debt disaster comes and goes as the topic of the week and when it makes center stage, the markets generally run scared and demand increases for safe-haven investments, such as US Treasuries and mortgage backed securities.  As demand jumps, prices rise and interest rates move lower.

For the week ending November 4, 2011 all bank mortgage loan products surveyed by Selectcdrates.com were cheaper for new home loan borrowers.  30 year mortgage rates made a hefty downside turn.  The average 30 year mortgage rate in the weekly survey fell 15 basis points or 15/100s of a percent.  The average 30 year rate ended the week at 4.138 percent after a start of 4.288 percent. 

The 20 year mortgage rates were knocked down even more than the longer term, 30’s.  The average 20 year mortgage rate fell by 16 basis points on the week which pushed it under 4.00 percent.  The drop in rate left the average 20 year at 3.906 percent at the close of the week.

15 year mortgage rates were cheaper by bit more than 11 basis points.  The 15 year mortgage ended the week with a rate of 3.416 percent which compared to last week’s average 15 year interest rate of 3.533 percent.

10 year mortgage rates experienced the smallest change in rate this week.  The average 10 year mortgage rate was down by just three basis points.  The 10 year mortgage rate now stands at 3.242 percent as compared to the prior week’s average rate of 3.450 percent.

30 year jumbo rate reductions more closely matched that of the conventional 30 year mortgage.  The average 30 year jumbo rate decreased by 12.5 basis points over the period of a week.  The average rate on the 30 year mortgage closed at 4.488 percent, the previous week’s figure for the jumbo loan was 4.613 percent.

FHA mortgages interest rates were less costly by 7.5 basis points.  The average 30 year FHA mortgage rate shifted down to 4.025 percent from 4.100 percent in the week earlier.

 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 November 4, 2011. 

The mortgage rates displayed are generally based on home loans with a minimum 20% down payment for the most credit worthy borrowers.  The mortgage down payment amount, 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.

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.

Bank Mortgage Rates Lower October 24, 2011

Mortgage rates were slightly lower for the week ending October 21, 2011.  European economic matters remain the key stimulus behind the fluctuations in mortgage rates.  Bond market price changes and the subsequent interest rates movements have been fixated with the actions or inactions in Europe over their debt crisis.  Cycles of optimism and disappointment over some resolution to the European debt crisis has pushed bond prices and interest rates up and down for the past several weeks and this past week was no different.  

The main fear that the debt crisis will not come to a satisfactory resolution without weakening European banks has driven domestic and foreign investors into the safe haven of US Treasury bonds and US mortgage bonds pushing prices up and interest rates down.

Based on the most recent survey of US mortgage rates performed by Selectcdrates.com for the week ending October 21, 2011 mortgage rates decreased marginally for all mortgage loan products.

The average rate on the 30 year mortgage decreased by fewer than six basis points which pushed the rate on the most popular home loan product down to 4.240 percent from 4.299 percent in the previous week.  One basis point is equal to 1/100th of a percent.

15 year mortgage rates experienced a greater rate change that the longer term 30 year loan, which is not generally the situation as short term loan rates usually show less variation than the longer term loans.  15 year mortgage rates were lower by almost nine basis points.  The average 15 year mortgage rate ended the week at 3.488 percent after bumping up the week before to 3.575 percent. 

20 year mortgage rates made a two week round trip where the rates increased last week only to fall back down this week by almost the same amount for each week.  At the end of the week, the average 20 year mortgage rate dipped down by eight basis points to 4.072 percent from 4.155 percent in the prior week.  

The short term, 10 year mortgages, saw the biggest rate drop on the week.  The average 10 year mortgage rate was down by ten basis points week over week.  The average 10 year mortgage arte in the survey settled at 3.398 percent from 3.500 percent in the week earlier.

Jumbo mortgage rates ended the week at 4.588 percent.  The cost on a 30 year jumbo home loan was six basis points cheaper than the prior week’s average rate of 4.650 percent.

FHA mortgage rates have really slipped over the past two months, leaving little room for further improvement.  This week, the average costs for a 30 year FHA home loan was lower by a little less than four basis points.  The average rate for the 30 year FHA mortgage closed this week at 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.

Top Bank Mortgage Rates October 17, 2011

US mortgage rates headed higher this past week but the added costs to new home loan borrowers was only marginally worse than the previous week.  The range in rate changes for various mortgage products was fairly wide with FHA mortgage rates remaining unchanged for the week and the short term, 10 year mortgage rates jumping up a little more than 11 basis points or 11/100’s of a percent.

As bond prices and interest rates have become more volatile in the past two weeks, mortgage pricing or the combination of mortgage interest rates and the points charged has showed much greater variation between bank mortgage lenders.  Looking at the big picture regarding mortgage costs, mortgage rates are still holding relatively steady, consumers simply need to be more diligent in their mortgage shopping by comparing the rates and costs from multiple mortgage lenders when pricing becomes this set apart between mortgage lenders.

Based on the most current survey of US mortgage rates performed by Selectcdrates.com for the week ending October 14, 2011, mortgage rates from the top ten bank mortgage lenders had the following average rates and weekly rate changes for the most common home loan options:

30 year mortgage rates increased by nine basis points, driving the average 30 year mortgage rate up to 4.299 percent from 4.209 percent in the week earlier.  The rise in the 30 year mortgage rate was slightly less than that found in the 10 year Treasury bond which saw a rise of 16 basis points over the course of the week.

The average rate on 15 year mortgages was up by just a smidgen less than the 30 year term home loan.  15 year mortgage rates increased by just over seven basis points leaving the average 15 year rate at 3.575 percent.

The 20 year term mortgage rate matched the increase of the 15 year mortgages and moved higher by a little over seven basis points.  The average 20 year mortgage rate ended the week at 4.155 percent after rising to 4.075 percent in the prior week.

The average rate on the 10 year mortgage was once again the recipient of the greatest pain, increasing by more than 11 basis points.  The 10 year mortgage rates form the top ten bank mortgage lenders in the survey had an average interest rate this week of 3.500 percent.

30 year jumbo mortgage rates increased by less than three basis points week over week.  The average rate for a 30 year jumbo home loan increased from 4.650 percent from 4.624 percent in the week earlier.

FHA mortgage rates were held in check this week.  The average rate for an FHA mortgage with a 30 year term remained at 4.100 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.

Top U.S. Bank Mortgage Rates October 10, 2011

Mortgage rates edged up higher on all popular home loan products for the week ending October 7, 2011.  After mortgage borrowing costs improved for several days in the early part of the week, when Thursday rolled around mortgage rates started heading higher and the employment report on Friday fueled that movement even more.  By the close of the week, the interest rate on the most popular refinance and purchase mortgage loan product, the 30 year fixed rate mortgage, increased by a rather significant 16 basis points or 16/100’s of a percent.

The jobs report on Friday was only slightly better than expected and really told a story of rather poor economic growth but, the better than expected numbers drove bond prices lower and interest rates higher.  Up until this report, most economic news and data had been consistently indicating poor growth and had not been impacting mortgage rates.

The 30 year mortgage rate increase put the average rate from the top ten bank mortgage lenders in the weekly mortgage rate survey performed by Selectcdrates.com at 4.209 percent.  While the increase for the 30 year mortgage was significant, the 10 year Treasury bond went from 1.80 percent on Monday to 2.10 percent on Friday, almost double the increase that the 30 year mortgage rate experienced.

15 year mortgages moved up at just about half the pace found in the 30 year home loan.  The average rate on the 15 year mortgage increased by eight basis points, pushing the average 15 year mortgage rate up to 3.500 percent.

The 20 year term mortgage rate change surpassed the increase in the 30 year term loan.  The average 20 year mortgage rate rocketed up almost 30 basis points.  The average 20 year mortgage rate shot right past the 4.00 percent market and closed the week at 4.075 percent.

10 year mortgage rates took a pretty big hit on the week as well, moving higher by 13 basis points.  The average 10 year mortgage rate increased to 3.389 percent after closing at t 3.256 percent in the previous week. 

30 year jumbo mortgage rates jumped up 11 basis points.  The average 30 year jumbo mortgage rate increased from 4.513 percent last week to 4.624 percent this week.

After slipping below 4.00 percent last week, FHA home mortgage rates increased by 11 basis points, putting the average FHA mortgage rate right back over 4.00 once again.  The average FHA mortgage rate from the bank mortgage lenders in the survey this week came in at 4.100 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.

Top Ten Bank Mortgage Rates October 3, 2011

Mortgage rate increased moderately for the week ending September 30, 2011.  Among the most common home loan products, the 30 year fixed rate mortgage pressed higher as did the 10 year fixed rate mortgage, 15 year mortgage and jumbo mortgage.  20 year term mortgages and 30 year FHA mortgages fought back against the advancements and managed to continue the trend towards the downside for the week. 

New home loan borrowers have little to fret about, the mortgage programs that experienced rate increases saw only small incremental increases.  And while rates did increase, the Fed’s new program designed to push long term interest rates lower has only been announced and has yet to take effect.  Operation Twist, as the new bond buying program by the Fed has been unofficially labeled is due to ramp on in the first week of October and is likely to either push rates lower or keep rates at these historically, low levels.

Based on the most current survey of the top ten bank mortgage lenders in the U.S. the average mortgage rate for a 30 year term home loan ticked up by just 1.7 basis points.  The average rate on the most popular loan program moved up to 4.044 percent from 4.067 percent in the prior week. 

The 15 year moved up with a little more vigor.  The average rate on 15 year mortgage jumped up 14 basis points, ending the week with an interest rate of 3.417 percent.

20 year mortgage rates moved in the opposite direction, falling by 11 basis points.  The average 20 year mortgage loan in the survey had an interest rate at 3.846 percent.

10 year mortgage rates closed the week a bit more costly.  The average 10 year mortgage increased by four basis points, leaving the average rate at 3.256 percent.

A 30 year term jumbo mortgage experienced a five basis point rise in the average rate.  The average 30 year jumbo mortgage rate from the top ten mortgage lenders in the survey was 4.513 percent.

FHA home mortgage rates pulled out a rate decrease of ten basis points.  The average FHA mortgage rate dropped to 3.988 percent from 4.013 percent in the prior week.

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 and other factors will impact the rate and costs on an individual mortgage loan request.  Mortgage rates, the points charged and the loan APRs are reported directly from the mortgage lenders in the survey. 

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.

The Twist on Bank Mortgage Rates September 26, 2011

Continuing reports regarding financial turmoil and the debt crisis weighing on Greece have kept a lid on interest rates in general and mortgage rates specifically for some time now.  Last week a new twist was added to the negative economic data that pushed mortgage rates even lower. 

The twist was the Federal Reserve’s announcement regarding a new program by the Federal Open Market Committee that was going to change the mix of their investment holdings, choosing to hold long term bonds over short term bonds and bills.  The plan, called the Twist by the investment community, hinges on the Fed selling short term bonds they hold and using those funds to buy long term bonds with the intention of pushing long term rates even lower.  Sure enough, it worked and mortgage rates reacted by diving lower. 

The cumulative results of negative economic news and the Fed’s Twist over the course of the week drove the 30 year mortgage rate in the weekly Selectcdrates.com mortgage rate survey down by 18 basis points or 18/100’s of a percent.  The average rate for a 30 year mortgage ended the week at 4.067 percent, down from 4.247 percent last week.

15 year mortgage rates in the weekly survey of the top ten bank mortgage lenders were reduced by just over seven basis points, tumbling down to 3.275 percent. 

The average 20 year mortgage rate moved fell six basis points putting the average 20 year rate under 4.00 percent once again.  The average rate for the 20 year mortgage ended the week at 3.957 percent.

The 10 year mortgage rate was also driven lower by six basis points over the week.  The average 10 year mortgage rate dropped to 3.214 percent from 3.281 percent up the week earlier.

Jumbo mortgage rates were depressed by slightly more than seven basis points.  The average 30 year jumbo home loan dipped to 4.463 percent.

30 year term FHA home loans sunk ten basis points.  The average FHA mortgage rate came in at 4.013 percent off from the prior week’s mortgage rate of 4.113 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 and reports the results on the following Monday.

The weekly U.S. mortgage rates survey includes the mortgage rates and home loan products from a number of home loan lenders including 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 September 19, 2011

Concerns over the situation with European debt markets combined with the sluggish U.S. economy remain the key forces keeping a lid on interest rates however; mortgage rates were unable to keep the trend of lower rates going this past week.  At midweek, mortgage rates had moved lower from the start of the week but as the week progresses rates ticked up leaving the week over week change on an up note.  While the mortgage markets moved in direction that was not favorable to borrowers, the rate change was far from catastrophic.

The overall movement in mortgage rates was quite tame over the week.  The largest rate change for any loan product in the Selectcdrates.com weekly mortgage rate survey for the week ending September 16 increased by just eight basis points or 8/100ths of a percent.  And while the largest rate increase was quite modest, 15 year mortgage rates and 30 year jumbo mortgage rates actually managed at rate drop for the week.

For the week ending September 16, 2011 the average 30 year mortgage rate from the top ten bank mortgage lenders increased by five basis points.  The average rate for a 30 year mortgage was pushed up to 4.247 percent from 4.193 percent in the prior week.

The average 15 year mortgage rate turned down for the week, albeit by just one basis point.  The 15 year mortgage rate ended the week at 3.353 percent after starting the week at 3.363 percent.

The 20 year mortgage rate was the big mover on the week.  The average rate on the 20 year term mortgage stepped up eight basis points to 4.019 percent from 3.938 percent in the previous week.

The borrowing costs for a ten year mortgage barely budged for the week.  The average 10 year mortgage rate was higher by less than one basis point.  The average 10 year mortgage rate ended this past week at 3.281 percent up from the start of the week at 3.278 percent.

Borrowers searching for a new jumbo mortgage were the big winners for the week.  The average 30 year jumbo mortgage rate decreased by five basis points.  Jumbo mortgage rates started at 4.588 percent and ended the week at 4.538 percent.

FHA home loan borrowers experienced the exact opposite rate reaction of the jumbo borrower.  FHA mortgage rates gained five basis points.  FHA mortgage rates were down by precisely five basis points.  The average FHA mortgage rate with a 30 year term rose from 4.063 percent to 4.113 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 and reports the results on the following Monday.

The weekly U.S. mortgage rates survey includes the mortgage rates and home loan products from a number of home loan lenders including 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.

US Mortgage Rates September 12, 2011

The long term trend of lower mortgage rates was extended to yet another week.  Mortgage rates for purchases and refinance transactions are once again at record lows across the gamut of mortgage products.  This week declines in mortgage rates were seen in all mortgage products from the ten year term mortgage loan to jumbo mortgage loans.  

The underlying foundation for low mortgage rates has not changed for several weeks and those sources appear to have only intensified.  A weak U.S. economy, debt problems in Greece and other European nations and the possibility of more Fed stimulus or other intervention by the central bank has pushed mortgage interest rates steadily lower.

For the week ending September 9, 2011 the average 30 year mortgage rate declined by almost ten basis points or 10/100th of a percent.  Based on the current survey of U.S. mortgage rates performed by Selectcdrates.com, the average rate for a 30 year mortgage from the nation’s top bank mortgage lenders dropped from 4.290 percent to 4.193 percent.

Results from the survey indicated that the 15 year mortgage from the top ten banks experienced a reduction of half that found in the 30 year loan or just under five basis points.  The average 15 year mortgage rate in the survey came in at 3.363 percent.

The midterm, 20 year mortgage, moved down by just a few basis points by the close of the week.  The average 20 year mortgage rate in this week’s survey was 3.938 percent.

Ten year mortgage rates slipped lower by almost five basis points.  The average ten year mortgage rate from the bank mortgage lenders in the survey was 3.278 percent.

FHA mortgage rates were down by precisely five basis points.  The average FHA mortgage rate with a 30 year term in the survey fell to 4.063 percent. 

Jumbo mortgage rates in the mortgage rate settled cleanly at 4.500 percent.  The average 30 year jumbo mortgage rate was reduced by almost nine basis points having started the week with an average rate of 4.588 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates and the points charged by each mortgage lender on the last business day of the week and reports the results on the following Monday.

The weekly U.S. mortgage rates survey includes the mortgage rates and home loan products from a number of home loan lenders including 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.

US Mortgage Rates Guide September 6, 2011

Borrowing costs for consumers shopping for new mortgages improved once again over this past week.  Mortgage rates were beaten down across all mortgage terms by the time September 2nd came to a close.  With last week’s rate drop, mortgage rates are once again hovering at near all time lows.

Mortgage rates had moved modestly lower during the early half of the week with the biggest economic news destined to impact bank rates coming out at the very end of the week, the monthly employment report.  The employment report results indicated no new jobs were created in the month of August which was a worse than expected outcome and mortgage rates reacted by continuing to move lower.

The 30 year mortgage rate declined by just under four basis points or 4/100th of a percent based on the most recent survey of mortgage rates from the top US based mortgage lenders performed by Selectcdrates.com.  The average 30 year mortgage rate ended the week at 4.290 percent, down from the prior week’s average 30 year rate of 4.329 percent.

The average rate for the 15 year fixed rate mortgage descended by ten basis points for the week.  The average 15 year home loan rate ended the week at 3.413 percent after moving up slightly in the previous week to 3.513 percent. 

20 year mortgage rates slipped lower by just under ten basis points.  The 20 year mortgage rate average closed the week at 3.965 percent, off of last week’s survey results of 4.059 percent. 

The short term, ten year mortgage, gave back almost five basis points over the week.  The average ten year mortgage rate landed at 3.319 percent after hitting 3.361 percent in the week earlier.

30 year FHA mortgage rates slumped by six basis points in the weekly survey.  The average 30 year FHA mortgage rate settled at 4.113 percent, in contrast, last week’s average FHA rate was 4.175. 

Jumbo mortgage rates surpassed the rate changes of the 30 year conventional loan and 30 year FHA loan by dropping by slightly more than ten basis points.  The average 30 year jumbo mortgage rate was cut down to 4.588 percent, reversing last week’s rise to 4.687 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates and the points charged by each mortgage lender on the last business day of the week and reports the results on the following Monday.

The weekly U.S. mortgage rates survey includes the mortgage rates and home loan products from a number of home loan lenders including 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.

Weekly US Mortgage Rates Report August 29, 2011

Mortgage rates in the U.S. bounced up modestly for the week ending August 26, 2011.  The mortgage interest rate increases on the most sought after mortgage products were up only fractionally.  Two exceptions to this week’s data were the 20 year term mortgage loan and the 30 year jumbo mortgage loan.  The 20 year mortgage experienced a dip in rates, counter to all other home loan products, and the 30 year jumbo was an outlier due to the magnitude of the rate increase which far eclipsed that of the conforming loan limit mortgages.

US mortgage rates increased along with other long term bond rates this past week.  Treasury rates actually moved lower for short term securities but were pushed higher on maturities of five years and longer.  Again, the degree of the rate changed was fairly tame especially when compared to the sizeable rate reductions that we have seen for the month of August.

The mortgage interest rates changes found in the weekly mortgage rate report prepared by Selectcdrates.com were mild and appear to be more of bounce off of the lows rather than a new trend of rising rates.  Economic statistics in August including unemployment figures and GDP results indicate economic growth does not appear anywhere on the radar screen and inflation will remain subdued.

The average 30 year mortgage rate coming from the top ten bank mortgage lenders in the weekly mortgage rate survey ending August 26th was up by less than one basis point or 1/100th of a percent.  The 30 year rate ended the week at 4.329 percent after dripping to 4.325 percent in the previous week.

The 15 year mortgage rate loan was up by a sliver more than the 30 year term loan.  The average 15 year fixed rate mortgage closed out last week at 3.513, just above the prior week’s average rate of 3.50 percent. 

The 20 year mortgage rates managed to fight off the upticks and declined this past week.  The average rate for the 20 year mortgage slid down to 4.059 percent after starting the week at 4.099 percent.

Ten year mortgage rates were higher by a bit more than four basis points week over week.  The 10 year fixed rate home loan this week was 3.406 which followed last week’s increase to 3.361 percent.

The average rate on the 30 year FHA mortgage was higher by little more than one basis point.  The average FHA mortgage rate stepped up from 4.175 percent last week to settle at 4.188 percent for the most recent survey. 

30 year jumbo mortgage rates were the big movers for the week.  The average rate for 30 year jumbo mortgages had an upsurge of almost ten basis points.  The 30 year jumbo rates started the week at 4.588 percent and closed out at 4.687 percent.

The Selectcdrates.com mortgage rate survey collects data on mortgage rates and the points charged by each mortgage lender for each loan product on the last business day of the week and reports the results on the following Monday.

The weekly U.S. mortgage rates survey includes the mortgage rates and home loan products on Chase Bank mortgages, US Bank mortgage, Citibank mortgages, Bank of America mortgages, TD Bank mortgages, Wells Fargo mortgages 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.

US Mortgage Rates August 22, 2011

US mortgage rates diverged from the direction of Treasury rates over the past week.  Mortgage rates in the U.S. decreased modestly for most all of the long term, fixed rate mortgage products and moved higher on all midterm and short term mortgage loan p[products.  While mortgage rates displayed mixed results, Treasury rates moved lower across a broad spectrum of maturities.  Generally, mortgage rates follow Treasury bond yields quite closely in the direction of rate changes. 

30 year mortgage rates on conventional fixed rate home loans dropped ever so slightly this week as did 30 year FHA mortgage loans and 30 year jumbo loans while the 20 year term fixed rate loan, 15 year loan, and 10 year mortgage loan all moved higher with varying degrees of magnitude. 

The average rate on the 30 year fixed mortgage decreased to 4.325 percent; based on the most recent survey performed by Selectcdrates.com of the top bank mortgage lenders.  The average 30 year fixed rate mortgage is down just .003 percent from the prior week’s average rate of 4.328 percent.

The average rate on the 15 year mortgage loan increased by a small fraction this week.  The average rate on the 15 year fixed rate mortgage moved up to 3.50 percent.  The average rate in last week’s survey came in at 3.496 percent, a difference of only 0.004 percent.

Mortgage rates for the 20 year term home loan climbed by 1.4 basis points.  The average rate on a 20 year fixed rate loan closed the week at 4.099 percent after sliding down to 4.085 percent in the prior week’s survey.  One basis point is equal to 1/100th of a percent.

The ten year mortgage rates were elevated by 2.8 basis points.  The moderate rate increase pushed the average 10 year mortgage rate to 3.361 percent from 3.333 percent in the week earlier.

The average rate on the 30 year term FHA mortgage gave up 1.3 basis points this past week.  The average rate ion an FHA mortgage dipped to 4.175 percent after sliding down to 4.188 percent in the prior weekly mortgage rate survey.

Jumbo mortgage rates followed the rate movement of the other long term home loans and moved lower week over week.  The rate cut in the jumbo mortgages was far larger than that of the other 30 year loans.  The average rate for 30 year jumbo home loan jumped down by 12.4 basis points.  The jumbo mortgage rate in this week’ survey came in at 4.588 percent.

The Selectcdrates.com mortgage rate survey collects data from the nation’s top bank mortgage lenders on Fridays.  Average mortgage rates and the points charged by each lender for each loan product is collected and reported the following Monday.

The weekly U.S. mortgage rates survey performed by Selectcdrates.com on the top bank mortgage lender rates and home loan products includes 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 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.

US Mortgage Rates August 15, 2011

As the equity markets continue to display increased volatility with a bias towards the downside, U.S. interest rates and mortgage rates moved lower.  Terror in the stock markets and sovereign debt markets has repeatedly propelled investors into the safety of the bond market.  The increased investment dollars in the bond market has pushed U.S interest rates lower and mortgage rates are one of the beneficiaries of an overall downward change in interest rates.

The drop in mortgage rates over the previous week was broad based.  Mortgage rates moved lower for short term mortgage loans and long term home loans as well as jumbo mortgages and FHA mortgages.

Based on the weekly survey of the top bank mortgage lenders in the U.S. the average 30 year mortgage rate dropped by ten basis points over the past week or by 10/100’s of a percent.  The average 30 year mortgage rate for the week ending August 12, 2011 came in at 4.328 percent. 

The survey results for the 15 year term loan indicated a slightly larger decrease in rate of 12 basis points.  The 15 year mortgage rate closed the week at 3.496 percent.  

The 20 year term mortgage rate was lessened by 8.5 basis points leaving the average 20 year mortgage rate at 4.085 percent.  Ten year mortgage rates were cut by an equal amount, 8.5 basis points.  The average rate for the 10 year mortgage moved down to 3.333 percent by the end of the week.

30 year term FHA mortgages were off by almost as much as the conventional 30 year mortgages, sinking by just under 12 basis points.  The average rate for the 30 year FHA mortgage closed at 4.188 percent.

Jumbo mortgage rates shed ten basis points off of the average rate.  30 year jumbo mortgage rates from the top ten bank mortgage lenders averaged 4.712 percent.

The average U.S. mortgage rates displayed above are based on loan amounts that do not require private mortgage insurance and are based on a borrower profile having excellent credit.  Individual rate quotes from the mortgage lenders in the survey will vary based on the loan amount, credit score of the borrower, down payment, geographic location of the property as well as other underwriting factors.

Mortgage lender rates used in the weekly U.S. mortgage rates survey performed by Selectcdrates.com includes Chase Bank mortgages, US Bank mortgages, Citibank mortgages, Bank of America mortgages, TD Bank mortgages, Wells Fargo mortgages as well as other top mortgage lenders.

Mortgage loan shoppers for new home purchases and refinances transactions can find more information on current mortgage rates at the rate tables at Selectcdrates.com.  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.

US Mortgage Rates August 8th, 2011

Mortgage rates in the U.S. tumbled as world debt markets are shaken not stirred.  Debt markets in Europe had been stressed all week then along came the S&P credit downgrade of the U.S Treasury Friday night and by this morning mortgage rates had moved measurably lower.  The average mortgage rate for 30 year fixed rate mortgages dropped along with the rates on shorter tem mortgages as well FHA loan and jumbo loans.

As compare to the previous week’s survey of average mortgage rates, the average 30 year mortgage rate was down by 12 basis points or 12/100ths of a percent.  The average 30 year mortgage rate from the top ten bank mortgage lenders now stands at 4.428 percent and is likely to drop further as this day progresses.

The average 20 year mortgage rate was off by just over 12 basis points.  The average 20 year mortgage rate ended the week at 4.171 percent. 

The 15 year term mortgage moved down by a relatively modest eight basis points to end the week with an average interest rate of 3.621 percent.

The short term, 10 year mortgage dipped a bit more than the 15 year term and gave up just under ten basis points.  The average rate for the top ten bank mortgage lenders on the 10 year mortgage came in at 3.417 percent.

FHA mortgage rates were lower by a hair over 11 basis points.  The average 30 year FHA mortgage rate in this week’s survey was 4.300 percent.

Jumbo mortgage rates experienced the largest rate reduction for the week.  Jumbo mortgage rates with a 30 year term ended the week at 4.712 percent which is almost 14 basis points lower than the previous week.

Jeffrey Gundlach of DoubleLine Capital was on CNBC this morning and stated that Treasury rates should head lower.  Since mortgage rates closely track Treasury rates and prices, based on Gundlach’s prediction mortgage rates should head lower as well.  Gundlach is the king of bonds and his commentary should be read by anyone with a concern about the future course of interest rates, the bond market and the outlook of the economy. 

New home loan shoppers can find more information on the mortgage rate tables at Selectcdrates.com.  Shopping and comparing mortgage rates from a variety of mortgage lenders can help prospective borrowers find the best mortgage rate and terms to match their needs.  To see 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.

US Mortgage Rates August 1, 2011

US mortgage rates slid back down this week amid a slew of reports indicating much slower economic activity across the nation.  Enormous U.S government deficits as far as the eye can see combined with revised reports of slower growth in the first half of the year has driven interest rates lower with mortgage rates riding the wave of rates lower.

Data for the week that pushed mortgage rates lower included the continued gridlock over the national debt ceiling, a revision of 2nd quarter of 2011 GDP to 1.3% from an earlier reading of 1.9%, a drop in Consumer Sentiment reading and lower business activity figures.  All together, the data gave jitters to financial markets which pushed money into the bond market and drove prices higher and interest rates lower.  The two biggest and most liquid markets, Treasury rates and mortgage bond rates, move quickly as the data was digested.

By the close of business, July 29, the average mortgage rates for all mortgage products moved lower for the week.  The average 30 year mortgage rate slipped by approximately six basis points or 6/100’s of a percent.  The average 30 year fixed arte mortgage from the nation’s op bank mortgage lenders ended the week at 4.548 percent. 

The average 15 year mortgage rate displayed a larger move to the downside.  The 15 year fixed rate mortgage dropped by eight basis points to a rate of 3.704 percent.

The average rate for the 20 year term mortgage gave up seven basis points, week over week.  The average rate on a 20 year mortgage ended at 4.300 percent.

The ten year mortgages moved down four basis points.  After starting the week at 3.556 percent, the ten year mortgage rate closed at 3.514 percent at week’s end.  

FHA home loan cost experienced the largest rate reduction over the past week with a drop of ten basis points.   The average 30 year FHA mortgage rate dropped down to 4.413 percent from 4.513 percent in the week earlier.

Jumbo home loans slid by slightly more than three basis points.  The average 30 year jumbo mortgage rate came in at 4.850 this week.  The pricing in the 30 year jumbo mortgage displays some of the greatest volatility with the difference between the lowest mortgage rate and highest mortgage rate among the top ten bank mortgage lenders reaching fairly wide spreads.

Shopping and comparing mortgage rates from a variety of mortgage lenders can help prospective borrowers find the best mortgage rate and terms to match their needs.  To see 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.

US Mortgage Rates July 25, 2011

US mortgage rates moved up slightly this past week.  The increase in national mortgage rates was relatively modest however, all terms measured in the weekly mortgage rates survey ended the week higher than where they had opened earlier in the week with the exception of the short term, 10 year mortgage rates.

Mildly positive economic news appears to be the catalyst driving bank rates and mortgage rates up this week.  Identifying any economic news in the U.S. or the rest of the world as positive may be putting a bit of spin on the data.  The only real long term positive news for consumers and the economy in the U.S. is the relatively low levels of inflation.  Of course, over the long term lower inflation rates will keep a lid on interest rates especially mortgage rates.

As Friday, July 22nd, came to a close the average mortgage rate from the top ten bank mortgage lenders had increased for 30 year fixed rate mortgage loans, 15 year mortgage loans, 20 year loans, FHA mortgages and jumbo loans with the 10 year moving down just faintly.

The average 30 year mortgage rate in the survey bumped up just four basis points or 4/100’s of a percent to end the week at 4.645 percent.  The average 15 year mortgage rate moved higher by just over four basis points to a rate of 3.783 percent.

The 20 year average mortgage rate barely moved but, never the less ended the week up by one basis point to an average rate of 4.371 percent.

FHA mortgages leaped higher this week.  The average 30 year FHA home loan increased to 4.513 percent from 4.425 percent in the prior week.

The 30 year jumbo loan mortgage rate followed the movement in the 20 year conventional loan closely and increased by a hair over one basis point.  The average 30 year jumbo mortgage rate came in this week at 4.887 percent after reaching 4.874 percent in the previous week.

Ten year mortgage rates were the only mortgage product in the survey that did not move higher.  The average ten year mortgage rates dipped by almost three basis points to 3.556 percent.

To see 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.

US Mortgage Rates July 18, 2011

Mortgage rates pulled back again this week after digesting the most recent round of economic news and the near term financial outlook.  The sputtering U.S. economy and the precarious situation with over indebted sovereign nations has persisted on keeping a cap on interest rates and mortgage rates. 

Domestic and foreign investors continue to pour money into bonds and bond funds which has the effect of pushing bond prices higher and interest rates lower.  The safest and most secure interest rate bearing assets generally absorb the greatest investment dollars when uncertainty prevails.  U.S. Treasury securities and mortgage bonds are the biggest beneficiaries when it comes to secure yields.  By the time the week came to a close, U.S. mortgage bond prices increased and U.S. mortgage rates had retreated by a modest amount.

Mortgage rates on Friday July 15 had decreased on short term mortgage loans, long term mortgage loans, FHA loans and jumbo loans. 

Based on the Selectcdrates.com most recent mortgage rate survey, the average 30 year mortgage rate from the top ten bank mortgage lenders dropped by eight basis points or 8/100’s of a percent to 4.615 percent.  The rate on the 15 year mortgage loan also dropped by eight basis points, dipping to an average rate of 3.742 percent.

The shortest term mortgage product in the weekly survey, ten year term mortgage, was knocked down by just four basis points to an average rate of 3.583 percent.  The midterm, 20 year mortgage, was lower by 10 basis points which moved the average 20 year mortgage rate to 4.363 percent at week’s end. 

FHA mortgages gave up ten basis points on the week.  The average 30 year FHA mortgage rate now stands at 4.425 percent.  3o year jumbo mortgage rates were down by 11 basis points for the second consecutive week pushing the average rate to 4.874 percent.

To see 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.

US Mortgage Rates July 11, 2011

Bank mortgage rates moved decidedly lower for the week ending July 8, 2011.  With equities pulling back and the concern over European debt money flowed back into safe and secure bonds, including mortgage backed bonds which drove mortgage interest rates lower. 

All mortgage products displayed a rate reduction by the close of the day on Friday.  The benchmark, 30 year fixed rate mortgage, dropped in rate as did the shorter term home loans as well as FHA mortgages and jumbo mortgages.

Mortgage rates had risen moderately in the very early part of July as investors believed the U.S. economy may actually be picking up steam and funds flowed into the equities market and out of fixed rate investments such as mortgage bonds.  Equity and bond markets have been quite active through the start of July as market participants are reacting to several different economic signals in an attempt to try and discern whether economic growth will continue or subside and whether inflation will creep up and become a significant factor in driving interest rates higher.  The varied market signals have caused mortgage rates to move up and down more in the first week and half in July than in previous weeks.

The average 30 year mortgage rate from the top ten bank mortgage lenders dipped down seven basis points or 7/100’s of a percent to 4.695 percent.  The average rate on the 15 year fixed rate home loan was knocked down by just over five basis points to 3.823 percent.

The 20 year home loan gave up 11 basis points leaving the average rate on the 20 year mortgage at 4.463 percent.  The shorter term, ten year mortgage, was lower by 12 basis points falling to 3.625 percent.

FHA mortgage rates were lower by six basis points with an average rate of 4.525 percent.  Jumbo mortgage rate trimmed 11 basis points off of the average rate by the end of the week, placing the average 30 year jumbo mortgage rate at 4.988 percent.

To see a list of all the bank mortgage lenders and mortgage rates 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.