Low Mortgage Rates and Lenders Easing Financing Standards Will Help Housing in 2015

The lowest mortgage rates in 60 years hasn't helped re-vigor the housing market from the worst bust since the Great Depression. Since the housing bust, the Federal Reserve's economic polices were designed to force mortgage rates down to record lows. The Fed has been successful at driving rates down, but one factor has kept a lid on a full housing recovery, lending standards.

Prior to the housing bust, anyone and everyone was able to get a mortgage. The most outrageous loans given to people were "no doc" loans, one was able to get a mortgage without providing proof of your income. Thankfully those days are gone but now the pendulum has swung the other direction and only people with the best credit scores are able to get a loan. That is until recently.

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! 
 
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
3.944
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! 
 
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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
4.247
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. 
 
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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
4.250
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 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 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 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 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 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 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 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 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
 
 
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 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 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 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 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
 
 

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.





According to Ellie Mae Research, in July 2014, 67 percent of all mortgages applied for closed, meaning the loan was approved and given to the buyer. That is a large increase from January 2014, when  the rate of mortgages that closed were at just 53 percent.

Lenders relaxing lending standards will help the housing market and help one group in particular, first time home buyers. Late last month federal regulars dropped a requirement that borrowers make a 20% down payment in order to get a "high-quality" mortgage. Regulators voted to relax the standard after hearing warnings that such a requirement hinders the ability of millions of Americans to get a mortgage.

Fannie and Freddie are also planning to guarantee some loans with down payments of as little as 3%. These new relaxed lending standards combined with current mortgage rates near record lows will help reinvigorate the housing market in 2015. Mortgage rates today on 30 year conforming loans are averaging 3.97 percent, about 0.50 percent higher from a record low set in 2013.

There are many lenders quoting 30 year mortgage rates much lower than the average rate. The lowest 30 year refinance rates this week are quoted at 3.625 percent with 1 mortgage point. The lowest 30 year refi rate without points is also below the average at 3.75 percent.

Current mortgage rates on 15 year conforming loans are averaging 3.11 percent, down from an average 15 year rate of 3.15 percent. You can easily find lenders quoting 15 year refinance rates below the average rate and below 3.00 percent. The lowest rate in our database for California are at 2.875 percent with 1 mortgage point and at 3.00 percent with no points.

Today's mortgage rates on 30 year jumbo loans are averaging 4.20 percent, a decline from the previous week's average 30 year jumbo rate of 4.26 percent. The lowest 30 year jumbo refinance rates in the database for New Jersey are at 3.75 percent with 1 mortgage point and at 3.875 percent with no points.

Average 15 year jumbo mortgage rates are currently at 3.74 percent, down from the prior week's average 15 year rate of 3.77 percent. The best 15 year jumbo refinance rates quoted today in the rate table for Illinois are at 3.125 percent with 0.50 points and at 3.25 percent with zero points.

5 year adjustable mortgage rates on conforming loans are averaging 3.22 percent. Last week the average 5 year conforming ARM was at 3.31 percent. The lowest 5 year adjustable refinance rate available in the database for Florida is at 2.40 percent with 1 point and at 2.50 percent with no points.

Jumbo adjustable mortgage rates on 5 year loans are averaging 3.47 percent, down from last week's average 5 year jumbo rate of 3.54 percent. The best 5 year jumbo rate available today is at 2.50 percent with 2 mortgage points and at 2.75 percent with no points.

 

 
Author: Brian McKay
November 19th, 2014