Mortgage rates from the nation’s top bank mortgage lenders displayed a modest increase in the most recent mortgage rate survey.  The 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 on June 22, 2012.  Bank mortgage rate data included in the 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.

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