Data Pointed to Weak Housing Market in March Despite Low Mortgage Rates

Recent data released on existing home sales and applications for mortgage loans pointed to a weak housing market so far this year. This is despite the fact that mortgage rates have actually declined since the bringing of the year. This week 30 year mortgage rates are averaging 4.25 percent, down from January's average of 4.50 percent.

Mortgage rates did run up from record lows early in 2013 and the increases didn't have an impact on housing last year. So why the weakness in housing so far this year?

Loan Type
Purchase    Refinance
Location
State/City    Zip Code
Loan Amt Points FICO % Down
  
$
30 yr fixed refi in 06101, All points, Credit score: 740+     Sort by:
Lender
APR
Rate
Cost & Fees
Notes
 
30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.325
4.250
USD
Ally Bank Logo
at 0.100 pts
45 day lock rate
Est payment: $1,475.82
Fees in APR: $2,358
Thanks for the inquiry! 
 
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30 yr fixed Mortgage Loan from American Federal Mortgage Corporation
American Federal Mortgage Corporation
https://www.brimg.net/system/img/inst/10317_logo.gif
300000
Refinance
3.944
3.875
USD
American Federal Mortgage Corporation Logo
at 0.100 pts
30 day lock rate
Est payment: $1,410.71
Fees in APR: $2,208
Thanks for the inquiry! 
 
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30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.101
3.990
USD
Sebonic Financial Logo
at 0.100 pts
30 day lock rate
Est payment: $1,430.52
Fees in APR: $3,671
Thank you for your inquiry, we will be in touch shortly. 
 
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30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.293
4.125
USD
HomeDirect Mortgage Logo
at 1.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $2,964
 
 
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30 yr fixed Mortgage Loan from Ally Bank
Ally Bank
https://www.brimg.net/system/img/inst/10271_logo.gif
300000
Refinance
4.404
4.375
USD
Ally Bank Logo
at 0.000 pts
45 day lock rate
Est payment: $1,497.86
Fees in APR: $1,039
Thanks for the inquiry! 
 
Next button
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
4.247
4.240
USD
Sebonic Financial Logo
at 0.000 pts
30 day lock rate
Est payment: $1,474.06
Fees in APR: $242
Thank you for your inquiry, we will be in touch shortly. 
 
Next button
30 yr fixed Mortgage Loan from HomeDirect Mortgage
HomeDirect Mortgage
https://www.brimg.net/system/img/inst/10447_logo.gif
300000
Refinance
4.250
4.250
USD
HomeDirect Mortgage Logo
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: None
 
 
Next button
30 yr fixed Mortgage Loan from American Federal Mortgage Corporation
American Federal Mortgage Corporation
https://www.brimg.net/system/img/inst/10317_logo.gif
300000
Refinance
4.000
4.000
USD
American Federal Mortgage Corporation Logo
at 0.000 pts
30 day lock rate
Est payment: $1,432.25
Fees in APR: None
Thanks for the inquiry! 
 
Next button
30 yr fixed Mortgage Loan from Sebonic Financial
Sebonic Financial
https://www.brimg.net/system/img/inst/8420_logo.gif
300000
Refinance
3.935
3.740
USD
Sebonic Financial Logo
at 1.100 pts
30 day lock rate
Est payment: $1,387.65
Fees in APR: $3,755
Thank you for your inquiry, we will be in touch shortly. 
 
Next button
30 yr fixed Mortgage Loan from American Federal Mortgage Corporation
American Federal Mortgage Corporation
https://www.brimg.net/system/img/inst/10317_logo.gif
300000
Refinance
3.852
3.750
USD
American Federal Mortgage Corporation Logo
at 1.100 pts
30 day lock rate
Est payment: $1,389.35
Fees in APR: $420
Thanks for the inquiry! 
 
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30 yr fixed mtg refi Mortgage Loan from Bank of America
Bank of America
300000
Refinance
4.365
4.250
USD
Bank of America

4.365%
4/15/2019
4.250%
at 0.903 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $1,351
 
 
30 yr fixed mtg refi Mortgage Loan from Savings Bank of Danbury
Savings Bank of Danbury
300000
Refinance
4.397
4.375
USD
Savings Bank of Danbury

4.397%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $790
 
 
30 yr fixed mtg refi Mortgage Loan from First National Bank of Omaha
First National Bank of Omaha
300000
Refinance
4.575
4.500
USD
First National Bank of Omaha

4.575%
4/19/2019
4.500%
at 0.625 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $752
 
 
30 yr fixed mtg refi Mortgage Loan from Citizens Bank, NA
Citizens Bank, NA
300000
Refinance
4.403
4.375
USD
Citizens Bank, NA

4.403%
4/19/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $998
 
 
30 yr fixed mtg refi Mortgage Loan from TD Bank, NA
TD Bank, NA
300000
Refinance
4.154
4.125
USD
TD Bank, NA

4.154%
4/16/2019
4.125%
at 0.000 pts
45 day lock rate
Est payment: $1,453.95
Fees in APR: $1,043
 
 
30 yr fixed mtg refi Mortgage Loan from LincolnWay Community Bank
LincolnWay Community Bank
300000
Refinance
4.155
4.125
USD
LincolnWay Community Bank

4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,085
 
 
30 yr fixed mtg refi Mortgage Loan from Union Savings Bank
Union Savings Bank
300000
Refinance
4.399
4.375
USD
Union Savings Bank

4.399%
4/12/2019
4.375%
at 0.000 pts
60 day lock rate
Est payment: $1,497.86
Fees in APR: $852
 
 
30 yr fixed mtg refi Mortgage Loan from Santander Bank, N.A.
Santander Bank, N.A.
300000
Refinance
4.557
4.500
USD
Santander Bank, N.A.

4.557%
4/19/2019
4.500%
at 0.000 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $2,004
 
 
30 yr fixed mtg refi Mortgage Loan from United Bank
United Bank
300000
Refinance
4.276
4.250
USD
United Bank

4.276%
4/16/2019
4.250%
at 0.000 pts
30 day lock rate
Est payment: $1,475.82
Fees in APR: $911
 
 
30 yr fixed mtg refi Mortgage Loan from UniBank for Savings
UniBank for Savings
300000
Refinance
4.536
4.500
USD
UniBank for Savings

4.536%
4/19/2019
4.500%
at 0.250 pts
60 day lock rate
Est payment: $1,520.06
Fees in APR: $500
 
 
30 yr fixed mtg refi Mortgage Loan from The Washington Trust Company
The Washington Trust Company
300000
Refinance
4.155
4.125
USD
The Washington Trust Company

4.155%
4/16/2019
4.125%
at 0.000 pts
30 day lock rate
Est payment: $1,453.95
Fees in APR: $1,083
 
 
30 yr fixed mtg refi Mortgage Loan from Liberty Bank
Liberty Bank
300000
Refinance
4.169
4.125
USD
Liberty Bank

4.169%
4/19/2019
4.125%
at 0.250 pts
60 day lock rate
Est payment: $1,453.95
Fees in APR: $814
 
 
30 yr fixed mtg refi Mortgage Loan from The Guilford Savings Bank
The Guilford Savings Bank
300000
Refinance
4.291
4.250
USD
The Guilford Savings Bank

4.291%
4/19/2019
4.250%
at 0.250 pts
60 day lock rate
Est payment: $1,475.82
Fees in APR: $719
 
 

Mortage Data Provided by Bankrate.com Many lenders have different rates on their own Websites than those posted on Bankrate.com. In order to get the Bankrate.com rate, please identify yourself as a Bankrate.com customer. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the lender you choose, please click here.

The rates above were collected by Bankrate.com on the dates specified. Rates are subject to change without notice and may vary from branch to branch. Rate/APR and terms may vary based on the creditworthiness of the individual and the extent to which the loan differs from the one used for Bankrate.com quotes. For criteria used in surveys of rates above, click here. These quotes are from banks, thrifts, and brokers, some of whom have paid for a link to their own Web site, where you can find additional information.





There are other factors that could be in play here besides mortgage rates. New tighter lending standards set by the Dodd-Frank bill could be having an impact. Stagnant wages and income combined with higher debt loads could also be curbing the demand for homes. Young people are living with their parents longer instead of purchasing homes.

The National Association of Realtors reported existing home sales in March were down 7.5 percent compared to March 2013. The decline from February to March 2014 was only 0.2 percent. The market might have already turned the corner as pending home sales increased this month, the first increase in 9 months. The NAR's Pending Home Sales Index a forward-looking indicator based on contract signings, rose 3.4 percent to 97.4 from an upwardly revised 94.2 in February.

Mortgage rates are increasing in 2014 but hopefully the increases won't kill the housing recovery. Average 30 year mortgage rates are still only 1.00 percent higher from the record lows set in 2013. Historically speaking, mortgage rates are still incredibly low and will remain historically low for next several years.

Average 30 year mortgage rates are at 4.25 percent but you can find rates below the average and below 4.00 percent. Below is a sample list of current 30 year conventional rates quoted by lenders in the state of Florida. The lenders listed below are also quoting these rates in most other states in the U.S.

Best 30 Year Mortgage Rates

  • Aimloan.com 3.875% with 1.10 points

  • EPIC Funding 4.00% with no points

  • Aimloan.com 4.00% with 0.10 point

  • Round Point Mortgage 4.00% with 1.995 points

  • Sebonic Financial 4.00% with 2 mortgage points

  • Third Federal Savings and Loan 4.04% with 1 point


Mortgage rates today on 15 year conforming loans are averaging 3.29 percent, down from an average 15 year rate of 3.35 percent last week. The lowest 15 year mortgage rate on our rate list for the state of Colorado is at 2.75 percent with 1.10 points. The lowest 15 year refinance rates currently available on our list of lenders are below.

Lowest 15 Year Refinance Rates

  • Aimloan.com 2.75% with 1.10 points

  • Round Point Mortgage 2.875% with 1.971 points

  • Aimloan.com 2.875% with 0.10 point

  • EPIC Funding 3.00% with zero points

  • Aimloan.com 3.00% with zero points


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Author: Brian McKay
April 29th, 2014